November 2019

21Nov

US. Great News From The IRS For Retirement Savers

The Internal Revenue Service (IRS) gave retirement savers an early holiday gift this year in the form of higher contribution limits for 2020. According to its November 6th announcement, workplace retirement plan contribution limits would be increased in 2020. Likewise, the income limits for Traditional IRAs and ROTH IRAs will also rise in 2020. Larger contributions to retirement accounts will allow you to further minimize your current tax bills. Additionally, higher retirement account contribution limits can be great for...

November 21, 2019
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21Nov

World’s Largest Pension Fund Keeps Analysts in Dark on Portfolio

Japan’s Government Pension Investment Fund’s decision to not disclose details of its quarterly allocation breakdown has some analysts saying that the world’s biggest pension fund is backtracking on transparency. Read also Impact investing is about more than saving the world In a statement on Nov. 1, GPIF President Norihiro Takahashi said the fund won’t disclose the allocation breakdown, amounts and investment income for each asset class this fiscal year, as it reviews the composition of its basic portfolio, which totals...

November 21, 2019
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21Nov

Why taxes on pensioners in Germany have risen up to 500 percent since 2010

The tax burden on pensioners has increased fivefold within ten years in some cases, according to figures released by the Finance Ministry on Wednesday. For example, new pensioners now have to pay €430 in income tax per year on a monthly gross pension of €1500, compared with €79 in 2010. The figures were released on Wednesday, as part of an inquiry submitted to the Federal Ministry of Finance by Die Linke. For an individual with a monthly gross...

November 21, 2019
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21Nov

South Africa. Battle to recover R42 billion in unclaimed pension money

A campaign to reclaim billions of rands in unclaimed benefits is about to kick into high gear. The Unclaimed Benefits Committee (UBC), representing a group of claimants, and non-profit organisation Open Secrets, are planning to lobby Parliament. “We will also be calling for a boycott of finance companies involved in withholding benefits,” says Thomas Malakotse, a member of the UBC steering committee. “The fund administrators have been making secret profits for decades by charging fees on these unclaimed assets,...

November 21, 2019
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21Nov

Should ‘Fintech’ Fear Big Tech’s Push Into Banking?

This is the web version of The Ledger, Fortune's weekly newsletter covering financial technology and cryptocurrency. Sign up here to receive future editions. All of a sudden, Big Tech is rushing into financial services. Google plans to offer "smart" checking accounts, powered by Citigroup and Stanford Federal Credit Union. Apple released a credit card with Goldman Sachs. Facebook yet clings to Libra, its audacious digital payments dream. This is the web version of The Ledger, Fortune's weekly newsletter covering...

November 21, 2019
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21Nov

Young people are saving more for retirement than Boomers and Generation X — and this is why

Young people are saving more than previous generations, according to a study, flipping the historical trend that saw older savers put the most money aside towards retirement. This was the stunning finding of a global survey of more than 25,000 investors across 32 countries, by asset manager Schroders. The study revealed those aged between 18 and 37 – Generation Z and millennials, though the study groups them all as millennials – are saving nearly 16% of their annual income...

November 21, 2019
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20Nov

Ageing population a threat to Australian economy: Treasurer

Australia's Treasurer Josh Frydenberg has warned that the nation's ageing population is an "economic time bomb". Read also US. Longevity Project explores the nuanced implications of longer life According to The Australian Financial Review on Tuesday, Frydenberg said in a speech that the population is ageing and this will place new demands on health, aged care and pension systems. Read also The human face of pension management According to data cited in his speech, the ratio of working-age Australians to every...

November 20, 2019
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20Nov

US. Longevity Project explores the nuanced implications of longer life

As longer life expectancy brings about substantial changes in the make-up of American society, Americans are still grappling with the implications of longer life on how we work, live and learn, according to a poll fielded by the Longevity Project, a new initiative developed in collaboration with the Stanford Center on Longevity (SCL). Read also Young people are saving more for retirement than Boomers and Generation X — and this is why The mission of the Longevity Project is...

November 20, 2019
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20Nov

US. Fisher Investments loses Chicago police pension; total losses exceed $3 billion

The Chicago police pension fund is ending its $67 million relationship with Fisher Investments. The Policemen’s Annuity and Benefit Fund of Chicago joins a number of institutional investors that have cut ties with the Camas, Washington-based asset manager following sexist comments billionaire founder Ken Fisher made at a conference on Oct. 8. There, he likened winning new clients to picking up women at a bar. The Windy City’s police pension fund has about $2.6 billion in total assets as...

November 20, 2019
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19Nov

Less than 10pc Kenyans to retire comfortably on pension

Less than a tenth of pension schemes are providing sufficient benefits to comfortably sustain members in retirement, an actuarial consulting firm says, revealing the pain retirees undergo despite making lifetime savings while employed. According to the survey done by Actuarial Services East Africa (Actserv), retirees in defined benefit schemes have it worse than their counterparts in contributory schemes. The firm measured the adequacy of benefits using a ratio of income after retirement to income immediately before retirement, with an...

November 19, 2019
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