Question 1

Which of the following has over half of its elderly population in the labor force?

Accepted Answer

Mexico has a higher percentage of its elderly population in the labor force compared to the other countries listed.

Question 2

In general, baby boomers _____ money to retire in comfort.

Accepted Answer

Baby boomers, on average, do not have enough money saved to retire in comfort, facing challenges such as rising healthcare costs, insufficient pension funds, and the aftermath of the 2008 financial crisis.

Question 3

People who retire in their early sixties can expect to live for about _____ more years.

Accepted Answer

Life expectancy has increased significantly over the years, and it is common for people retiring in their early sixties to live for about 20 more years or even longer, depending on factors like health, lifestyle, and advancements in medical care.

Question 4

Who is LEAST likely to be poor in old age?

Accepted Answer

Germany has one of the most generous social welfare systems for retirees, including a state pension, mandatory employer contributions to private retirement savings, and government subsidies for private pensions. This makes it less likely for a German retiree to be poor in old age compared to the other options.

Question 5

Who is MOST likely to be forced to work until he is disabled and/or dies?

Accepted Answer

Mexico has a lower standard of living and relatively lower access to social services compared to the other countries listed. This, in turn, leads to fewer retirement benefits and more difficulties in accessing healthcare. Therefore, an older person living in Mexico is more likely to be forced to work until he is disabled and/or dies compared to other options given.

Question 6

Generalizing from the text, which nation has the LOWEST old-age poverty rates?

Accepted Answer

The article states that Germany has the "lowest elderly poverty rate" among the countries discussed. Therefore, Germany has the lowest old-age poverty rates.

Question 7

Imagine visiting the United States in 2025. Based on current trends, what retirement related change should you notice?

Accepted Answer

Based on current trends, it is expected that more people will continue to work after formally retiring in the United States in 2025. This is due to various factors such as longer life expectancies, lower amount of retirement savings, and the increase in the age for receiving full Social Security benefits.

Question 8

Which is a recent U.S. retirement trend?

Accepted Answer

The trend in recent years is for more people to work for longer, either because they want to or because they need to financially. This is due in part to changes in retirement savings plans and the shift away from traditional pensions.

Question 9

What is the MAIN difference between the U.S. retirement philosophy and the German approach?

Accepted Answer

The main difference between the U.S. retirement philosophy and the German approach is that the United States puts the main burden on saving for retirement on the individual. In Germany, retirement savings are typically collected through a mandatory, earnings-related pension system where both employers and employees contribute to the retirement fund.

Question 10

According to the text, people OFTEN take bridge jobs because they:

Accepted Answer

The text states that people often take bridge jobs "to make ends meet" or "to pay bills." This indicates a need for cash as the reason for taking a bridge job.

Question 11

In which nation are older people financially best off?

Accepted Answer

According to a study by the Global AgeWatch Index, Germany ranks highest in the world for the financial well-being of older people. This is due to their strong public pension system and healthcare system. The United States ranks 9th, Poland ranks 45th, and Mexico ranks 75th in the same study.

Question 12

Put the following nations in the correct order: (1) richer after retirement-at least until recently; (2) no government-funded retirement; (3) basic or minimal government assistance, but not much more.

Accepted Answer

Germany is known for its strong social security system that supports individuals in retirement, making them relatively richer after retirement. Mexico, on the other hand, has limited government-funded retirement benefits, relying more on personal savings and family support. The United States offers basic government assistance through Social Security, but it's often not sufficient for a comfortable retirement without additional savings or pension plans.

Question 13

Feeling fulfilled in old age depends on:

Accepted Answer

According to research on aging and well-being, feeling fulfilled in old age is strongly linked to being generative and having a sense of meaning in life. This can involve continuing to contribute to society, pursuing personal growth and development, and experiencing a sense of purpose and satisfaction in one's daily activities. Relaxing and avoiding challenges may offer temporary comfort, but may ultimately lead to feelings of stagnation or boredom. Having a family and grandchildren can also be a source of fulfillment, but this is not the only or primary factor in determining well-being in old age.

Question 14

Currently, most people are retiring at _____.

Accepted Answer

In recent years, there has been a trend towards people retiring at older ages, mainly due to longer life expectancies, financial reasons, and changes in pension and retirement benefits policies.

Question 15

When lecturing on the length of retirement in the United States, which description should Dr. Horvatz use?

Accepted Answer

While retirement has been expanding for much of the twentieth century due to advancements in medicine and technology, it has become shorter in recent decades due to changes in government policies and economic conditions.

Question 16

In the United States, Social Security comes from the _____.

Accepted Answer

Social Security is a federal program established by the Social Security Act of 1935. It is funded through payroll taxes paid by workers and employers and administered by the Social Security Administration, a federal agency.

Question 17

Generalizing from the text, in which nation are people apt to retire at the youngest ages?

Accepted Answer

Scandinavian countries are known for their strong social welfare systems, including generous pension schemes that allow for earlier retirement compared to many other countries.

Question 18

A recent U.S. retirement trend is more people________.

Accepted Answer

According to recent studies and surveys, the trend in the U.S. retirement industry is more people opting to work for longer periods of time. This could be due to various reasons such as inadequate savings, desire to stay active, or longer lifespans.

Question 19

Compared to Germany, the Social Security system's financial support for U.S. retirees is _____.

Accepted Answer

The Social Security system's financial support for U.S. retirees is generally considered meager compared to similar systems in other developed countries, including Germany.

Question 20

Which older person is taking a bridge job?

Accepted Answer

A bridge job is a part-time or temporary job that someone takes after retiring from their primary career, like Maria working part-time at the supermarket after retiring as an accountant.

Quiz 13: Later Life: Cognitive and Socioemotional Development