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By Percy A. Austin

CHICAGO STATE UNIVERSITY Department of Mathematics, Computer Science, Economics MRS Monthly Standing Seminars, FY 2014 May 30, 2014. By Percy A. Austin. Assignment Overview.

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By Percy A. Austin

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  1. CHICAGO STATE UNIVERSITY Department of Mathematics, Computer Science, Economics MRS Monthly Standing Seminars, FY 2014 May 30, 2014 By Percy A. Austin

  2. Assignment Overview • Identify the variables of interest that were described in our report: the variables that could have impact on the retirement security of low-income minorities. • Collect data for these variables in the national, state-wide or city-wide levels. • Construct tables showing the collected data on each variable.

  3. Variables of Interest • Income Levels • Social Security Withdrawals and Payouts • Marital Status • Social Security Income • Asset Allocation • Employment-Based Retirement Plans/Participation • Education • Spending and Saving habits • Occupation • Planning • Psychology and background

  4. Income • Doctors, lawyers and other high-income professionals may be able to put away (save or invest) a substantial amount of money a year because they have “extra income.” • For most low-income workers that options simply does not exist! Most low-income workers live paycheck to paycheck and these individuals do not have “extra income” to save. • Responsibilities include • Children • Household needs i.e. rent, bills, maintenance etc • Relatives (mother, father, etc • Medical expenses (no medical insurance-out of pocket expense)

  5. Social Security • According to Pareto (2012), two generations ago, corporate pensions and social security ensured a secure retirement for our grandparents. Today, however, pension plans have become virtually extinct, shifting the burden of retirement savings away from corporations and onto the employees. Our retirement depends largely not only on our own ability to save and invest wisely, but also on our ability to plan. 

  6. Education • Haves versus the Have nots -Those individuals who have access to financial seminars, financial literacy classes, financial managers, etc or those individuals who work at companies that encourage their employees to save for their retirements and provide substantial educational materials to this end are statistically much more likely to save for their retirements than those who do not.

  7. Psychology and Background • Those individuals who understand the value of saving are much more likely to put away money in an investment account or some sort of savings account than those who grew up in poverty and have no concept of savings or money management.

  8. Data Collection • www.ssa.gov (contact: (410) 965-0090) • www.epi.org • www.pewsocialtrends.org • www.census.illinois.gov/ • www.illinois-demographics.com • www.census.gov/ • www.census.gov/history/ • www.census.gov/regions/ (Albert E. Fontenot Jr., Regional Director) • Local Library • Chicago State University Archives Dept. • Author(s)

  9. National Data Collection • www.ssa.gov • www.epi.org • www.pewsocialtrends.org • www.socialsecurity.gov/policy/docs/statcomps/ssi_sc/2012 • CONTACT: (410) 965-0090 or statistics@ssa.gov.

  10. State-Wide Data Collection • www.ssa.gov • www.epi.org • www.pewsocialtrends.org • www.census.illinois.gov/ • www.illinois-demographics.com

  11. City-Wide Data Collection • www.socialsecurity.gov/policy/docs/statcomps/ssi_sc/2012 • Contact: (410) 965-0090 or statistics@ssa.gov.

  12. Difficulties Large Data Sets • Variables -Right versus Wrong data -State versus National data -Specific gender data versus grouped data • Internet Limitations -Library visits -Phone calls -Contacting authors -Emails

  13. Table Construction • The tables I am constructing should be simple and attractive. • There should be no need of further explanations (details). The following are examples of tables I had to construct.

  14. Spreadsheet Development The spreadsheet will be utilized to: • Summarize the data or information from the many sources we have reviewed in one place • Present the information in a format to help a decision maker or reader see the "big picture.”

  15. Conclusion • Assignment(s) for the month of May -difficult journey • Persistence and Encouragement from Faculty Mentors -rewarding -new skill set(s)

  16. References • www.ssa.gov • www.epi.org • www.pewsocialtrends.org • www.census.illinois.gov/ • www.illinois-demographics.com • www.census.gov/ • www.census.gov/history/ • www.census.gov/regions/

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