October 2020

12Oct

Thanks to the Coronavirus, There’s a New Barrier to Retirement Savings

Saving for retirement is hard enough for most Americans, many of whom have far too little money set aside. Unfortunately, the coronavirus pandemic has thrown another wrench into the works: Millions of parents across the country have been left without good child care options. In fact, according to a July study from E*Trade Financial, 46% of parents indicated child care was a barrier to retirement, up six percentage points compared with the first quarter, before the pandemic set in....

October 12, 2020
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05Oct

Ghana. Workers urged to invest in Tier-3 pension scheme

The President of Civil and Local Government Staff Association, Ghana(CLOGSAG), Dr Evans Dzikum, has asked workers to make a deliberate effort to invest part of their earnings in the voluntary Tier 3 pension scheme administered by private entities. He said that was the surest way to what he described as a happy old age as majority of workers under the present pension scheme would be entitled to only a quarter of their current incomes during retirement. Save towards pensions...

October 5, 2020
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02Oct

The Essential 2020 Guide to Unlocking the Potential of Reverse Mortgages: Modern Retirement Planning

By Michael Malyszko A must-read book by reverse mortgage expert, Michael Malyszko, The Essential Guide to Un-locking the Potential of Reverse Mortgages breaks down the fundamentals of reverse mortgages, giving homeowners the knowledge they need to leverage the full potential of this incredible financial planning tool. In recent years, reverse mortgages have become even more common as an increasing number of homeowners have discovered that reverse mortgages are a valid retire-ment strategy, offering flexibility that few other loans and...

October 2, 2020
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August 2020

11Aug

The Millennial Retirement Puzzle

Millennials now comprise the largest living demographic group in the U.S. Thanks to innovation and advances in technology, this first generation of digital natives has enjoyed opportunities that were unimaginable a few decades ago. Their demand for transparency, relevance and authenticity in the way they interact with service providers has been the driver of unprecedented change across industries, including — and perhaps especially — financial services. Read also Nearly half of young people have lost income due to the...

August 11, 2020
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03Aug

Nearly 1 in 5 Americans Is Delaying Retirement Due to COVID-19.

The COVID-19 pandemic has had a huge financial impact since cases first started multiplying rapidly back in March. Now, almost five months later, unemployment is still rampant and the economy is stuck deep in recession territory. Read aslo US. Beleaguered Public Pension Funds Make Record Gains in Second Quarter All of this is causing Americans to rethink their near-term and long-term financial plans, so it's not surprising to learn that 19% of U.S. adults now intend to push back their...

August 3, 2020
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July 2020

28Jul

UK. Pension savers remain cautious during Coronavirus pandemic

The number of pension savers choosing to drawdown money from their pension fell by 42% in April 2020 compared to the same month last year. The latest data published by trade body the Association of British Insurers (ABI) has also shown the number of people taking a tax-free lump from their pension more than halved (-53%), while those withdrawing their entire pension fell by 30%. Figures for March 2020 had already started to show this cautious trend, as 15%...

July 28, 2020
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08Jul

Covid-19: Don’t Mess With My Retirement

We’ve heard a lot lately about how the Covid-19 pandemic is dramatically disrupting the retirement preparations of tens of millions of working Americans. Being furloughed from work or having your small business fail is causing people to dip into savings and interrupts putting money aside toward retirement. Those closest to retiring can be in the biggest bind, and many are choosing to delay retirement to fill their growing financial gap. But how is the pandemic affecting folks who are...

July 8, 2020
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June 2020

29Jun

US. Coronavirus puts company match under pressure

For the employers that suspended or reduced their matches in defined contribution plans, the coronavirus — which caused the economic havoc leading to cost-cutting — also looms over their efforts to reinstate these benefits. "If companies can bring back the match, they will," said Gregg Levinson, the Philadelphia-based senior director of retirement at Willis Towers Watson PLC. However, a new survey by his firm, conducted during the first half of June, shows that bringing back the match could take...

June 29, 2020
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29Jun

Increasing compulsory superannuation would crush consumer spending

The Grattan Institute has attacked the legislated lift in the superannuation guarantee (SG) to 12%, claiming it would “leave an enormous hole in economic activity”: Legislated plans to increase the rate of compulsory superannuation contributions incrementally to 12 per cent of wages between 2021 and July 2025 would also exacerbate the economic problems caused by COVID-19, and should be abandoned. At least 80 per cent of the cost of higher compulsory super contributions comes at the cost of lower...

June 29, 2020
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24Jun

‘Alarming number’: Boomers struggle to save enough for retirement, survey finds

Many baby boomers don’t have nearly enough money to retire. The median amount they have saved for retirement is $144,000, according to a recent survey from Transamerica Center for Retirement Studies, a figure that should be a “call to action” for boomers, said one financial expert. “When we think about it, $144,000 to last in retirement that could be 20 or 30 years just isn’t going to go very far,” said Catherine Collinson, CEO and president of the Transamerica...

June 24, 2020
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