May 2022
30May

UK. DWP shares how people can boost State Pension payments if they reached retirement age on certain dates

The Department for Work and Pensions (DWP) has released new guidance to help certain people increase their State Pension income. If you reached State Pension age between April 6, 2010 and April 5, 2015, but are not receiving or expecting to receive a full basic State Pension, then you may be able to increase the amount you get by paying up to six additional years of voluntary Class 3 National Insurance voluntary contributions for years going back to 1975. This is...

May 30, 2022
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25May

A Comfortable Retirement Appears Out of Reach for Most in the U.S.

American workers say it will take $1.1 million on average to retire comfortably — but less than one in four figure they’ll be able to save that much. Just 22% of people approaching retirement age said they’ll have enough money to maintain a comfortable standard of living, according to the 2022 Schroders US Retirement Survey, down from 26% a year ago. The survey of 1,000 workers was conducted in mid-February, when the S&P 500 Index was higher than it is...

May 25, 2022
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19May

The Economic Well-Being of LGBT Adults in the U.S. in 2019

By CLEAR The Federal Reserve Board has conducted the Survey of Household Economic Decisionmaking (SHED) since 2013. In 2019, the survey included LGBTQ people by asking U.S. adults about their sexual orientation and gender identity (SOGI), enabling for the first time the creation of a picture of the economic well-being of LGBT households using the SHED data. Analysis of the data shows that in 2019: • LGBT adults were more often struggling to get by. Fewer than two-thirds of LGBT adults reported...

May 19, 2022
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19May

The 2022 Pension Answer Book

By Stephen J. Krass A standard in its field, The 2022 Pension Answer Book discusses in detail the full spectrum of pension topics—from qualification requirements to taxation of distributions, from minimum distribution requirements to 401(k) plans. It covers the most up-to-date and significant legislative, regulatory, and case law developments affecting these plans. As a decision-making tool, combining theory and practice-based guidance, The 2022 Pension Answer Book offers insight and clarification on the critical issues affecting pension administration and compliance. In...

May 19, 2022
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18May

Why are millennials better at saving than their parents?

Millennials started saving for retirement in their mid-20s, about 10 years earlier than baby boomers, a new Charles Schwab report says. But experts still predict that millennials will be less secure in retirement than their parents or grandparents. The most common retirement plans today tend to be riskier, with smaller potential payouts. Student loans, soaring housing costs, COVID-19, recessions and gig working are some of the other challenges millennials have faced. Millennials are now the world’s largest adult generation...

May 18, 2022
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03May

Kenya. Cash-strapped KBC fails to remit Sh984m in pension

Cash-strapped Kenya Broadcasting Corporation (KBC) has failed to remit employee retirement benefits amounting to Sh984.3 million, underlining the deepening cash flow crisis facing the State broadcaster and signaling economic pain for its employees. The institution is struggling to honour the dues, according to a report for the year ended June 2020 submitted to lawmakers by Auditor General Nancy Gathungu. “Management attributed the delay to remit the deduction to its inability to settle its obligations as and when they fall due,” reads...

May 3, 2022
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April 2022
25Apr

Ghana. Steady rise recorded in life expectancy of SSNIT contributors

Regardless of the widely held notion on decreasing life expectancy among Ghanaians, the Social Security and National Insurance Trust (SSNIT) says its statistics indicated a reverse of the widely held misconception. It said longevity on the pension’s payroll indicates a steady rise in life expectancy of contributors aged 72 from eight per cent in 2002 to 18 per cent in 2010 and 25 per cent in 2020. Likewise, the percentage of contributors aged 80, rose from one per cent in 2002...

April 25, 2022
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15Apr

Bad Retirement Savers Expect to Die Young

By Allison Bell What workers think about their retirement savings is closely related to how long they think they will live, according to a new Club Vita life expectancy survey. Workers who said that their savings would be enough to pay for a comfortable retirement agreed with Club Vita about how long they might live. Workers who said their savings would be too small to pay for a comfortable retirement predicted that they would die about 7.1 years earlier than Club Vita would have...

April 15, 2022
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Retirement Plan Participants Want Their Investments to Make a Difference
12Apr

Retirement Plan Participants Want Their Investments to Make a Difference

Plan sponsors might consider building an investment lineup to meet the growing demand for sustainable options from defined contribution retirement plan participants. Nearly three-quarters (74%) of retirement plan participants said they would increase their contribution rate if offered sustainable investments, compared to 69% in 2021, according to the Schroders 2022 U.S. Retirement Survey. They said they want their investments to be aligned with their values (87%), and that they see environmental, social and governance investments as a driver of performance...

April 12, 2022
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Heterogeneity in Household Spending and Well-being around Retirement
11Apr

Heterogeneity in Household Spending and Well-being around Retirement

By Patrick Moran, Martin O'Connell, Cormac O'Dea, Francesca Parodi & Michigan Retirement and Disability Research Submitter. We study heterogeneity in spending patterns around the time of retirement. Using rich consumption data from the Panel Study of Income Dynamics, and exploiting within-household spending variation, we systematically classify households into groups characterized by differences in consumption transitions at retirement. We decompose the overall spending changes into the contribution made by different subcomponents of consumption. We find that the households that increase their...

April 11, 2022
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