1.0 CHAPTER OVERVIEW
This chapter provides an introduction to the study work presented in this report. It provides an overview of the approach use by the researcher besides introduces the structure of the report. A part from that, this chapter also focus on background of the study and come out with problem statement, research question, research objective, significant of study and also definition of the term use in this research.
1.1 BACKGROUND OF THE STUDY
“Some people retire to satisfying lives, others to unhappy, I even miserable ones. In most cases, the cause for these differences lies, said that it not in our wallets but in ourselves.” , (Retirement Readiness Report, 2009).
Get ready for retirement means you have to consider your financial
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There is little previous research investigating this connection between personality and retirement planning, (Feldman and Beehr, 2011). The goal of this study is to identify whether personality characteristics can affect the retirement planning and how far the personality influences them. In the previous research, most studies of financial planning and investing have used demographic indicators for example age, gender, and income to predict individual differences in saving that influences the retirement planning. In these study, four types of personality is tested to determine the real personality that suit the respondent in order to make them know their own personality and the way they save and behave towards retirement planning which are conscientiousness, openness, extraversion, and neuroticism.
Differences exist among the personality types regarding financial risk tolerance and retirement planning actions. In other word, all these type of the personality must be educated about the component in financial risk tolerance. This is due to the differences between each of personality. They need to know what is risk, what is the impact, and the positive relationship between risk and return. This is the use of financial literacy among them. They need to have good and strong financial knowledge in order to plan
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The present study is consistent with the previous research. Previous study found out that extraversion should lead to a wider and stronger support network in retirement.(Oliver C.Robinson, 2010). This is because the people with full of aggressive, energetic and love on adventure and risk tend to have proper and more valuable retirement planning decision. They are expose on different kind of investment, upper or lower risk to their retirement planning decision. This is also support with Retirement Style Matter, (2012) which is the report says that extraversion person tend to have a higher risk tolerance, or in other word mean risk taker which potentially gives higher returns in the retirement but they may take on too much risk and lose their money due the attitude that love
401K Retirement Savings Account is needed for the employees and their families. It is needed because it helps the employee save money towards their retirement before taxes are taken out reducing your tax bill for the current year. As our employee, you have the option to control how your money is being invested through a spread of stock, mutual funds, money markets and etc.
More than 40 years ago a pension was the best form of assurance for a financially happy life after retiring. In 2016, the Central States Pension Fund forecasted that it will run out of money in the near future. To potentially stop the fund from running out of money, it has proposed cuts to current and future pension payments. These cuts will affect not only thousands of workers, but could affect millions. As the director of the Central States Pension Fund it would be best to push for cuts on pension payments.
Many people have not planned for their retirement so they suffer from consequences. Many people will tell you that you should never waste time and money in making investments. Some companies will just close and take your money for good. On the other hand, there are also other people
Even in today’s times, the American dream of having a peaceful retirement still lives on. In fact, Brandon King, the author of “The American Dream: Dead, Alive, or on Hold?”, talks about a survey that declares that many Americans voted for “being able to retire without struggling”. People want to secure their future or prepare for the future because of the hard times that Americans had to go through like the Great Recession and the Great Depression. Huge part of the American Dream comes from securing a
The result shows that 46 or 92% of the elderlies wished that they had more respect to themselves. Forty or 80% of them said that they sometimes pity themselves while 34 or 68% of them perceived that they have little or sometimes nothing to help their family and friends. In addition, 33 or 66% of elderlies said that they are not happy with their accomplishments in life while 32 or 64% of them perceived that they do not have capabilities and good qualities that they can be proud of and shared that they find it difficult to accept the changes happening in themselves at the present moment. Moreover, 28 or 56% of the elderlies shared that they often think and wish that they are in other people’s condition while half of them (50%) think and feel that they are useless. Further, despite of the adversities experienced in later life, 32 or 64% of elderlies didn’t think that they
A developmental profile is a way to observe and record the occupations that a subject completes in their everyday life. In order to complete an accurate developmental profile, as many areas of occupations as possible, should be recorded. The purpose of this paper is to create a developmental profile on a subject, who is in the late adulthood stage of life. After obtaining information on the subject, the information can then be compared to other various stages of life. General Information Personal Data
The significance of this paper to the report is that is has used both the Big 5 Personality Measure and the Oxford Happiness Inventory, there has not been much research that uses both these measures to look at the association of extraversion and happiness, and most use students or small samples. Further research is needed with a larger and more diverse sample of participants in order for these results to be backed, this is what the following study aims to do. Overall this essay aims to explore the relationship between extraversion and happiness. The hypothesis of this study is: ‘Those who are more extroverted are more likely to be happy’.
The process of aging in not an unfamiliar topic to society and is an inevitable phase of life. Since 2011, the number of older individuals are increasing annually particularly those from the baby boomer generation. The life expectancy has been increasing with people living longer thanks to modern medicine. These occurrences are proof that civilization is growing exponentially, however the process of aging also means that the older individuals are facing dilemmas such as decreased physical functions, financial instability from retirement, and abuse. Even older adults who are independent may face some limitations.
Saving money is one of the most difficult tasks to attempt. First, a budget needs to be established to ensure control of the expenditures. One should regularly record the monthly expenses. Any money saved for the month should be reserved for emergencies. Today, people are earning more money than ever before and still living beyond their means and ultimately, paycheck to paycheck.
if you get married and have children you will need to know how to manage your money, children will have a lot to do with that because you’ll need to pay school dues, have a big enough house for them Etc. in life you will go through crisis such as your
Living arrangements are very important in this development. Retirement, a main change that occurs during this period, is a step that involves living arrangement, change in life style, and possible change in social interaction. Teas and Benignton discuss this retirement stage when living arrangement change and many elders should cope with such change. The idea of retirement has been a recently new accepted life style during late adulthood due to the life expectancy increase and the rise of urban America (1982, pg. 21). Living arrangements do not necessary depict one’s well-being.
Prepare a two page (double-spaced) essay. Cite references to material that you use in preparing the essay. Whenever we decide to begin a process of a Financial Plan, we must first of all figure out exactly where we are presently, where we want to be and most important how to get there. Therefore we must make a plan as to
T., Fukunaga, C., Umemoto, D., & Wicker, L. (1996). Annual review, 1990–1996: Social class, work, and retirement behavior. Journal of Vocational Behavior, 49, 159–189. doi:10.1006/jvbe.1996.0039 Charon, J.M., Vigilant, L.G., (2009). The meaning of sociology (8th ed.).
Personality is defined as the combination of characteristics or qualities that form an individual 's unique character. Personality theory is the approaches to understanding the “What”, “How” and “When” of characteristics and features that make up an individual 's personality. An insight into personality is important to understand the function of a person’s mind. By doing this you would be able to understand and observe your own psyche from an outside perspective, interact with others better and understand why they do what they do or predict how someone may react to something. My personality can be describe as Introverted since I am reserved, practical and quiet.