18 04, 2024

Baby boomers are hitting “peak 65.” Two-thirds don’t have nearly enough saved for retirement.

2024-04-19T11:29:11-07:00April 18th, 2024|Categories: Retirement|Tags: , |

By Aimee Picchi Source: CBS News The nation is rapidly approaching "peak 65" as younger baby boomers turn 65 this year, initiating the biggest wave of retirements in U.S. history. Yet most of those Americans are financially unprepared to stop working, and many risk living in poverty, according to a new analysis. The retirements of the youngest boomers — those born between 1959 and 1965 — are likely to reshape the U.S. economy, and not in entirely positive ways, [...]

28 03, 2024

How a New Rule Could Change the Way Advisers Handle Your Retirement Money

2024-03-28T14:34:37-07:00March 28th, 2024|Categories: Retirement|Tags: |

Source: The New York Times It seems like an issue everyone can agree on: Financial professionals should be required to handle our retirement money with the utmost care, putting investors’ interests first. But that type of care comes in degrees, and deciding exactly how far advisers should go has been the center of heated debate for nearly 15 years, pitting financial industry stakeholders, who argue their existing regulatory framework is enough, against the U.S. Labor Department, the retirement plan [...]

29 02, 2024

A good time for pensions: Why the time is ripe for a secure future

2024-02-29T16:20:43-08:00February 29th, 2024|Categories: Defined Benefit Plans|Tags: , |

Source: National Public Pension Coalition In the years following the Great Recession of 2007-2009, billionaire-backed opponents of defined-benefit pensions presented a reasonably straightforward case. The financial crisis sent equities tumbling, funding ratios of pension plans cratered, and it was easy for opponents of public employees to spread doom and gloom about pension plans. To make matters worse, pension opponents often deliberately sowed envy among non-pension recipients. At the NPPC, we believe everyone deserves a stable retirement. It’s a false [...]

27 02, 2024

Labor economist Teresa Ghilarducci highlights retirement system pitfalls

2024-02-27T12:18:53-08:00February 27th, 2024|Categories: Retirement|Tags: , |

By Brian Kroce Source: Pensions & Investments Too many Americans are working longer — to the detriment of their health and well-being — without achieving retirement security because the retirement system in place has left them behind, according to labor economist Teresa Ghilarducci. "The system that we have experimented with for the past 40 years, which I call it a 'do-it-yourself, voluntary, individual-directed, commercially based system with top-heavy tax breaks,' has mostly failed," Ghilarducci said at the National Institute [...]

19 01, 2024

401(k) experiment has failed, fueled U.S. retirement crisis, labor economist says

2024-01-23T13:53:46-08:00January 19th, 2024|Categories: 401(k)|Tags: , , |

By Rob Kozlowski Source: Pensions & Investments The 401(k) plan experiment has failed, and the retirement crisis in the United States is only getting worse, said Teresa Ghilarducci, labor economist and author of the forthcoming book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy." Ghilarducci, who is also professor of economics at The New School for Social Research and the director of the Schwartz Center for Economic Policy Analysis and The New School's Retirement Equity Lab, [...]

15 12, 2023

Generation X Expresses Doubt In a Dream Retirement

2023-12-15T10:54:45-08:00December 15th, 2023|Categories: Retirement|Tags: , , |

By Amanda Umpierrez Source: 401(k) Specialist Generation X workers are increasingly doubting their ability to achieve a dream retirement in the future. Latest findings from Schroders’ 2023 U.S. Retirement Survey found that non-retired Americans between the ages of 43 and 58 face shortcomings with their future retirement income. On average, respondents said they would be comfortable with $1,112,183 in retirement savings, yet they expect to have just $661,013 saved—the largest gap of the three age groups surveyed. Millennials (ages [...]

