This tag is associated with 67 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

Saving for Retirement in US – Who’s not ?

Earlier this week, Encore asked the rhetorical question: “Do you have to be a bleeding heart to believe that it’s hard to save money when you aren’t making money?” The occasion was the publication of the annual Retirement Confidence Survey, which yielded the palm-smack-to-the-forehead statistic that 36% of Americans had saved $1,000 or less for … Continue reading

Older Workers in Australia / Pushed out of jobs says Age Discrimination Commissioner

YOUNGER bosses who nag older workers to take redundancies, tell them they\’re too old to receive training or deny them promotion are forcing thousands into early retirement. By also refusing to hire older workers they are adding to the nation’s ballooning health and welfare costs by pushing otherwise productive people on to the aged or … 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

US / Many baby boomers are reluctant to retire finds Gallup

True to their “live to work” reputation, some baby boomers are digging in their heels at the workplace as they approach the traditional retirement age of 65. While the average age at which U.S. retirees say they retired has risen steadily from 57 to 61 in the past two decades, boomers — the youngest of … Continue reading

A worldwide retirement crisis is coming

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

Pension Plans in Canada / Membership in registered pension plans (RPPs) up 0.8%

Membership in public sector pension plans rose by 0.6% to 3,160,000, while the number of members in private sector plans increased 1.0% to 2,954,700. The public sector accounted for 52% of total membership in RPPs Continue reading

US / 40% of the self-employed are not saving regularly for retirement, and 28% are not saving at all survey finds

Many of us have dreams of leaving the 9-to-5 grind and working for ourselves. And since the 2008 financial crisis, many have done it — even if some didn’t really have a choice. But many of these budding entrepreneurs, and even the people who have owned their businesses for years, are part of a growing … 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

Older Workers / How long do older unemployed workers conduct their job searches before deciding to retire ?

Unemployed people who have these resources retire more rapidly than those who cannot afford to do so, regardless of their job prospects. The results suggest that for job separations that do not lead to an immediate retirement, about half of the jobless spells end in retirement and half in re-employment. Among jobless spells that do end in retire- ment, most do so within a year after separation. Continue reading

China / Official clarifications on retirement policy

A Chinese human resources official has denied that planned changes to retirement age will start with either civil servants or those engaged in heavy physical labor. Hu Xiaoyi, deputy head of the Human Resources and Social Security Ministry, made the remarks at a press conference to elaborate on the policy. Speculation surfaced on the Internet … Continue reading

China / Retirement age would be advanced a year

Workers in the mainland who want to stay in their jobs longer may be disappointed as a senior party spokesman said the retirement age would be advanced up to a year later as part of an experiment to deal with the country’s increasingly aged population Continue reading

Older Workers / 11 Ways companies get rid of them

Companies looking to ditch older employees can be creative in the ways they try to avoid age discrimination claims. Here are 11 of their sneakiest ploys Continue reading

Canada / Many workers financially unprepared for retirement

Among those aged 50 or older, about half (47 per cent) are still less than one-quarter of the way to achieving their retirement savings target. Continue reading

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