Question 1

As working people get closer to retirement they are more likely to

Accepted Answer

As people get closer to retirement, they are more likely to do some informal planning, such as estimating their retirement income and expenses, considering their retirement lifestyle, and assessing their savings and investment strategies. While some individuals may seek out formal retirement planning programs, not all will do so, and becoming very nervous or needing counseling is not necessarily a universal experience. Absenteeism may also not be a significant factor for all working individuals approaching retirement.

Question 2

People with which of the following characteristics are more likely to work well beyond the average age of retirement?

Accepted Answer

All of the listed characteristics can influence an individual's likelihood to work beyond the average retirement age. People in very good health may have the physical and mental ability to continue working; those with higher education may have jobs that are less physically demanding and more fulfilling, encouraging longer careers; and workers with relatively low income might need to work longer to secure a sufficient retirement fund.

Question 3

Following retirement, most adults

Accepted Answer

While some adults do choose to move after retirement, the majority do not. Studies have shown that around 80% of retirees stay in the same home or community they lived in before retirement. Therefore, option D is the best choice. Options A, B, and C may be common choices for some retirees, but they are not true for the majority.

Question 4

People with positive attitudes about their upcoming retirement generally have

Accepted Answer

People with positive attitudes towards their upcoming retirement tend to have higher income, more planned activities, and better health. These factors contribute to a more enjoyable and fulfilling retirement experience. Higher income allows for more financial security and the ability to participate in desired activities, while planned activities provide a sense of purpose and social interaction. Better health allows for the ability to engage in physical activities and overall enjoyment of life.

Question 5

Which of the following persons is likely to have the greatest financial difficulty supporting themselves after retirement?

Accepted Answer

According to various studies, black women face higher rates of poverty and lower rates of retirement savings compared to white men or women, making them the most likely to struggle financially after retirement.

Question 6

Middle-aged adults who are caring for children and an ailing parent seem to have their stress reduced by time spent in the work place when the parent has which of the following ailments?

Accepted Answer

Severe memory loss in an ailing parent can lead to increased stress for caregivers due to the constant need for supervision and the emotional toll of witnessing the decline in cognitive abilities. Time spent in the workplace can provide a temporary respite from these stressors, allowing caregivers to engage in different activities and interactions, which can help reduce stress.

Question 7

Both men and women show the highest levels of retirement at ages

Accepted Answer

The most common retirement ages are 62 and 65, reflecting early and full Social Security retirement ages in many countries, including the United States.

Question 8

A year or two after retirement many retired persons settle into which of the following phases of retirement?

Accepted Answer

After the initial "honeymoon" phase of retirement, many retirees enter a retirement routine phase where they establish new habits, hobbies, and schedules. This phase can last for several years and is characterized by a sense of stability and contentment. The disenchantment phase typically comes later, when retirees may begin to feel bored or unfulfilled in retirement.

Question 9

A person who greatly increases their level of activity immediately after retiring is probably in which phase of retirement?

Accepted Answer

The honeymoon phase of retirement is characterized by a period of adjustment where retirees are often enthusiastic to engage in many activities they didn't have time for before retiring, such as travel, hobbies, and spending time with family and friends. This phase is marked by high activity levels as retirees explore their newfound freedom.

Question 10

Which of the following is not one of the legs of the three legged stool?

Accepted Answer

The three legs of the stool are typically considered to be social security, savings and assets, and pensions. Marital status is not typically considered as one of the primary legs of retirement income.

Question 11

Social Security benefits come from

Accepted Answer

Social Security benefits are primarily funded by payroll taxes collected from current working adults under the Federal Insurance Contributions Act (FICA).

Question 12

The biggest ethnic group difference in retirement income is in income from

Accepted Answer

The biggest ethnic group difference in retirement income is in income from savings and assets. This is because access to and accumulation of savings and assets can vary significantly across different ethnic groups due to a range of factors including historical wealth disparities, income differences, and access to financial education and investment opportunities.

Question 13

Your text seems to favor which of the following solutions for saving social security?

Accepted Answer

The text suggests that eliminating the cap on income subject to Social Security taxes could generate sufficient revenue to sustain the program. This option would not involve raising taxes on the middle class or reducing benefits for current or future retirees, and does not involve the risks associated with privatization.

Question 14

All other things being equal, which of the following men is likely to be the happiest in retirement?

Accepted Answer

Statistics show that married individuals tend to have a higher level of wellbeing and happiness in retirement compared to those who are divorced, separated, or widowed. Married couples usually have more social support, financial stability, and a sense of purpose and companionship, which all contribute to a satisfying retirement.

Question 15

The effect of retirement on marriage is usually

Accepted Answer

Retirement does not necessarily have a significant impact on marriage, as everyone's experience and circumstances are unique. Some couples may find that their relationship flourishes in retirement, while others may have challenges to navigate.

Question 16

When retired individuals have been asked about the activities they engage in or plan to engage in, the most frequently named activity is

Accepted Answer

Based on the information given, traveling was the most frequently named activity, indicating that it is a popular and desirable option for retired individuals. While reading, gardening, and chores may also be common activities, they were not specifically identified as the most frequent choice.

Question 17

How does job satisfaction change with age? What are the explanations offered for these changes? Which hypothesis is best supported by research findings? What do YOU think is the best explanation for the findings on age and job satisfaction?

Accepted Answer

The answer of How does job satisfaction change with age?...

Question 18

What is the relationship between age and job performance? What two factors play an important role in this relationship? Do you think there are any jobs that older persons should be barred from performing? Support your claim. What do you think are the best jobs for older persons returning to the work force after they have reached 70 years of age?

Accepted Answer

The answer of What is the relationship between age and...

Question 19

Retirement income for older Americans has been described as a "three legged stool" of support. Describe what is meant by this. What factors are related to whether or not a person has support from these sources? How are sources of income are likely to change in the next 25 years?

Accepted Answer

The answer of Retirement income for older Americans has been...

Question 20

What do retired adults do? What activities are most frequent?

Accepted Answer

The answer of What do retired adults do? What activities...

Quiz 11: Working and Retirment