29 11, 2023

Most nearing retirement will need to make ‘significant’ lifestyle cuts

2023-11-30T16:50:25-08:00November 29th, 2023|Categories: Retirement|Tags: , |

By Craig Lord Source: Global News Canada A wave of Canadians gearing up for retirement will be forced to make “significant” cuts to live comfortably for the rest of their lives, an analysis from Deloitte Canada shows. The report released Wednesday looked at the finances of 4,000 Canadians between 55 and 64 years old to gauge their “retirement readiness.” Hwan Kim, a partner at Deloitte Canada, notes this group is particularly large right now with three million Canadians in [...]

24 11, 2023

The Pension: That Rare Retirement Benefit Gets a Fresh Look

2023-11-27T09:04:35-08:00November 24th, 2023|Categories: Retirement|Tags: |

By Martha C. White Source: The New York Times In an economy characterized by a volatile stock market and elevated inflation, a sure thing looks better than ever. For some Americans in the labor force right now, that looks like a pension. Striking members of the United Automobile Workers union made waves this year when the union’s leaders demanded the reopening of defined-benefit pension plans for workers hired after late 2007. Although U.A.W. leadership failed to persuade automakers to [...]

18 09, 2023

Public DB pensions key to supporting women, BIPOC workers in retirement

2023-09-20T16:51:28-07:00September 18th, 2023|Categories: Retirement|Tags: , , |

Source: Benefits Canada Public defined benefit pension plans can play a critical role in delivering adequate retirement income for U.S. retirees, while providing a key buffer against economic hardship for women, the Black, Indigenous and people of colour communities and workers without a college degree, according to a new report by the National Institute on Retirement Security and the UC Berkeley Labor Center. The report, which analyzed pension data collected by the U.S. Census Bureau between 2019 and 2021, [...]

18 01, 2023

As France Moves to Delay Retirement, Older Workers Are in a Quandary

2023-01-18T15:54:40-08:00January 18th, 2023|Categories: Retirement|Tags: , , |

By Liz Alderman Source: The New York Times During her 38-year career as a sales and marketing manager, Christine Jagueneau rarely thought about retirement. But when her job at a French industrial company was eliminated just before her 59th birthday last February, the idea of tapping her pension took on unexpected urgency. Despite nearly a dozen job interviews, she said, employers have suggested that she’s too old to be hired. She has just enough savings to coast to France’s [...]

7 11, 2022

Employers favouring wage hikes over benefits enhancements amid high inflation

2022-11-07T11:24:18-08:00November 7th, 2022|Categories: Economy|Tags: , , |

Source: Benefits Canada While Canadian employers recognize the value of retirement benefits, the current high inflation environment is driving them to favour wage hikes instead, according to a new survey by the Healthcare of Ontario Pension Plan and Angus Reid Group. The survey, which polled nearly 800 business owners and senior leaders, found employers’ leading concerns are greater competition for hiring (82 per cent), employee burnout (79 per cent), labour shortages (79 per cent) and high turnover (77 per [...]

23 09, 2022

The U.S. retirement system gets a ‘C+’ grade, experts say — even though it’s worth $39 trillion. Here’s why

2022-09-23T16:16:41-07:00September 23rd, 2022|Categories: Retirement|Tags: |

By Greg Iacurci Source: CNBC The U.S. retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the U.S. places well outside the top 10 on various global retirement rankings from industry players, such as the Mercer CFA Institute Global Pension Index and Natixis Investment Managers [...]

16 08, 2022

How Unions Pave the Path to Elder Security

2022-08-16T08:58:53-07:00August 16th, 2022|Categories: Retirement|Tags: , , |

Source: American Society on Aging Despite America’s vast wealth, more than 15 million older Americans—one-third of people ages 65 and older—are “economically insecure,” meaning they are poor or near-poor, according to the National Council on Aging. Half of all Black and Latinx people ages 65 and older are in this precarious situation, and older women are especially likely to be poor. These financially fragile older Americans “struggle with rising housing and health care bills, inadequate nutrition, lack of access [...]

