This tag is associated with 109 posts

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

China – A plan to push back retirement

China has the world’s lowest retirement age. Chinese officials want to shed that distinction. The average retirement age in China is 55, younger age than any other country, a senior social security minister said this week. As a result, he said, officials will soon unveil a plan to push back the country’s retirement age, which … Continue reading

Gender Gap at Retirement in US – The average total income of women over age 65 is just 55 percent of older men’s income

Democrats in Congress often lament the fact that full-time working women in the United States earn 78 cents for every dollar men earn, but less attention is paid to the much wider and harder-hitting income gap for women in retirement. According to a report Sen. Patty Murray (D-Wash.) released Thursday, the average total income of … Continue reading

Couples and Retirement – 47% are in disagreement about the amount needed

While the majority of couples (72%) say they communicate exceptionally or very well, more than four in 10 (43%) failed to correctly identify how much their partner makes—and of that, 10% got it wrong by $25,000 or more. There were other important disconnects between couples including: 36% of couples disagreed on the amount of the … Continue reading

Retirement in US – Social Security provides most of the income for about half of households age 65 and older

Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO’s analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a … Continue reading

Social Security Claims in US – A growing number are waiting until their mid-60s or later

With lower Social Security replacement rates, vanish- ing traditional pensions, and longer lifespans, many people will need to work longer to ensure a secure retirement. Working longer directly increases current income; it avoids the actuarial reduction in Social Security benefits; it allows people to contribute more to their 401(k) plans; and it shortens the period … Continue reading

US – Retirement preparations throughout the ages

The 16th Annual Transamerica Retirement Survey finds American workers are continuing to recover from the Great Recession  and its aftereffects. While the economy is recovering, the U.S. retirement landscape is also continuing to evolve, with increases in life expectancies, the need for Social Security reform, and an even greater need for individuals and families to … Continue reading

Saved for Retirement – How Much ?

This analysis helps answer one of the most important questions that many defined contribution participants face before retirement: How much do I need to save each year for a “successful” retirement? It includes three of the major post-retirement risks (longevity, investment, and long-term care) while allowing the participant to also choose the probability of “success” … Continue reading

US – 86 Percent think that there is a retirement crisis National Institute on Retirement finds

A new nationwide public opinion research report finds that an overwhelming majority of Americans – 86 percent – believe the nation faces a retirement crisis. These findings are contained in a new research report, Retirement Security 2015: Roadmap for Policy Makers. More specifically, the research finds that: An overwhelming majority of Americans believe there is … Continue reading

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

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