Job Market Monitor
Retirement
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
Canada – The cost of running the Canada Pension Plan has more than tripled research finds
The cost of running the Canada Pension Plan has more than tripled, the result of transaction fees and external management fees, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. The study, Accounting for the True Cost of the Canada Pension Plan, spotlights the costs of administering … Continue reading
Retired in US – Over half went back into the workforce or started their own businesses poll finds
When planning for retirement, or how to live in retirement, it’s often helpful to consider what others have done or are doing. In February, an informal poll of roughly 400 RetiredBrains visitors revealed varied directions. It would seem that a life of leisure should lead the list; however this was in fact one of the … Continue reading
US – 71 percent are adequately prepared for retirement RAND finds
While many believe that Americans are in terrible shape when it comes to being financially prepared for their “golden years,” new evidence indicates that the news may not be as dire as previously thought. Moving away from previous studies that focused on income replacement rates, a recent report from the RAND Corporation looks instead at … Continue reading
Pension economic impacts in US – 6.2 Million Jobs, $943 Billion
A new economic impact study finds that pension benefit expenditures provide important economic support to the economy, including more than $943 billion in total economic output and 6.2 million jobs in the United States. Pensionomics 2014: Measuring the Economic Impact of Defined Benefit Pension Expenditures reports the national economic impacts of public and private pension … Continue reading
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
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