Disadvantages Of Old Age

Elderly stage is a last stage of normal life span in human beings. Old age are not consistent from the standpoints of biology, demography (conditions of mortality and morbidity), employment and retirement, and sociology. Old age is frequently defined as 60 or 65 years or older. Old age is the closing period in the life span. It is a period when people “move away” from previous, more desirable periods or times of “usefulness” (Elizabeth, 2004). In the past, retirement is a point where ends people professionalism only. It could be choice based or when people become physically weak. Now retirement for both men and women can mean having the opportunity to take up hobbies, travel, start a new career, go back to school, spend time with family,

Retirement can provide us with the time and opportunity to try new things, meet new people and possibly even attempt new careers (NewYork-Presbyterian Hospital, 2006.). Older women at home are also participating in activities outside home and have their own career ambitions (Soneja). Retirement affects both partners in a different way. Retirement preparation programs should pay attention to the fact that adjustment is an individualized process experienced differently by each partner (Solinge and Henkens, 2005).

Financial adjustment is a personal skill that used to achieve desirable financial goals. Financial planning is an ongoing process that is affected by expected as well as unexpected events. The two major forms of assets, property assets and financial assets are likely to have different impacts on financial satisfaction. Property assets may generate funds either through sale, rental income, or their usefulness in obtaining

Older people have indicated they would like a simpler system for accessing relevant information, such as guidance for dealing with money matters from one source. Age Concern suggests that more effort should be made by financial advisers to be more accessible to older people. After retirement elderly people receive money from social security, pension, funds etc. Pension system is to replace income in old-age. The aim of pension financing is to raise revenues in a manner that will cover pension costs over the time. Indira Gandhi National Old Age Pension Scheme (IGNOAPS) Launched in 2007 for elderly who are 65 years or above and belong to the BPL families. The minimum qualifying service to earn retiring pension is 20 Years and 15 Years in the case of late entrants without weightage and in respect of EC/S.S.C. officers 12 years including rank service if any (Without weightage). Retiring pension is calculated at the rate of 50% of the average reckonable emoluments of last 10 Months for 33 years of qualifying service. For less than 33 years of qualifying service, the pension will be proportionately reduced.70% aged depend on others for their day- to day maintenance. The situation is worse for elderly females where 85-87 % are economically dependent either partially or fully (helpage India). Those who start work early enough in their life may be able to adjust well towards retirement than those