Finances Discussion
Answer the following questions regarding finances, policy, and government. Try to put yourself in the mindset of older adults as you answer some of the questions.
1. How soon do you yourself hope to retire? How will you work now to make this possible? When thinking about bio/psycho/social theory, how will you make sure all of your needs are met in retirement? Cite material from class in your answer(in the power point)
2. Of the three ways to restore solvency to the Social Security trust fund—raising the retirement age, reducing benefits, and increasing revenues—which would you favor? Why? Cite specific class and textbook material in your answer. Think of the different theories and apply at least one in your answer.
3. Go to the website of the Social Security Administration (https://www.ssa.gov) and click on Apply for Retirement. Click on the link to When to Start Receiving Benefits (https://www.ssa.gov/pubs/EN-05-10147.pdf Links to an external site.) and answer the following questions:
At what age will you receive the highest Social Security Benefit?
Can you keep working and still receive your Social Security Benefit?
If you delay retirement beyond age 65, should you still sign up for Medicare?
What happens if you fail to sign up for Medicare when you become eligible at 65?
4. The Center for Medicare and Medicaid services is a government organization that provides information for beneficiaries and for health care providers.
Go to the CMS website (www.cms.gov)and click on the link for Medicare.
Which three groups of people are eligible for Medicare benefits?
What are some of the services that Part B covers?
What benefits does Medicare provide for prescription drug coverage?
5. The following is an article from the Center for Retirement Research https://crr.bc.edu/wp-
content/uploads/2020/06/IB_20-10.pdf Links to an external site.Read the article and answer the following questions:
How did COVID-19 affect retirement savings?
What can be done to provide more protection for retirement savings?
What was the most surprising thing you learned from this article?
