The world’s population is getting older and in some places — especially Taiwan — at a relatively quick pace. Nine per cent of the world’s population is over 65 years old. In East and Southeast Asia, that figure jumps to 11 per cent. In Taiwan, 14 per cent of the population is over the age of 65 and will reach 20 per cent by 2026. Meanwhile the working population, aged between 15–64 years, peaked in 2015 and began shrinking...
The National Social Security Authority (NSSA) will soon effect an upward review of pension payouts to improve the welfare of pensioners and cushion them from the economic challenges. This follows a Government decision in July this year, to award a once off discretionary bonus equivalent to a month’s pension to cushion pensioners from the general increase in the cost of living. The actual percentage increases could, however, not be ascertained this week, as NSSA is still in the process...
A study published on Tuesday showed that female pensioners in Germany receive on average 26% less in pension payments than men. The gender pension gap means that retired women receive an average of €140 less per month than men. The study estimates that this means that when entering retirement, the average German woman would need around an extra €25,000 ($27,500) in savings in order to close the gap for their retirement. The research was carried out at the University...
Climate change. Wars. Overworking. Unnecessary meetings. And just flat out being broke. These are some of the reasons why millennials aren’t planning for much of a retirement. Twitter TWTR, -0.83% erupted with suggestions as to how this young generation could spend their old age, using the hashtag #millennialretirementplans, on Tuesday morning. More of the tweets were pessimistic, but some made light of their situations. A few said they’d continue to live in their parents’ basements, while another person...
It’s an issue we can’t ignore: The fastest-growing age group in our population needs our help, and we’re failing them miserably. For the first time in the history of the developed world, there are more of us over age 60 than under age 5. Women who reached age 65 in 2016 can expect to live to nearly 86, and men to 83. About 17% of the U.S. population is over 65 today and, in 10 years, that number will...
When I was a teenager, my mom showed me a statement that she had received in the mail from the Social Security Administration. It included an annual history of her earnings, which showed a big string of zero’s covering the years when she was in her late 20s and early 30s. “That’s you and your sister,” she explained, laughing. My mom is doing just fine these days, but anyone who spends years as a stay-at-home parent — or an...
According to the Bureau of Labor Statistics, by 2028 there will be 43 million people 55 and older in the work force — nearly one-quarter of all workers. Yet even as they age, the word retirement is becoming less and less clear. For starters, people have the potential to live well into their 70s and 80s and beyond, which often makes a plan of retiring in one’s 60s less necessary or desirable. “Gone is the traditional vision of retiring,...
When we talk about retirement security, it’s usually older workers we have in mind. But what about millennials? People currently aged 23 to 39 now make up the largest portion of the U.S. labor force. The future of retirement is, literally, the future of millennials. On the fifth and final (for now!) episode of my podcast Reset Retirement, we explored what’s next for American retirement. For millennials, it’s a mixed bag. While their savings are less than ideal, thanks...
By Professor Andy Furlong, Dr John Goodwin, Henrietta O'Connor, Sarah Hadfield, Stuart Hall, Kevin Lowden, Reka Plugor Levels of suffering among Levels of suffering among young people have always been much higher than governments suggest. Indeed, policies aimed at young workers have often been framed in ways that help secure conformity to a new employment landscape in which traditional securities have been progressively removed. Increasingly punitive welfare regimes have resulted in new hardships, especially among young women and...
Unlike any other financial product, pensions, whether provided by government, employers or accumulated by individuals themselves, aim to provide people with a livelihood when they no longer work. The income derived from a pension, in the majority of cases, is what determines whether we are able to lead an independent and dignified life after retirement. A good pension system is therefore a critical underpinning of any society. There are three key risks to pensions worldwide that need immediate attention....
