Job Market Monitor
Retirement
Public Retirement Programs in the OECD – The age of eligibility
As documented in the study Canada’s Aging Population and Implications for Government Finances and elsewhere, Canada’s federal and provincial governments will experience financial pressures from increases in spending on such pro- grams as health care and income support for seniors. Canada is not unique in dealing with an aging population. The Organization for Economic Cooperation … Continue reading
The COVID Retirement Boom – Over 3 million excess retirements says St-Louis Fed
The labor force participation rate1 registered its largest drop on record in 2020, falling from 63.2 percent in the fourth quarter of 2019 to 60.8 percent in the second quarter of 2020.2 By the second quarter of 2021, the rate had recovered slightly, to 61.6 percent, but was still 1.6 percentage points below its pre-pandemic … Continue reading
Working After Retirement in US – Rules, Benefits and Social Security
Thinking about returning to work after retirement? You’re not alone. But before you launch your new side project or pick up a part-time job, it’s important to understand how rejoining the workforce impacts your financial goals and government benefits. Chosen excerpts by Job Market Monitor. Read the whole story @ Working After Retirement | Rules, Benefits and … Continue reading
Older Workers in US – Working longer cannot solve the retirement crisis
Working longer is often proposed as the solution to the retirement crisis caused by older workers’ lack of retirement assets, but new research from SCEPA’s ReLab shows this assumption doesn’t match older workers’ real experiences in the labor market. Spreadsheet models used by advocates of delaying retirement assume older workers delay claiming Social Security to … Continue reading
50 And Over in UK – The average age of exit of the labour market has increased by 2.3 years since 1996
This publication details the trends over time in the economic labour market status of individuals aged 50 and over. Analysis is provided on the three headline measures announced in the Fuller Working Lives (FWL) Strategy 2017 that the government use to monitor progress on FWL. The UK has an ageing population and workforce, therefore, it … Continue reading
Retirement in Canada – The Canadian Institute of Actuaries proposes to defer it
The CIA is proposing changes to the age at which benefits should be made available to Canadians under Canada’s retirement income systems and tax-assisted private savings programs, specifically the Canada Pension Plan/Quebec Pension Plan (CPP/QPP), Old Age Security (OAS), and registered pension plans and Registered Retirement Savings Plans (RRSPs). This document is intended to engage … Continue reading
Retirement – Between 2006 and 2016, the effective labour market exit age rose from 62 to about 64 years, on average across OECD countries
Although the average retirement age in OECD countries has remained relatively stable since 1970, longer life expectancy has increased the amount of time in retirement, from an average of 13 years (for women and men) in 1970 to 20 years in 2015. This threatens the financial sustainability of pension systems. As a result, many countries … Continue reading
Retiring Early and Living Longer – Men responding to the early retirement offer were 2.6 percentage points less likely to die over the next five years
You may not need another reason to retire early, but I’ll give you one anyway: It could lengthen your life. That’s the thrust from various research in recent years, and also from a 2017 study in the journal Health Economics. In that study, Hans Bloemen, Stefan Hochguertel and Jochem Zweerink — all economists from the … Continue reading
UK – Nearly two-thirds of employees say they expect to retire in their 60s, and 17 per cent in their 70s
The British Social Attitudes Survey (BSAS) is an annual face to face survey of approximately 4,300 people in private households, aged 18 and over. They are selected at random to provide a representative picture of attitudes of the population. This report outlines headline findings from the subset of questions included in the 2015 BSAS questionnaire … Continue reading
Canada – Individuals with lower levels of education save less for retirement
Using two new datasets that link survey respondents from the 1991 and 2006 censuses of Canada to administrative tax records, this paper assesses the extent to which education affects how Canadians save and accumulate wealth for retirement. First, using descriptive analysis, this study finds the following: Across groups of individuals based on their highest level … Continue reading
Retirement – Better served with the 4 S’
We don’t actually want to retire and do nothing. We just want to do something we love. And I’m not talking about endless days of back nines, fishing, and sailing into the sunset. While we might want some time to do those things, you’d be surprised to learn how quickly the bloom can come off … Continue reading
Retirement – We shouldn’t even use the word any more
The transition from employment to retirement used to be marked by a date on a calendar, along with some sheet cake, and a maybe a gold watch. Those days are long gone for most workers in the United States. Today, the journey toward complete withdrawal from the labor force can last many years. Economists refer … Continue reading
Financially Prepared for retirement in Canada – 78% of labour force aged 25 to 64 were, down from 81% in 2009
Using data from the 2014 Canadian Financial Capability Survey (CFCS), this article examines the extent to which individuals in the labour force are preparing for retirement and provides another perspective on the relationship between financial literacy and retirement planning. In 2014, 78% of labour market participants (employed or unemployed) aged 25 to 64 reported they … Continue reading
Retirement in US – How will working families fare in retirement? (Charts)
The shift from pensions to account-type savings plans has been a disaster for lower-income, black, Hispanic, non-college-educated, and single workers, who together add up to a majority of the American population. But even among upper-income white college-educated married couples, many do not have adequate retirement savings or benefits. Chosen excerpts by Job Market Monitor. Read the … Continue reading
Canada – Employer sponsorship and other forms of automatic saving may matter a great deal in helping more vulnerable groups save for their retirement.
A large literature in behavioural economics finds that households benefit from assistance with the challenging task of preparing financially for retirement. Workplace pension program characteristics such as default options or savings rate escalators tend to significantly increase contributions to these plans (Madrian and Shea 2001; Choi et al. 2004; Thaler and Benartzi 2004). Recent evidence … Continue reading
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