3 05, 2022

Jaw-Dropping Stats About the State of Retirement in America

2022-05-03T13:41:57-07:00May 3rd, 2022|Categories: Retirement|Tags: |

By Jordan Rosenfeld Source: Yahoo! Finance Many Americans spend their lives working hard and dreaming of the day they can finally retire. But planning for retirement requires more than dreaming -- it means being strategic and focused on saving money, among other things. The average age of retirement for Americans is 66, according to a Gallup poll, which is up from age 60 in the 1990s. With Americans living an average of 78.7 years, that's a good 12 or [...]

22 11, 2021

Employers see retirement benefits as top attraction, retention tool

2021-11-22T15:43:29-08:00November 22nd, 2021|Categories: Retirement|Tags: , , |

By Lauren Bailey Source: Benefits Canada A majority of Canadian employers believe providing workplace retirement savings plans can improve employee attraction and retention, according to a survey by Maru Group Ltd. on behalf of the Healthcare of Ontario Pension Plan. The survey, which polled 800 Canadian employers, found 88 per cent of those that offer a defined benefit pension plan said it was “extremely important” or “very important” to their employee retention efforts, followed by 85 per cent of [...]

18 08, 2021

Pandemic pushed an additional 1.7 million Americans into retirement

2021-08-18T16:27:13-07:00August 18th, 2021|Categories: Retirement|Tags: , |

By Stephanie Asymkos Source: Yahoo! Money The pandemic forced more older workers to retire — often before they were ready financially — a new study found, widening the country’s growing retirement inequality gap and leaving certain baby boomers vulnerable to poverty in their golden years. During the pandemic, an additional 1.7 million Americans retired earlier than what would have been expected during the normal times, according to a recent report from The New School’s Retirement Equity Lab. While the [...]

16 08, 2021

US. Pandemic Puts Secure Retirement at Greater Risk for Many

2021-08-16T08:01:33-07:00August 16th, 2021|Categories: Retirement|Tags: , |

Source: Pension Policy International The COVID-19 pandemic has had an outsize effect on people 50 and older: Not only did it impact older adults’ health more severely than younger ones, but it also forced many into early retirement and prompted others to take withdrawals from their savings earlier than they had planned. “The prospects of a secure retirement for millions of workers will be even more precarious following the pandemic, and more Americans of all ages will need to [...]

22 07, 2021

Now Is The Time To Re-Think Retirement Plan Conventional Wisdom

2021-07-22T14:48:10-07:00July 22nd, 2021|Categories: Retirement|Tags: |

By Dan Doonan Source: Forbes Retirement plan design can make or break an employee’s ability to maintain their standard of living in retirement. Over the past several decades, many private sector companies implemented a complete overhaul in retirement plan design, shifting from defined benefit pensions to 401(k)-style defined contribution accounts. Originally designed to supplement rather than replace pensions, 401(k) plans have become the primary employer-sponsored plan for many U.S. workers. This transition meant sacrificing a number of important features [...]

27 04, 2021

A Graying China May Have to Put Off Retirement. Workers Aren’t Happy.

2021-05-13T08:05:25-07:00April 27th, 2021|Categories: Retirement|Tags: , |

By Vivian Wang and Joy Dong Source: The New York Times For Meng Shan, a 48-year-old urban management worker in the Chinese city of Nanchang, retirement can’t come soon enough. Mr. Meng, who is the equivalent of a low-level, unarmed law-enforcement official, often has to chase down unlicensed street vendors, a task he finds physically and emotionally taxing. Pay is low. Retirement, even on a meager government pension, would finally offer a break. So Mr. Meng was dismayed when [...]

30 06, 2020

A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?

2020-06-30T08:46:57-07:00June 30th, 2020|Categories: Retirement|Tags: , |

Dorian Mintzer loves her work. A 74-year-old psychologist, coach and author, she has no plan to retire, and has continued to work during the pandemic, doing teletherapy from her home in the Boston area. Now, like millions of other older working Americans, Dr. Mintzer is uncertain about the future of her job — much will depend on whether health insurers continue to cover teletherapy post-pandemic. “I’m going to keep working virtually — the idea of going into an office [...]

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