October 2024
03Oct

Average amount needed for retirement increases by 60 per cent

The average amount needed for a basic retirement has increased by 60 per cent in the past three years, with savers becoming increasingly worried about their financial future as a result, Shepherds Friendly has found. The survey revealed that 38 per cent of respondents regretted not saving enough into their pension, while 39 per cent regretted not saving into a pension. Meanwhile, 56 per cent expressed regrets over not saving more when they were younger, while other regrets included not investing money...

October 3, 2024
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01Oct

US. Here’s How Gen Xers Are Catching Up on Retirement Savings

Key Takeaways The oldest Gen Xers are already eligible to withdraw from retirement accounts penalty-free. Gen Xers are often underprepared for retirement but can improve by increasing savings and adjusting their budget. Unlike baby boomers with pensions, Gen X relies heavily on 401(k)s. During their highest earning years, Gen Xers can maximize retirement savings. Roth IRAs and 401(k)s can offer tax advantages for Gen Xers in retirement. Sandwiched between the more populous boomer generation and even more populous Millennials, Gen...

October 1, 2024
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September 2024
30Sep

UK. Pension funds generating more cash than savers expect, finds research

Pension funds are generating more returns than most Britons expect, according to new research which suggests many savers underestimate how much cash their pension can generate. Industry data shows that leading pension funds have brought average annual returns of 7.72% over the last five years for people who are 30 years away from retirement. The same researchers found in a previous survey that over a third of savers aged 18 to 54 only anticipate returns between 5% and 7%. The findings underline the...

September 30, 2024
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27Sep

Revisiting Sample Bias in the Uk’s Annual Survey of Hours and Earnings, with Implications for Estimates of Low Pay and the Bite of the National Living Wage

By John Forth, Alex Bryson,Van Phan, Felix Ritchie, Carl Singleton, Lucy Stokes & Damian Whittard The Annual Survey of Hours and Earnings (ASHE) is based on an annual one per cent sample of employee jobs and provides many of the UK's official earnings statistics. These statistics are generated using official weights designed to make the achieved sample in each year representative of the population of employee jobs in Britain by gender, age, occupation, and region. However, we find that jobs...

September 27, 2024
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27Sep

The Future of Retirement Security An International Comparison through the Lens of Adequacy, Sustainability, Equity and Plan Design

By Surya Kolluri, Catherine Reilly & David P. Richardson Countries around the world are considering and implementing reforms to their retirement systems for a variety of reasons, including increasing demographic and economic pressures. A key demographic driver is human longevity. For example, the average retiree can expect to spend about two decades in retirement, roughly double the time from 50 years ago. In the United States, life expectancy has risen by 17 years since the Social Security program debuted nearly...

September 27, 2024
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27Sep

Only 26% of Nigerian workers have pension plan and health insurance- NBS Report

The Nigeria Labour Force Survey published by the National Bureau of Statistics (NBS) reports that only 26.3% of Nigerian workers have a pension plan and health insurance in 2023. The report noted that Zamfara state in the Northwest recorded the highest number of employees with health insurance and pension at 65% while Abia had the lowest number of wage employees with health insurance and pension plan at just 3.9%. The report states, “The percentage of employees entitled to either pension or health...

September 27, 2024
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26Sep

US. 49% of workers think they can meet their retirement goals — 35% say they will need over $1 million to retire comfortably

By some measures, retirement savers, overall, are doing well. As of the second quarter of 2024, 401(k) and individual retirement account balances notched the third-highest averages on record, helped by better savings behaviors and positive market conditions, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. The number of 401(k) millionaires also hit a new all-time high. The average 401(k) contribution rate, including employer and employee contributions, now stands at 14.2%, just below Fidelity’s suggested savings rate of 15%. Yet there is still...

September 26, 2024
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20Sep

81% of Citizens Worldwide Believe That Funding Their Retirement Is Their Own Responsibility

Are You Unsure if You Can Retire? Don’t Worry, the Global Retirement Index (GRI) by Natixis IM Shows Stability in Retirement Conditions Worldwide According to the latest edition of the Global Retirement Index (GRI) from Natixis Investment Managers, retirement conditions remain stable globally. After nearly all developed countries improved their scores last year, the latest findings suggest that retirement remains secure. Countries that perform best in the GRI tend to show consistent results across all sub-indices, reflecting a stabilization of global retirement prospects. The...

September 20, 2024
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19Sep

US. Less Than Half of Pre-Retirees Actively Saving for Retirement

Only 40% of pre-retirees—those between five and 10 years away from their desired retirement age—say they are financially preparing for retirement. This according to New York Life’s latest Wealth Watch survey, released Sept. 17, which found that American adults overwhelmingly report they are not financially preparing for major life events like purchasing a home, starting a family, changing careers, or retirement. The survey also found half of pre-retirees think they will retire later than expected, and 22% think they may never...

September 19, 2024
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13Sep

2024 Global Retirement Index

By Natixis Investment Managers Despite positive progress for many countries in the Global Retirement Index (GRI), retirement security remains on shaky ground in 2024. More and more individuals across the globe are realizing that they’re on their own when it comes to funding their retirement. Results from the long-running Natixis Global Survey of Individual Investors reveal that the number of people who say it’s increasingly their responsibility to fund retirement on their own—rather than relying on public and private pensions—has grown...

September 13, 2024
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