Retirement

This tag is associated with 96 posts

Retirement and Unemployment in Canada – Workers in regions with higher unemployment rate retire two years earlier

Workers in economic regions that had a higher unemployment rate were expected to retire two years earlier, on average, than workers in economic regions with a lower unemployment rate. In 2007, for example, workers in the economic regions with higher unemployment rates, 9.7% on average, were expected to retire at 62.7 years of age. Conversely, workers in economic regions … Continue reading

Retirement in US – Confidence plunging even as boomers’ financial expectations are improving IRI study finds 

The Insured Retirement Institute (IRI) today released a new research report that found Baby Boomers’ confidence in having sufficient savings to last throughout retirement has dropped to a five-year low. Declining each year since 2011, the first year this study was conducted, the report found only 27 percent of Boomers are highly confident their savings … Continue reading

Will people accept declining consumption in retirement or do they prefer steady real consumption?

If households accept declining consumption in retirement, they need less wealth to maintain their living standard. If households consume less once their kids leave home, they have a more modest target to replace and they save more between the emptying of the nest and retirement. These two assumptions are the levers that allow one to … Continue reading

Retirement in US – Nearly 40 million working-age households (45 percent) do not own any retirement account assets reports finds

A new research report calculates that the U.S. retirement savings crisis continues to worsen, and that the typical working household still has virtually no retirement savings. When all households are included— not just households with retirement accounts—the median retirement account balance is $2,500. The median retirement account balance was $3,000 for all working-age households as … Continue reading

UK – The highest proportion of employees with a workplace pension on record

Workplace pension reforms The Pensions Act 2008 put in place a framework for workplace pension reform designed to increase private pension saving in the UK. This framework was amended slightly by the Pensions Acts 2011 and 2014. One of the key reforms was that, from October 2012, all eligible employees are to be automatically enrolled … Continue reading

Workplace pension scheme membership in UK – Up to record 59% in 2014, from 50% in 2013 ONS finds

Workplace pension scheme membership has increased to 59% in 2014, from 50% in 2013, driven by increases in membership of occupational defined contribution and group personal and group stakeholder schemes.The increase is likely to be driven by automatic enrolment. Occupational defined benefit pensions schemes represented less than half (49%) of total workplace pension membership in … Continue reading

US – Non-routine cognitive analytic and non-routine physical demands are associated with worse health, earlier labor force exit, and increased use of Disability Insurance

Work accounts for a significant portion of Americans’ daily lives and is increasingly recognized as a determinant of health status. Research dating to the Whitehall study results of the 1970s has shown a relationship between occupation and long-term health outcomes including mortality, diabetes and cardiovascular disease that cannot be explained by differences in income, education, … Continue reading

Canada – A strong majority of households are on track for a secure retirement McKinsey finds

“McKinsey’s latest RRI research shows that a strong majority of Canadian households are on track for a secure retirement. However, 17 percent of households are not on track. Targeted solutions would help Canada address the lack of readiness of these households fairly and efficiently, while remaining a good steward of the economy.” This report is … Continue reading

UK – Half expect to retire later Department for Work and Pensions finds

Over half (56%) of UK pre-retirees have changed their mind over the last few years about when they expect to retire, government research reveals. Almost half (49%) of respondents thought they would retire later than previously expected, with just 7% anticipating an earlier retirement than before. The majority of respondents predicting a later retirement were … Continue reading

US – Less households “at risk” of being unable to maintain their standard of living in retirement

The release of the Federal Reserve’s 2013 Survey of Consumer Finances (SCF) is a great opportunity to reassess Americans’ retirement preparedness as mea- sured by the National Retirement Risk Index (NRRI). The NRRI shows the share of working-age households who are “at risk” of being unable to maintain their pre-retirement standard of living in retirement. … Continue reading

Retiring and Health Care in US – Only one in five have taken one or more steps to prepare

The overwhelming majority (86%) of baby boomers express concern about the  affordability of health care in retirement, but very few pre-retirees admit they have taken financial steps to prepare for health care costs in retirement, according to a study released today by Ameriprise Financial (NYSE: AMP). The Health, Wealth and RetirementSM study, which surveyed more … Continue reading

Delayed Retirement – 34% of workers under 40 believe it is restricting their career opportunities Towers Watson finds

Retirement patterns are changing in the U.S. and in many other countries as well. During the mid-to-late 20th century, labor force participation rates dropped for older workers and rose for younger ones. These trends have recently reversed, especially among men and younger workers. The reversal is expected to continue, according to Towers Watson’s 2013/2014 Global … Continue reading

Retirement in US – Saving for it is a formidable challenge for middle-class finds Wells Fargo

Wells Fargo did as much as it could to soft-pedal the findings of its fifth-annual Middle Class Retirement Survey, released Wednesday, but the horrific numbers speak for themselves.A formidable challenge? No kidding. More than a third of middle-class families aren’t saving anything in a 401(k), IRA or other vehicle, the survey found. For those 50 … Continue reading

People and Households Without a Private Pension in Great Britain: 45% of men and 49% of women

Key points For those below retirement age, 45% of men and 49% of women in Great Britain did not have any private pension savings in 2010-2012. 95% of men and women working in Accommodation and food service industries did not pay into a private pension in the UK in 2012. In ‘Public administration, defence and … Continue reading

The world’s 300 largest pension funds – Total assets grew by over 6% in 2013

Total assets of the world’s largest 300 pension funds grew by over 6% in 2013 (compared to around 10% in 2012) to reach a new high of almost US$15 trillion (up from US$14 trillion in 2012). The P&I / Towers Watson global 300 research is conducted in conjunction with Pensions & Investments, a leading US … Continue reading

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