May 2024
13May

The stunning financial benefits of working just one year longer

By Jordan Rosenfeld   By the time you reach your mid-fifties you might already be looking ahead to that wonderful day when you can retire, even if it’s a decade away. It’s natural to feel a sense of urgency when you’ve been working a long time and, by the time you hit 60, you might barely be able to contain yourself from jumping ship at 62 — the earliest age you can take Social Security. However, according to Chris Urban — a CFP and...

May 13, 2024
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06May

UK. Retirement warning as global ‘market volatility’ could hurt ‘value of pensions’

Older Britons are being warned that recent global events could be impacting the “value of some pensions”. Experts from PensionBee are urging pensioners to take action to make sure their retirement savings are protected. This warning comes amid the widespread implementation of artificial intelligence technology, the wars in Ukraine and the Middle East, and upcoming elections in the US and UK. As well as this, those approaching retirement have been saddled with rising interest rates and inflation-hiked prices. A consequence of this has been that many older Britons are not able...

May 6, 2024
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03May

The ‘father of the 401(k)’ talks about the death of pensions, the future of retirement, and what disturbs him about his own creation

Americans have a lot of anxiety around retirement. Many people are dipping into their nest eggs to make ends meet amid soaring inflation, some boomers aren’t prepared to leave the workforce as they enter their golden years, and people are increasingly working past the typical retirement age. The most popular method for workers to save for retirement is the 401(k), which allows employees without employer-backed pensions to independently contribute to their own retirement savings, often with employer matching. But it’s not right for everyone, and the man who...

May 3, 2024
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April 2024
19Apr

Job losses has Nigerians turn to pensions for lifeline

Pension savings have become an immediate lifeline for Nigerians as rising unemployment forced more people to draw on their balances for day-to-day expenses. This development has seen workers in both the public and private sectors who lost their jobs fall back on pension savings to survive current economic hardships. Data from the National Pension Commission shows that at the end of the fourth quarter of 2023, a total 10,307 Retirement Savings Account (RSA) holders, otherwise called contributors, requested to access 25 percent of their balances...

April 19, 2024
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18Apr

Only 26pc Of Kenyans In Employment Save For Retirement

Kenyans in the labour force have been urged to join pension schemes and start their contributions, which would enable them to have a stable future once they exit their employments. According to the Retirement Benefits Authority (RBA), only 26 per cent of people in the labour market were saving for retirement, meaning that in every 10 Kenyans in the labour service, 7 were likely to live in poverty after retirement because the appreciation of saving for retirement is not well...

April 18, 2024
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16Apr

Americans think they need almost $1.5 million to retire. Experts say to focus on another number instead

When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual. That estimate is up 53% since 2020, when Americans said they would need $951,000, as the cost of living has surged in recent years. It is also up 15% from last year, when respondents said they would need $1.27 million. For many savers, that goal may sound daunting, particularly as...

April 16, 2024
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12Apr

The Race/Ethnicity Gap in Retirement Plan Participation: More than Just Demographics

By David Blanchett American companies have been actively shifting away from defined benefit (DB) plans towards defined contribution (DC) plans for decades. This shift places more burden on workers to make decisions like whether to participate in the retirement plan, how much to save, and how to invest those savings. This analysis explores how participation in a workforce retirement plan varies by race and ethnicity leveraging data from the Annual Social and Economic Supplement (ASEC) to the 2023 Current Population...

April 12, 2024
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12Apr

Retirement insecurity 2024 americans’ views of retirement

By Dan Doonan & Kelly Kenneally T he ground is shifting when it comes to retirement. Most Americans are experiencing increased financial pressures "I am scared to be broke." Dream. Eighty-three percent of Americans say that all workers should have a pension so they can be and low levels of retirement savings. Amid growing concerns about Americans’ retirement readiness, policymakers recently enacted measures to help address the grave savings shortfall. On the federal level, Congress passed important retirement legislation in...

April 12, 2024
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12Apr

US. People Are Worried About Retirement Savings, And They Should Be

This week is America Saves Week, a time to focus on actions Americans can take to successfully save. When it comes to saving for retirement, Americans are feeling pessimistic. In a recent nationwide survey of working age Americans, 79% agree that the nation faces a retirement savings crisis, up from 67% in 2020. And more than half of Americans (55%) are concerned that they cannot achieve financial security in retirement. But is this worry about retirement savings warranted? After all, people worry about many things,...

April 12, 2024
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09Apr

UK. Cover story: Pensions are on life support – but how do we save them?

We are in the midst of a pensions crisis. For a long time, experts have warned that UK adults aren’t saving anywhere near enough money to ensure a comfortable, or even moderate, retirement. But now it feels as though we’ve reached breaking point. If pensions were a person, it’s probably safe to say they’d be on life support. Let’s take a quick look at the facts. Around a fifth of working-age private-sector employees — approximately 3.5 million people — do not pay anything...

April 9, 2024
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