Average retirement income in the world varies as the average age of retirement does. However, it has been proved by various researches that the retirement allowances are pushing the retirees in poor lifestyle after lavish professional phase of life it is shocking as the developed countries are also showing the same trends for the retirees. After serving many years, around 30 to 35 years for a government job, the retirees are suddenly thrown out of the arena and they are forced to change their routine. The change in income affects the economic status, lifestyle and expenditure patterns if the retiree does not possess any other source of income.
On the same time, the sudden change in routine life has drastic and disappointing impression on the mind of people. In the old age, it is usually believed that a person gets addicted to his surroundings and does not allow any change in his life. A stability and stickiness to the environment, possessions and work has been observed in people of old age. The pension and old age benefits are not enough to meet the life style that was previously maintained by the retirees. The average retirement income all over the world is questioned. People have different opinions in this regard. Some people consider pension as a burden on the GDP of a country while the humanistic strand advocates for the increment in the pension. The United States of America is world’s sole super power. Yet the research and studies in USA have revealed a low average retirement income.
The usual income for the retired people in United States, according to a survey conducted in 2008 was $29,214. It is believed to have increased as compare to the previous years but it is still quite a low average. The retiring people wish to have enough money with which they can spend their rest of the life with relative ease. However, unfortunately, they are not left with enough wealth. The old age benefits are even unable to maintain their standard of life. Human being is always easy to shift from a low status to a higher one, but it is troublesome for all to move from a higher status in society to a lower one. It seems painful but unfortunately all the people who retire have to face this situation. Several studies have suggested the residents of United States of America to save at least 60 percent of their pre retirement income for the life after retirement. The low income after retirement usually forces the retirees to go in the market and seek jobs. However, the old age brings the health and destruction factors with it.
The larger percentage of the income of old people is spent on the health and medication. A very little amount is than left for the other needs of life. This is the major reason for which the people after retirement are forced to fall into the hell of poverty. Not only the social well-being is affected in this way, the psychological issues also emerge after the retirement.