29 09, 2020

Retirement security trumps job security

2020-09-29T12:22:24-07:00September 29th, 2020|Categories: Retirement|Tags: , |

Canadian workers are still focused on having a good workplace retirement plan, despite the global pandemic, according to a recent survey. Fifty-five per cent say that they are concerned about retirement security compared to 44 per cent who are worried about job security, finds the survey of 3,500 Canadians, conducted between May 27 and June 5 for the Healthcare of Ontario Pension Plan (HOOPP). “It reinforced to us how important and top-of-mind retirement savings are for Canadians,” says Steven [...]

15 01, 2020

New Report Finds 40 Percent of Older Americans Rely Solely on Social Security for Retirement Income

2020-01-15T15:05:23-08:00January 15th, 2020|Categories: Retirement|Tags: , |

Only a small percentage of older Americans, seven percent, receive income from Social Security, a defined benefit pension, and a defined contribution account. Retirement income from these three sources is widely considered to be the ideal situation to ensure retirement security, particularly for the middle class. Retirees with these three sources of income are far less likely to face poverty and economic hardship. A new report also finds that a large portion (40 percent) of older Americans rely only [...]

24 04, 2019

Confidence in Retirement Security Rebounds to Pre-Financial Crisis Levels

2019-04-24T10:50:14-07:00April 24th, 2019|Categories: Retirement|Tags: |

The 2019 Retirement Confidence Survey (RCS) finds 82 percent of retirees are confident in their ability to live comfortably throughout retirement, up from 75 percent last year and comparable to highs measured in 2005 and 2017. Furthermore, the percentage of workers who say they are very confident in their ability to live comfortably throughout retirement reached 23 percent, up from last year’s 17 percent and now reflecting levels measured more consistently in the late 1990s and early 2000s, prior [...]

10 04, 2019

Employees think they’re on track for retirement. Here’s where they’re wrong

2019-04-10T09:57:04-07:00April 10th, 2019|Categories: Retirement|Tags: |

Most Americans believe they’re on track for a comfortable retirement, according to a study from Natixis Investment Managers out Thursday. They feel they’re saving enough to enjoy the life they envision in their golden years. For the most part, however, they’re wrong, says Ed Farrington, executive vice president of U.S. distribution at the asset manager. In truth, not only are most workers not saving enough, but the amount they’ve salted away becomes more worrying as they age. That’s not [...]

1 04, 2019

The Federal Government Gave Up on Retirement Security

2019-04-01T13:25:49-07:00April 1st, 2019|Categories: Defined Benefit Plans|Tags: |

Recently, the U.S. Treasury said that it is perfectly okay for companies to swindle employees out of their pension by offering one-time payments worth less than the pension that those employees are giving up. The Department of Labor, nominally responsible for protecting workers in retirement plans, said nothing. This isn’t the first time the government stood by as American businesses shifted risks onto their employees and retirees. Treasury and Labor, whose decisions shape the retirements of millions of people, [...]

25 07, 2016

Retirement security at top of wish lists for next president

2016-07-25T16:48:19-07:00July 25th, 2016|Categories: Retirement|Tags: , |

No matter who wins the White House in November, the next administration will have to do more to advance retirement security, a number of experts said. Also on their wish lists: Shore up Social Security, boost the economy and better equip the SEC. “The next administration will need to tackle two key issues when it comes to retirement,” said attorney Michael Kreps, a principal with Groom Law Group in Washington and a former Senate pension aide. […]

27 01, 2016

Obama to push retirement plans in 2017 budget, officials say

2016-01-27T19:45:30-08:00January 27th, 2016|Categories: Retirement|Tags: |

President Barack Obama will offer a package of ideas to stimulate more workplace access to retirement savings when he unveils his fiscal year 2017 budget on Feb. 9, top administration officials said Monday. “We have to promote new retirement security opportunities and test new models,” National Economic Council Director Jeff Zients said during a press briefing call with Secretary of Labor Thomas Perez. Mr. Zients called the package “an opportunity to update our social contract.” […]

8 01, 2016

Improving Women’s Retirement Security

2016-01-08T22:12:35-08:00January 8th, 2016|Categories: Retirement|Tags: |

Older women confront many retirement security challenges. For one thing, women live longer than do men, so their money must stretch farther. For another, many average fewer years in the paid workforce and, when they do work, their average pay is often lower. Additionally, they are more likely to work part-time, for a lower salary. These factors all translate into lower retirement accumulations, smaller retirement payouts, and higher poverty rates in old age, as reported in a recent Society of Actuaries 2014 [...]

30 07, 2015

Which state’s retirees are the best prepared?

2015-07-30T20:39:57-07:00July 30th, 2015|Categories: Retirement|Tags: , |

Millions of Americans are ill-prepared to retire. But a lot depends on where you live. Retirement security is a combination of having enough savings and pension income to cover costs associated with aging, especially medical bills. As older workers continue to postpone retirement, job market conditions also play a critical factor. Those characteristics vary widely across the U.S., which makes retirement security somewhat easier to achieve in some states than others, according to a new analysis from the National [...]

29 01, 2014

TIAA-CREF: Retirement less secure than most people think

2014-01-29T21:15:51-08:00January 29th, 2014|Categories: Retirement|Tags: , |

Being prepared for retirement is no longer an after-thought as President Barack Obama boldly claimed at last night’s State of the Union; TIAA-CREF’s new survey adds to this national conversation, noting that one-in-three covered Americans say they place guaranteed income at top of their retirement to-do list, but many are faced with problems that their traditional retirement offerings can’t answer. According to the startling findings, despite the high grouping which afforded guaranteed income as a top priority, approximately 72% [...]

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