April 2021
14Apr

Competing on customization: Fintech’s future in retirement planning

For decades, Americans thought about retirement planning in terms of a three-legged stool: Social Security, an employment-based pension and personal savings. However, all three legs of this stool are folding under the pressure of change. Social Security is forecast to run out of funds by 2035, company pensions (as well as full-time employment itself) are in decline, and millions are facing a squeeze on savings. People planning for their retirement are looking for fresh advice to help guarantee long-term financial...

April 14, 2021
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March 2021
31Mar

Thailand plans new retirement plan to support its aging population

Thailand aims to create a new retirement program to support an aging population that will add about 1 million new retirees annually starting in 2023. Prime Minister Prayuth Chan-Ocha wants to ensure that Thais can receive income upon retirement, government spokeswoman Rachada Dhnadirek said Tuesday, after the cabinet approved in principle a new national retirement plan. The program will be mandatory for all employees who aren't participating in other retirement plans, she said. Read also South African retirement fund guidelines are...

March 31, 2021
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10Mar

Many over-55s could be heading for retirement income shortfall, says survey

Many over-55s who are approaching retirement risk exhausting their pension savings early, a survey suggests. A quarter (25%) of those aged 55 to 64 who are still working said they were only budgeting for their retirement income to last 10 years or less, Standard Life found. One in eight (12%) are planning for their retirement income to support them for just one to five years. Three in 10 (29%) over-55s expect to need the same amount of cash each year throughout their...

March 10, 2021
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09Mar

China Plans New State Pension Firm as Population Ages

China plans to create a new state-owned pension firm to tackle a massive funding gap as the world’s largest population struggles to finance retirement despite decades of economic growth. The China Banking and Insurance Regulatory Commission is mulling a national pension company with state-owned banks and insurers as shareholders, according to people familiar with the discussions. Details such as the shareholding structure and size of investment are still being hammered out, they said, declining to be identified as the plan...

March 9, 2021
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04Mar

Fraudsters prey on the fears of China’s aging population.

Shady retirement home and investment schemes have cheated China’s rapidly aging population out of hundreds of millions of dollars, spurring more than a thousand criminal cases in recent years. In a society that traditionally relied on family members to take care of elderly parents, fraudsters have been able to prey on fears that changing social norms and scarce resources will leave older people bereft, report Alexandra Stevenson and Cao Li for The New York Times. By 2025, more than 300 million...

March 4, 2021
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03Mar

Financial wellness can foster pension system in China

By Daisy Ho China faces mounting pension and retirement challenges, but it's not without silver linings. It's well known that China's huge and rapidly aging population will grapple with a shortage of pension coverage that looks set to worsen over the next few years. There is no quick fix for state pensions falling short of growing retirement needs, but policymakers see promoting private retirement saving schemes as a key means of filling the gap. Here, we see some encouraging signs, especially when...

March 3, 2021
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02Mar

Covid-19 Is Most Certainly A Retirement Story

By Teresa Ghilarducci The Covid-19 recession, like all recessions, threatens the wealth and retirement security of millions of workers. Job loss prompts people to stop saving, raid their nest eggs or go into debt by falling behind on their rent and mortgage payments. Most workers nearing retirement had insufficient retirement savings even before the recession, and many planned to delay retirement and work longer to save more. But the Covid-19 pandemic and recession made that hopeful plan to work longer...

March 2, 2021
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01Mar

China’s aging population is a bigger challenge than its ‘one-child’ policy, economists say

China’s decades-old one-child policy gained renewed attention in the last few weeks, after authorities gave mixed signals on whether they were closer to abolishing limits on how many children people can have. Authorities have rolled back the controversial one-child policy in recent years to allow people to have two children. But economists say other changes are needed for boosting growth as births fall and China’s population rapidly ages. “There are two ways to address this. One way is to relax the...

March 1, 2021
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February 2021
19Feb

Addressing the financial timebomb of ageing Australia

The 2015 Intergenerational Report found that Australia’s aged dependency ratio (the number of people over 65 for every working-age person 15 to 64) is expected to double over the next 40 years. This means there will be fewer taxpayers supporting a growing demand for pensions and services, including health and aged care. In addition, the rate of home ownership is continuing to decline among young Australians, suggesting more people will face the ongoing costs of renting once they retire. The superannuation guarantee...

February 19, 2021
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15Feb

Ageing can be cured—and, in part, it soon will be

ld age is a massacre,” wrote Philip Roth, long before the pandemic underscored its hazards. Even those who count as young must often watch the ineluctable drift of loved ones into decrepitude. Andrew Steele has a hopeful message for all those facing this prospect (ie, everyone). Old age needn’t be a massacre; in fact, old age needn’t even be old. Mr Steele’s thesis in “Ageless” is that ageing can be cured—and, at least in part, that it very soon will...

February 15, 2021
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