Running head: Reflective Paper 1

Reflective Paper
Norman Jones
BSHS/345
06/21/14
Instructor: Dr. Princess Clarke
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Reflective Paper
Special populations are those who are perceived as having a disadvantage when
they are compared to the rest of the population. Examples may include those who
live in poverty, the elderly, and women. For these groups there are many
challenges to overcome, and the difficulties can often seem insurmountable.
Poverty can occur in one of two methods. The first is caused by an event or crisis,
such as death of an income provider or loss of gainful employment. ndividuals
who find themselves in this form of poverty can usually manage to re!establish
themselves because of savings, s"ills and education, and beneficial support
systems such as family and friends. The second form is referred to as
generational poverty. This term is typically used to describe individuals who are at
least the second generation or more, within a family dynamic, who have accepted
this lifestyle and very often fail to ma"e an attempt to change it. Sadly, many ma"e
these decisions based on the idea that they have no choice.
#eing poor is not a reflection of one$s intelligence or a statement of an individual$s
abilities, however the feelings of low self!esteem and self!worth render these
people fearful of change and unable to commit to the attempt of improving their
situation. %hile some tend to establish a belief that society owes them and ta"e
some comfort in their role of a victim, others will continue to wait for an opportunity
to present itself and do not see" out opportunities themselves. n order to
overcome generational poverty two "ey areas need to be addressed. The first is
education. t is imperative that these individuals graduate high school and
become exposed to various vocational programs as well as college information.
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They need to be advised about the different educational funding programs they
may &ualify for, and receive help in the community.
'(enerational poverty' is defined as having been in poverty for at least two
generations. t is important to recogni)e this time factor to be able to separate it from
'situational poverty,' characteristically understood as a lac" of resources due to
particular sets of events, i.e. a death, chronic illness, divorce, etc. from the discussion
of generational poverty in this chapter. These two concepts are distinguishable, which
will help us put our students* behavior in better
perspective. + "ey indicator in defining and separating these poverty types is 'attitude.'
n generational poverty, the players feel that society owes them a living whereas in
situational, they often allow pride to "eep them from accepting needed assistance.
,ost families depend on a woman$s income to help support the household. Some
women are co!breadwinners while others are the only source of income. Throughout a
woman$s life, she will experience many money issues uni&ue to women. + woman may
experience the following situations- lower earnings, a longer life expectancy, lac" of
retirement planning, divorce, and fewer years in the wor"place because of childrearing
or caring for older parents. ,any of these issues can wor" against a woman$s ability to
accumulate money and attain stable financial status.
Lower Lifetime Earnings
+s a population, women generally earn a lower income than their male counterparts.
The E&ual Pay +ct that passed in the ./01s was supposed to narrow the earning gap
between men and women, yet a gender pay gap still exists today. Even after accounting
for possible explanations such as demographic characteristics, family situations, wor"
hours, and wor" experience, women who wor" full!time year!round still are paid 223 of
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a man$s pay 4562,111 for a woman compared to 578,111 for a man in 911/: 4;.S.
<ensus #ureau 91.9:.
+fter a woman has accumulated years in the wor"place, it seems that the wage gap
would shrin" because of experience. This, however, is not the case. ne&uities start
early and worsen over time. Research has shown a =3 difference one year after
college graduation and a .93 difference after .1 years. The only identified explanation
for the unexplained gaps was gender discrimination 4+rnst 9112> #oushey, +arons, and
Smith 91.1:.
(laring differences exist even within professional occupations. The #ureau of
?abor Statistics 491..: revealed the largest gender wage gaps were in four
occupations- physicians, financial services, financial manager, and business operations
specialist.
Longer Life Expectancy
%omen tend to live longer than men. %omen have an average life expectancy of 8.
years compared to 20 years for men 4;.S. @epartment of Aealth and Auman Services
91..:. This means that on average a woman will need more funds in retirement.
