January 2025
07Jan

Pension Income Contributed $1.5T to US Economic Output in 2022

More than $680 billion in pension benefits were paid to 26.3 million beneficiaries in 2022, according to new research from the National Institute on Retirement Security’s “Pensionomics 2025” report, which quantified the economic impact of defined benefit pension expenditures. “Virtually every state and local economy across the country benefits from the spending of pension checks,” wrote the report’s authors, NRIS Executive Director Dan Doonan and Ilana Boivie, an assistant director of strategic resources for the International Association of Machinists and Aerospace Workers....

January 7, 2025
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07Jan

Puerto Rico. Teachers celebrate signing of Social Security Equity Act

Puerto Rico Teachers Association (AMPR) President Víctor Manuel Bonilla Sánchez is celebrating the historic signing of the Social Security Equity Act (HR 82) by President Joe Biden, which will benefit thousands of retired and active Puerto Rican teachers who will see their Social Security benefits increased due to the elimination of the Windfall Elimination and Government Pension Offset provisions. “Today, justice is done for millions of workers throughout the American nation, including teachers from 15 states and Puerto Rico, who...

January 7, 2025
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07Jan

Ghana. SSNIT announces 12% increase in monthly pension payments

The Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in monthly pension payments, in line with its annual inflation adjustment. This increment follows consultations with the National Pensions Regulatory Authority (NPRA) and adheres to the guidelines outlined in Section 80 of the National Pensions Act, 2008 (Act 766). All eligible pensioners who were on the SSNIT pension payroll as of December 31, 2024, will receive the 12% increase in their monthly pension payments starting this year. The adjustment...

January 7, 2025
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06Jan

Government must collaborate with industry to ensure pension investment in UK

In her first Mansion House speech as Chancellor, Rachel Reeves set out a vision to harness the UK’s pension capital to drive investment and growth. The government's aims are worthy and can set industry on a path to unlocking investment opportunities; however, there are several challenges ahead if their ambitions are to be realised. As a UK business, and one whose sponsors almost entirely operate in the UK, Independent Governance Group (IGG) has an inherent interest in supporting continued and sustained...

January 6, 2025
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06Jan

US. 9 Ways Retirement Will Be Different in 2025

Retirement is not static. Even when the kids are gone and the career is done, your lifestyle and expectations are constantly evolving. So are your finances. Areas key to retirees’ economic life, from Social Security payments and Medicare costs to the way we contribute to and withdraw from savings plans, will see changes in 2025. Here are nine things to know about your retirement money in the year to come. 1. Social Security payments Social Security’s cost-of-living adjustment (COLA) boosts benefits in 2025 by 2.5...

January 6, 2025
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06Jan

Vietnam. Declining fertility rate predicted to lead to workforce shortage

A prolonged low birth rate is forecast to directly impact the size and structure of the population, leading to consequences such as labourer shortages, rapid population aging, and population decline. Vietnam's replacement fertility rate has dropped to its lowest level in the last 12 years and is projected to continue decreasing in the coming years, according to a report of the General Department of Population under the Ministry of Health (MoH). Currently, 21 cities and provinces in Vietnam have reported low...

January 6, 2025
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December 2024
23Dec

Gen Xers Feel Unprepared for Retirement — 11 Things They Need To Do Right Away

Generation X is next in line to retire after boomers, and some have already begun. However, more than half of Gen Xers (52%) don’t feel prepared for retirement, according to a recent Northwestern Mutual study. While being so close to retirement may seem like it’s too late to take any significant action, financial experts explain that’s not the case. Here are 11 things Gen Xers who feel unprepared for retirement should do right away. Create a Financial Plan Though it’s tempting to try and land on a number...

December 23, 2024
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23Dec

‘Heartless’ multinationals exploiting pensions loophole for UK workers

Some of the world’s richest companies are accused of exploiting a loophole in pension law to freeze increases in payouts for many former UK employees, despite the cost of living crisis. The companies, which include Hewlett Packard Enterprise (HPE), American Express and Pfizer, are being urged to “do the right thing” and increase these frozen pension payouts in line with inflation. MPs have condemned the failure of companies to increase the payments in the face of high inflation in recent years as...

December 23, 2024
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23Dec

Here’s What Retirement on a Pension Looks Like in America

The pursuit of happiness in retirement is a lot easier with a pension. Retirees with regular paychecks report higher levels of satisfaction than those who rely on 401(k)s to supplement their Social Security, studies have shown. The security of a lifelong income is a source of comfort and happiness, those with pensions say. While 401(k)s can generate more wealth, retirees say navigating all the investing, tax and withdrawal strategies can add to their stress when they are trying to lower it. Pensions do have drawbacks....

December 23, 2024
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23Dec

Spain To Boost Pensions Significantly By 2025

Major reforms announced to address inflation and support vulnerable pensioners. Starting January 1, 2025, Spain will implement significant pension reforms ushering both structural changes and substantial increases aimed at enhancing the financial well-being of pensioners. These reforms are framed within the government's broader strategy to address economic inequalities and inflationary pressures affecting vulnerable populations.The Ministry of Inclusion, Social Security and Migration, led by Elma Saiz, confirmed the increments will affect both contributory and non-contributory pensions, marking one of the most...

December 23, 2024
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