Why the World Needs to Rethink Retirement
“’When age 65 became the magic retirement number in the U.S., people didn’t live that long,’ said Catherine Collinson, the executive director of the Aegon Center and chief executive and president of the Transamerica Institute, a nonprofit organization that researches health and retirement.
“’Now many people may find themselves living to their 100th birthday. A 30-to-40-year retirement is very different than a 10- or 20-year retirement.’”
“The Aegon survey found that a new global retirement model would need to include universal access to a retirement savings system for workers, greater financial literacy, and affordable health care, among other solutions.”
“’What is most striking is that in every country, policymakers, employers and everyday people are grappling with the implications of aging populations,’ Ms. Collinson said. ‘Even though the countries are very different in their own way, everything from culturally to the nature of the inner workings of their retirement system, they all share the same challenges and the same problem going forward.’”
The New York Times, December 4, 2018: “Why the World Needs to Rethink Retirement,” by Katie Robertson
The New Social Contract: A Blueprint for Retirement in the 21st Century contains in-depth analysis, country comparisons, case studies and detailed recommendations. The report is based on findings from the 7th Annual Aegon Retirement Readiness Survey, which is based on a survey of 14,400 workers and 1,600 retired people in 15 countries: Australia, Brazil, Canada, China, France, Germany, Hungary, India, Japan, the Netherlands, Poland, Spain, Turkey, the U.K., and the U.S. The online survey was conducted in respondents’ native languages between January 29 and February 19, 2018. The survey is a collaboration among Aegon Center for Longevity and Retirement and nonprofits Transamerica Center for Retirement Studies® and Instituto de Longevidade Mongeral Aegon.
Milken Institute, 2018: “A New Social Contract for Retirement,” by Catherine Collinson
Aegon, Centre for Longevity and Retirement, 2018: The New Social Contract: a blueprint for retirement in the 21st century: The Aegon Retirement Readiness Survey 2018 (72 pages, PDF)
Pooled-risk Pensions for Canada?
[”W]hen it comes to retirement income, DC plans lack one important element: They don’t actually provide pensions. It’s up to the individual to manage a pot of money so it lasts for the rest of their (probably long) lives – and most seniors don’t have the necessary skills or desire to take on that challenge.”
“The good news is, there’s a great option that would give these Canadians a more financially secure retirement: the pooled-risk pension.”
“But here’s the bad news, it’s been blocked by legislation. That’s why we at the National Institute on Ageing at Ryerson University, along with leading seniors’ and pension advocacy organizations across Canada, have come together in an unprecedented coalition. In a letter to Finance Minister Bill Morneau, we formally asked the Government of Canada to change the legislation and allow workplace DC plans to offer pooled-risk pensions to their members.”
The Globe and Mail, January 15, 2019: “Pooled-risk pension plans would give many Canadians a more financially secure retirement ,” by Bonnie-Jeanne MacDonald
Global Risk Institute National Pension Hub website
