Retirement

This tag is associated with 77 posts

Australia – To raise the nation’s retirement age to 70

Australian Treasurer Joe Hockey wants to raise the nation’s retirement age to 70, the highest in the world, to prevent an aging population from draining state coffers.  Miner Noel Chatterton laughs at the idea.“Good luck with that,” said the driller, who at 48 will be among the vanguard of workers who would be affected by … Continue reading

US – 25% are saving $0 for retirement

Retirement savings for about a quarter of Americans amounts to … $0.  One in every four Americans is not saving for retirement at all, either because they are not thinking about it, do not really know how or, worse, do not feel they can afford to, according to a report by Country Financial. Americans ages … Continue reading

Canada – The baby boomer generation is starting to retire RBC report says

A new Royal Bank analysis suggests the Canada’s labour market is already starting to feel the impact of the aging workforce. The RBC paper notes that, given soft job growth in the past year and the corresponding decline in the labour participation rate, it is easy — and likely inaccurate — to jump to the … Continue reading

Ontario – How would the Retirement Pension Plan work ?

Often considered an issue that only engages politics at the federal level, pensions have dominated much of the early debate so far in the Ontario provincial election.  The reason is a proposal put forward by Liberal Leader Kathleen Wynne to create a made-in-Ontario pension called the Ontario Retirement Pension Plan (ORPP) to supplement the Canada … Continue reading

Millennials and Retirement – Saving more and at a much earlier age

Millennials are not only saving for retirement at an earlier age than their parent’s generation, but they are also saving more aggressively. This generation (born after 1978) started saving at a median age of 22, more than a decade earlier than their Baby Boomer parents and five years before Gen Xers, a survey from the … Continue reading

Retirement in US – Boomers working to stay employed

“With so many Baby Boomers planning to work longer and retire later, they are taking steps to stay marketable,” says Catherine Collinson, president of the non-profit Transamerica Center for Retirement Studies, which commissioned the national survey of 4,143 full-time and part-time workers conducted this winter by Harris Poll.  Although many Baby Boomers want to shift … Continue reading

Expenditures at Retirement – From “go-go” years, less active “slow-go” years and then to “no-go” years

Most retirement research assumes that retirees spending from a portfolio will seek to maintain a “real” inflation-adjusted standard of living throughout their retirement, just as they implicitly would have if their portfolio had been paid out as a steady pension with an annual cost-of-living adjustment. However, despite the simplicity of this assumption, retirement research has … Continue reading

US – Average retirement age up at 62 finds Gallup

The average age at which U.S. retirees report retiring is 62, the highest Gallup has found since first asking Americans this question in 1991. This age has increased in recent years, while the average age at which non-retired Americans expect to retire, 66, has largely stayed the same. However, this age too has slowly increased … Continue reading

US – The retirement crisis it’s not what some people want you to believe it is

America has a retirement crisis, but it’s not what some people want you to believe it is. It’s not the defined benefit pension plans that public employees pay into over a lifetime of work, which provide retirees an average of $23,400 annually (although some public officials fail to make their required contributions to these and … Continue reading

US – 59% are worried about not having enough money for retirement finds Gallup

A firm majority of Americans, 59%, are worried about not having enough money for retirement, surpassing eight other financial matters. A majority of Americans have reported being “very” or “moderately” worried about retirement savings every year since 2001, illustrating that saving for retirement disquiets Americans in both good and bad economic times. via Retirement Remains … Continue reading

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

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