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August 2020

06Aug

What Are The 5 Biggest Retirement Planning Mistakes?

Well, the biggest blunder is not saving enough money. No one wants to outlive their nest egg. The rest of the list is more subtle. According to Certified Financial Planner Darren Zaragola, common mistakes include: Mistake #1: Believing it is Too Late to Start Planning and Saving It is never too late to develop good habits and start saving for retirement. You do not have to “go without” to save. Every little bit helps, especially if you can take...

August 6, 2020
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03Aug

Young Australians are raiding their super. What does this mean for their future?

Australians are dipping into their super funds like Winnie the Pooh sticks his paw in a jar of honey. The Australian government decided to let us take out up to $20,000 in two bites. Millions of people didn’t need to be asked twice. The official estimate for the amount removed from Australia’s retirement savings system is now a whopping $42 billion. According to ME Bank — a bank owned by super funds — the group most likely to raid...

August 3, 2020
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July 2020

31Jul

More than 3 million Chileans seek to withdraw pensions amid pandemic

Updates with new totals from Chile´s Superintendent of Pensions More than 3 million Chileans on Thursday asked to withdraw a portion of their pension funds as a controversial law took effect allowing citizens to tap into retirement savings to buffer the economic impacts of the coronavirus. Read also ‘We’re Going for More’ Say Chileans After Pensions Reform Crosses Free Market Rubicon Long lines formed in Santiago outside the offices of Pension Fund Administrators (AFP) as Chileans sought to take...

July 31, 2020
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30Jul

Latin America Eyes Pension Billions as Welfare Alternative

Colombia is the latest Latin American country considering a plan to let workers to tap private pension savings, a move intended to soften the slump in consumer spending but which risks worsening some of the world’s deepest stock market slumps. A bill sent to congress this week would allow some Colombians to tap as much as 10% of their retirement savings. Read also Australians likely to withdraw $30 billion from pensions to weather coronavirus Chile passed a similar measure this...

July 30, 2020
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30Jul

Australians likely to withdraw $30 billion from pensions to weather coronavirus

Already one million Australians have applied to pull up to A$20,000 each from their retirement savings, industry data showed, while thousands of eligible workers have depleted their savings completely. The long-term consequences could be devastating for many people, an industry group said. About A$42 billion (23.17 billion pounds) is expected to be withdrawn under the government scheme giving early access to retirement savings to support a coronavirus-hit economy, according to treasury analysis. That is 56% more than the government's...

July 30, 2020
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28Jul

‘We’re Going for More’ Say Chileans After Pensions Reform Crosses Free Market Rubicon

Within minutes of Chilean lawmakers approving a bill that allows citizens to draw down 10% of their pensions to help make ends meet during the coronavirus pandemic, a phrase started trending on Twitter: "We're going for more." The bill's authors insisted the raid on the private retirement system introduced in the 1980s under the Augusto Pinochet dictatorship was just an emergency measure but as it snowballed in popularity, so have the ambitions of those backing it. Lawmakers who voted...

July 28, 2020
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22Jul

Covid-19 May Destroy Chile’s Iconic Pension System

If last year’s national convulsion wasn’t enough to break up Chile’s romance with market-friendly technocracy, the spreading civic choler over the miseries brought on by the coronavirus pandemic may finish the job. Yes, President Sebastian Pinera’s speedy measures to combat the outbreak and pump the economy with emergency funds for the most vulnerable households gave the besieged government a breather. Yet the recent 95 to 36 vote by the Lower House to allow Chileans to raid their private pensions...

July 22, 2020
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17Jul

Withdrawals from Mexican pension funds soar amid weak labor market

Withdrawals from Mexican pension funds resulting from unemployment soared in June to a record high, according to official data, as the country's labor market continues to suffer. Read also Faced with COVID-19, highest number of Australians tap retirement funds since April Withdrawals during the month totaled 1.86 billion pesos ($83 million), more than twice the 921 million pesos withdrawn in June 2019, according to figures released Wednesday by pensions regulator Consar. Read also FLF Africa launches Financial Literacy for Coronavirus...

July 17, 2020
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14Jul

Faced with COVID-19, highest number of Australians tap retirement funds since April

Some 511,000 Australians applied to pull up to A$10,000 each from their retirement savings in the first week of the new financial year, government data showed, the highest number of people to do so since the first week the scheme was in operation in April. Australia announced the six-month emergency scheme, which allows workers to take up to A$20,000 of their superannuation savings over two financial years, in March as part of a broader stimulus package. The figures take...

July 14, 2020
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08Jul

Does early access to pension funds improve health?

In a recent study from Singapore, early access to pension wealth was associated with improved health status. The findings are published in Economic Inquiry. Singapore has a unique policy that allows individuals to withdraw a proportion of their pension savings after their 55th birthday, which relaxes individuals' borrowing constraints. To examine its health impacts, investigators analyzed monthly survey data from 2015 to 2019, comparing individuals' self-reported health status before and after their 55th birthday. The results indicated that early...

July 8, 2020
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