Pension

This tag is associated with 33 posts

US – Only 19 percent of lower-income individuals individuals aged 50-58 participated in a pension of any kind at their current jobs

In 2010, only 19 percent of individuals ages 50-58 whose household incomes were less than 300 percent of the poverty line participated in a pension of any kind at their current jobs, compared to 56 percent of those above 300 percent of poverty.  This paper investigates this pension gap.  In particular, we decompose the pension … Continue reading

US – What can be done about the rampant underfunding of public pension systems? 

Improving Public Pensions: Balancing Competing Priorities  by Patten Priestley Mahler, Chingos, and Whitehurst makes a significant contribution to the public pension discourse by providing policymakers and stakeholders with a framework for evaluating proposed reforms to pension systems – even in light of the frequently competing objectives of such systems. The authors begin by defining three … Continue reading

Pension in UK / Introduce a ‘collective defined contribution’ plan says a report

Reform is underway to encourage people to work for longer and to save into a pension. However, contributing at the rates required by auto-enrolment across a full working life will give the current generation of employees a less than 50:50 chance of a decent income in retirement. New pension products and strategies are urgently needed … Continue reading

A worldwide retirement crisis is coming

A global retirement crisis is bearing down on workers of all ages Continue reading

Benefits Overview in US / 68 % of workers have access to a pension plan

The National Compensation Survey (NCS) provides comprehensive measures of compensation cost trends, as well as incidence and detailed provisions of employee benefit plans. This bulletin presents estimates of the incidence and key provisions of selected employee benefit plans. Estimates presented are on benefits for civilian workers—workers in private industry and in state and local government—by … Continue reading

From Defined Benefits To Defined Contributions / Firms save 2.7-3.6% of payroll per year research finds

Since the early 1980s, there has been a shift from defined benefit (DB) to defined contribution (DC) pension arrangements in the U.S. corporate sector. This shift has continued markedly over the past decade. In the late 1990s, assets in private sector DB and DC plans were each around $2 trillion. By the end of 2010, … Continue reading

US Social Security / The real retirement age is 70

ue to increases in Social Security’s Delayed Retirement Credit, the effective retirement age is now 70, with monthly benefits reduced for earlier claiming Continue reading

US / The retirement system fails most americans by creating a few big winners and many losers

The current retirement system has left the vast majority of Americans unprepared for retirement says EPI. While high-income Americans have benefitted enormously from the rise of 401(k)s, most Americans are being left behind Continue reading

UK / One in five retiring in 2013 in poverty

Study by Prudential finds many people are facing a bleak financial outlook, with 14% relying solely on state pension One in five people retiring in Britain in 2013 will fall below the income poverty line according to a study by Prudential, which also found that nearly a quarter of women will enter retirement entirely dependent … Continue reading

Europe / Paying for growing numbers of old people

Long after the debt crisis is over, Europe will be grappling with an even more serious problem – how to pay for growing numbers of old people. The population of some countries is stagnant or already shrinking, notably Germany’s. That will reduce savings and potential economic growth. The workers who remain are getting older and … Continue reading

US / Pension / John Bogle on defined benefit programs

Q: In terms of the evolution of America’s retirement health, we’ve moved from defined benefit programs, pensions, to defined contribution. … Describe what’s happening to our retirement health as these [different] instruments are introduced and the rush of people into mutual funds. … … In my new book, which is called The Clash of the … Continue reading

US / Corporate pension funding: the Gap jumped 17 percent to $295.2 billion

The funding shortfall bedeviling the 100 largest U.S. corporate pension funds rose for a second straight year in 2012, as a strong stock market and hefty plan contributions failed to offset damage done by persistently low interest rates, according to an analysis by Towers Watson released on Monday. The gap between what these corporations, all … Continue reading

Ireland / Retirement age should rise says OECD

A sweeping pensions shake-up would see people forced to work longer, hand over more of their income, and be means tested on payments they receive. The recommendations are contained in a hard-hitting report from the OECD and strongly signal that the retirement age — already set to be pushed back to 68 — should be … Continue reading

US / 14 years lost for preparing retirement

ICI recently released their retirement plan data through Q3 of 2012.  The chart of the day shows the real (inflation adjusted) total retirement market assets per working age citizen in the U.S.  This includes IRA’s, defined contribution plans, private defined benefit plans, state and local government pension plans, federal pension plans, and annuities. The good … Continue reading

Reinventing retirement / A Study

“Retirement involves a set of institutional arrangements combined with socio-cultural meanings to sustain a distinct retirement phase in life course and career pathways” writes Leisa D Sargent, Mary Dean Lee and Bill Martin. (Quotes from the Abstract to follow) In this Introduction to the Special Issue: ‘Reinventing Retirement: New Pathways, New Arrangements, New Meanings,’ we outline the historical … Continue reading

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