Plans to Ensure Economic Security in Later Life

FAMILY IN LATER LIFE: ECONOMIC WELL-BEING

Economic well-being for families in later life is critical. It is clear that economic well-being for families in later life has improved on average, but there are still high rates of poverty and economic marginality. Lifelong advantages or disadvantages embedded in the labor market and public and private policies of income maintenance, for good or ill, follow families into later life to result in security or insecurity. The choice of the family in later life consumer market regarding saving versus spending, and on what types of goods and services, will have a significant impact on the larger economy in years to come. Can our economy support a growing number of economically dependent families in later life for increasingly lengthy periods of retirement and still survive in worldwide competition? These issues are likely to challenge human service and public service leaders for years to come.

Reflect on your role as a human service and public service leader in the discussion and integrate your thoughts on the following:

What steps are you taking and what plans are you making in your current stage of your life that will influence your economic security in later life? In taking the long view, what are the major unknowns about how this will turn out? What choices have you already made, and what opportunities have been granted or withheld from you that will determine this outcome?
How will these decisions and experiences help you work with families in later life and their economic security?

Answer preview…………

It’s important to have a picture of your financial goals while getting in the workforce because it helps in securing economic security in future life. An individual ought to put plans ahead for securing future economic security include: Developing money saving habits and tracking your expenses, its essential basing on your income to learn and avoid being a spendthrift since it helps in building your future economic security and tracking down your expenses using online aggregators such as E-money (Leigh & Blakely, 2016). Having a smart insurance cover, ensure financial securities. Smart insurance cover is comprehensive and covers home, health, life, and auto which protect the use of your finances by major expenses you do not expect. Saving for retirement benefit also helps in your financial security, an event that you do not meet the match to qualify for the retirement benefit, try and meet the match to ensure you save for the retirement benefit money as it guarantees your future economic security (Szinovacz et al, 2015). Lastly, planning on your estate, getting the power of an attorney on your behalf in business and legal matters in case you become incapacitated and a will outlining actions to be taken concerning your health should you not be able to make such decisions…………

APA 365 words