aging and retirement

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Aging and Retirement
Q1. Explain how the selective optimization with compensation model could help you age successfully. Present what the model has to offer, and then apply it to practical use.
Basically, selective optimization refer to the selection of one’s best intact abilities, especially in old persons. By selecting to put more effort on their intact abilities, one is able to compensate for those abilities whose functionality is declining. For example, an old person who loves singing but eyesight is fading can choose to spend more time singing and cut on the time they spend reading. Selective optimization with compensation thus helps in the wellbeing of the elderly as well as improving their health as they age selection helps one focus on setting their goals while optimizations and compensation enable them to focus on achieving these goals.
According to Carpentieri et al. (361), older people engaging in selective optimization with compensation but with low physical function are comparatively well-being. This is as opposed to those who engage less in selective optimization with compensation (SOC), despite having higher physical functions. This model recommends individuals to concentrate and put more effort to better their best abilities which in turn compensates their fading ones. In my opinion, all older people should engage in the SOC to ensure they maintain a successful aging experience. This is because they are all subject to losses caused by aging, for example, physical decline and SOC plays a major role in this process.

Q2. Compare work and retirement in the United States with work and retirement in other countries. What are the issues involved in this aspect of life-span development?
The United States has been ranked as the 4th country with highest paying wages. The highest is Luxembourg followed by Switzerland then Iceland. This ranking was made after a survey that was carried out by the Organization for economic co-operation and development in 2017. The average annual wages in the U.S were 60,558 dollars as compared to third world countries like Malawi where the average annual wage is 250 dollars. The U.S also has one of the lowest unemployment rates in the world at 3.9%, and most people working in the United States enjoy even better employment benefits.
Additionally, the U.S is among the top ten countries in the world where the retirement age is quite high. In the United States, the retirement age is at 66 years while in some countries like the United Arab Emirates it stands at 49 years. However, the social security in the U.S has been found to be inadequate as the years go by as compared to some European countries like Australia, U.K, and Canada. This is because contributions are the main source of fund to the Social security in the U.S yet the ratio of employees to retirees has been decreasing over the years. In most European countries the retiree’s benefits are paid using government revenue through taxation thus are more adequate and sustainable. According to me, the U.S should fund its pension scheme using taxes to ensure that it is sustainable like that of most European countries.
Q3. Are they the same for most countries? Different? If so, how?
The retirement age in most countries is however 60-65 years. There are outliers such as the UAE where the age is 49years, Sweden 55years, and Libya with the highest retirement age which stands at 70years currently. The retirement benefits, however, vary significantly among countries. This is because of the different pension scheme system, the labor force of a country, employment rate, nominal GDP as well as dependency ratio. The country with the highest average pension payment plan is Denmark which pays an average of 81.7% to its retirees. This is very high as compared to the U.S which pays an average of 56.3% and the country paying the lowest percentage to its retirees being India which pays an average of 40% of the person’s salary. I believe that countries with higher economies especially the 1st world countries offer better benefits to their working population as well as their retired population that the 3rd world countries.

Works Cited
Carpentieri, J. D., Jane Elliott, Caroline E. Brett, and Ian J. Deary “Adapting to Aging: Older People Talk about their Use of Selection, Optimization, and Compensation to Maximize Well-Being in the Context of Physical Decline.” The Journals of Gerontology: Series B 72.2 (2017): 351-361.