Job Market Monitor
Retirement
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
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
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