The US Pension System
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This paper discusses the legal aspects of aging and addresses financing health-care costs in the United States. The paper explains the three tiers of the United States pension system; the elderly benefits (public), social insurance (public) and employer-sponsored pension plans and individual retirement savings plans and associated tax advantages (private). The paper addresses Medicare cuts for home health agencies and nursing homes and highlights the difficult financial situation faced by many older adults.
From the Paper:"The United States pension system has three tiers: elderly benefits (public), social insurance (public) and employer-sponsored pension plans and individual retirement savings plans and associated tax advantages (private). The pension system has two basic goals to ensure elderly persons a basic income (the anti-poverty objective) and to maintain a reasonable relationship between an individual's income before and during retirement (the income-replacement objective).
"The first tier of the US pension system includes the federal Old Age Security program for low- income and middle- income seniors, Guaranteed Income Supplement for low-income seniors and Spouse's Allowance for low-income widowed and married persons age 60-64. Five provinces and the 2 territories provide income supplements for their elderly poor. The income tax system provides a non- refundable tax credit for low-income and middle-income elderly taxpayers and a non-refundable pension income credit for all taxpayers with private pension income."
Cite this Term Paper:
The US Pension System (2003, September 28) Retrieved August 08, 2020, from https://www.academon.com/term-paper/the-us-pension-system-34671/
"The US Pension System" 28 September 2003. Web. 08 August. 2020. <https://www.academon.com/term-paper/the-us-pension-system-34671/>