Breaks in Career
%omen are more li"ely to have gaps in their wor" years because of childrearing 4@u"e
91.1:. Some women may leave their Bobs for extended periods of time to go on
maternity leave. Cther women ma"e the choice to stay home for an extended time,
reentering the Bob mar"et years later. @uring childrearing years, some women may
leave careers behind and choose to wor" part!time or find a Bob with hours that match
closely with children$s school schedules.
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These changes may prevent women from investing in retirement plans and may reduce
the total number of years a woman is in the wor"place contributing to Social Security
benefits. +s a result, upon retirement age, women$s income and Social Security benefits
are often lower than those of their male counterparts.
%omen need to pay attention to any employer retirement plan or matched contributions
that may have been a Bob benefit. Find out about retirement or savings before you leave
the Bob. f money is invested in a retirement plan, can it stay until you are ready to
retireD %hat are the optionsD
#efore leaving a Bob, if retirement was a benefit, the Social Security
administration recommends you get copies of the company$s summary plan description
4SP@: and any amendments. This will detail possible benefit reductions due to early
retirement.
f you are entitled to a lump sum, consider rolling the funds into an ndividual
Retirement 4R+:. This should avoid tax penalties and allows the money to continue in
an account for your long!term retirement.
Divorce
The divorce rate in the ;nited States is estimated at 603E=13 4;.S. <ensus #ureau
91.1:. n general, divorce creates a financial disaster for families and may leave a
woman to raise children using less money. Even if child support is paid on a regular
basis, it doesn$t ma"e up for the reduction in total household income. ,any female!
headed households struggle to pay the bills because of a sudden drop in income.
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Spending may li"ely need to change when a divorce occurs. Review monthly
expenditures and establish a budget. Since cash flow may drastically change and not
be the same from wee" to wee", continue to review income and expenses..
@epending on the number of years a woman was married, she may be entitled to part
of her husband$s retirement income . #e sure all financial issues are revealed and
resolved during divorce proceedings.
Care of Elderly Parents
+nother family obligation that may interfere with building wealth is caring for an elderly
or ailing parent or other family member. Cften women tend to be the maBor caregivers
for sic" or older parents. Some women may ta"e a career brea" or retire early to attend
to the full!time care of a family member. Even if a woman continues to wor", caring for
the family member may become a financial burden. Cften there is a reduction of income
and less money to contribute to retirement.
Widowhood
+s women age, the li"elihood of living alone increases. %omen live longer than men
and are thus more li"ely to outlive their spouses. +ccording to the ;.S. <ensus #ureau
491.1:, among those 0= and older, 773 of women were married, compared to 2=3 of
men. %idowed women account for approximately 713 of women 0= and older, but only
.63 of men 0= and older are widowed 4;.S. <ensus #ureau 91.1:. The average age of
widowhood is == years old 4;.S. <ensus #ureau 91.1:.
+ spouse$s death is not only emotionally draining but also will li"ely have financial
conse&uences 4e.g., loss of income from pension or Social Security retirement
benefits:.
Lack of Retirement Planning
+s a whole, women tend to focus less on planning for their retirement over the course
of their career, having saved less for retirement than men 4nstitute for %omen$s Policy
Research 91.9:. #ecause women are often the caregivers for the family, ta"ing steps to
ensure their financial future may ta"e a bac"seat when other events occur.
n general, women are not ris" ta"ers 4Edward Fones 91.9:. %hen women do put
money into a retirement fund, it is often a conservative investment that earns lower
interest rates than their male counterparts. %omen also may not research investments
to identify the best options, nor do they "eep up with mar"et changes to diversify
retirement investments.
Take ction
n spite of the issues women face with less income and retirement benefits, women can
ta"e steps to improve their financial status and retirement income. Financial planning
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and learning about investing are the first steps on the road to financial independence.
Time is on your side when you start early. Small amounts of money saved and invested
over time add up to a secure financial life.
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