July 2018

Six Things Every American Should Know About Social Security And Retirement

Earlier this week, Marketwatch featured a retirement quiz, "Are you as clueless as the rest of America when it comes to your retirement?" with six questions and the shock claim that only 2% of Americans passed the quiz (that is, got at least four of six correct). I looked at the quiz and wasn't much impressed with it (more comments on it at the end of this article), and thought to myself, "self, you could do better." So here,...

India. Ageing population will increase advanced tech-backed solutions demand

As per data from July 2017, 6.4% of the Indian population fell into the ‘elderly’ category. This essentially means that roughly 80 million Indians are currently above the age of 65. Sadly, a major chunk of the elderly is living a life of stark loneliness. According to the 2011 census of India, more than 15 million people over the age of 60 are either living completely alone or with a partner, who is roughly the same age as them. Considering...

FRC finds audit failures in UK pension scheme reporting

Auditors have been called out by the Financial Reporting Council (FRC) due to problems found in almost half of the audit work around pensions valuations they have inspected this year. The FRC’s annual ‘audit of defined benefit pension obligations’ report, published 26 July, explained it had examined the audit quality of pension balances and related disclosures among 51 of its overall inspections for 2017/18. In nearly half of these, improvements needed to be made in at least one aspect of the...

Europe is aging—it’s high time to invest in youth

The old world is getting older. The populations of European Union (EU) countries are aging and shrinking. Life expectancy at birth in the EU has increased by more than two years per decade since the 1960s to 78 and 84 years in 2016 for men and women respectively. It is projected to further rise by 8 and 7 years for men and women respectively by 2070, pushing the share of the population over 65 to 30 percent by 2070...

Perú. SBS simplificó la oferta de productos para acceder a pensión

Cuando un trabajador opta por jubilarse, su AFP le ofrece una amplia gama de productos que puede escoger para acceder a una pensión. Una de ellas, por ejemplo, es transferir sus fondos a una compañía de seguros, la cual le ofrecerá la pensión bajo condiciones específicas. Con el objetivo de que la elección sea más sencilla para el jubilado, la Superintendencia de Banca, Seguros y AFP (SBS) simplificó en un 75% el número de productos entre los que se puede...

Pánama. Se retira de la Asamblea proyecto sobre ley LRSF y el Fondo de Ahorro

A menos de un mes de haber sido presentado ante el Pleno legislativo, el ministro de Economía y Finanzas, Gustavo Valderrama, retiró ayer de la Asamblea Nacional el proyecto de ley 651 para reformar la ley del Fondo de Ahorro de Panamá (FAP) y la Ley de Responsabilidad Social Fiscal (LRSF). Valderrama retiró el documento del Órgano Legislativo luego de que el pasado 19 de julio la ministra encargada de Economía y Finanzas, Eyda Varela de Chinchilla, anunciara el retiro...

México. Pymes, clave para el sistema de pensiones

En México menos del siete por ciento de las compañías con más de 50 empleados tiene un sistema de pensiones, por ello, la ‘receta’ para elevar el ahorro para el retiro de los trabajadores es enfocarse en las pequeñas y medianas empresas, Pymes. “El modelo es formalizar economía con política pública, que fomente y simplifique la fiscalización y regulación sobre las micro, pequeñas y medianas empresas, para tener regímenes especiales según el tamaño de la empresa, sacar la ley de...

Argentina. La Anses suspendió sin goce de haberes a 5 empleados ligados a la causa “pensiones truchas”

La causa por la megaestafa a la Anses con pensiones derivadas otorgadas a personas que se "casaban" con jubilados muertos a través de actas de matrimonio apócrifas, tiene una fuerte repercusión puertas adentro del organismo previsional en Santiago del Estero. Es que las autoridades centrales resolvieron suspender sin goce de haberes a cinco empleados que fueron detenidos y liberados con falta de mérito, pero que continúan ligados al proceso judicial que se tramita en el Juzgado Federal local. Los afectados...

US. Answering The Most Important Retirement Planning Question

Most people give minimal thought to one of the most important issues in their retirement plans. The result can be a wildly inaccurate plan. A goal of every retirement plan is to ensure your income and cash flow last at least the rest of your life. To meet that goal, you need a reasonable estimate of your life expectancy. But in most plans, the life expectancy estimate essentially is plucked out of the air. Read More: Forbes

UK. Pensions dashboard: Why it would be crazy to ditch one of the most common sense ideas to come out of government

"What have you lost?” your colleague asks as you desperately retrace your steps. “My pension!” you cry. Okay, well that never happened. But imagine for a second that we were to treat our misplaced pensions in the same way we treat lost phones. In the UK, billions of pounds of pension money is currently “lost” – not in a stock market crash or stolen through fraud, but instead misplaced and unclaimed. The reasons for this are multifaceted, and have plenty to do...