August 2021
13Aug

US. Five Retirement Planning Pitfalls (And How To Avoid Them)

As a financial advisor, one of the most commonly asked questions I get is, “What can I do to improve my retirement picture?” One of the biggest benefits of investing in a 401(k) plan is the ability to grow your assets over time. A 35-year-old who contributes $19,000 annually over a 30-year period can have $1.34 million to retire on at age 65, assuming a 5% annual return. Now that might sound like a difficult amount to put aside each...

August 13, 2021
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13Aug

UK. Over Two Thirds of Pension Savers Find Info on Fees Complex and Difficult To Locate

New research from PensionBee reveals that the majority of pension savers (67%) find information on fees complex and difficult to locate. The online pension provider found that almost half (47%) of respondents do not know how much they are paying in fees, with 24% reporting that they don’t know how to find this information. Of those that do know how much they are paying in fees, 29% report that they had difficulty in finding or understanding this information. These findings support...

August 13, 2021
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12Aug

Analysis: UN climate report increases urgency for green investment funds

Dire warnings about climate change are a call to action for investors who put their money into helping the environment. But the news also heightens a debate about how to make these strategies effective, financial executives said. Read also Asia vast savings can bring on an ‘age of sustainability’ A U.N climate report on Monday found that global warming is dangerously close to spiraling out of control. Even the most severe carbon emission cuts are unlikely to prevent global warming of...

August 12, 2021
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12Aug

Why it is important to start pensions early

Young savers and the self employed saw the largest proportional increases in financial vulnerability during the pandemic, rising by more than 40 percent, according to the Financial Conduct Authority. Since young people are now more likely to be much less comfortable retiring than their parents, it is important to start preparing for retirement sooner rather than later. Advice firm Purely Pensions has warned that savers in their 20s could lose more than £21,000 at retirement if they put off making contributions...

August 12, 2021
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12Aug

Running the numbers: How each generation is saving for retirement

Many workers are struggling with financial security, made even more pronounced by the COVID-19 pandemic – though most are still saving something for retirement, according to the report, Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations by the nonprofit Transamerica Center for Retirement Studies (TCRS), in collaboration with Transamerica Institute. 82 percent continue to contribute A majority (60 percent) of the 3,109 workers surveyed had to make one or more adjustments to their finances due to...

August 12, 2021
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12Aug

45% of Singaporeans surveyed have not started planning for retirement

This was more apparent in the younger demographic (aged below 35), a survey has noted. Reasons include: 20% of plan to rely on their spouse or family members for it, and 61% are confident they will have sufficient funds for it. More details here. One in three Singaporeans (39%) are worried they will not have enough funds for retirement, yet not many are acting on it, a recent report by Endowus has found. In particular, this was seen more in respondents...

August 12, 2021
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11Aug

US. Pandemic Puts Secure Retirement at Greater Risk for Many

The COVID-19 pandemic has had an outsize effect on people 50 and older: Not only did it impact older adults’ health more severely than younger ones, but it also forced many into early retirement and prompted others to take withdrawals from their savings earlier than they had planned. "The prospects of a secure retirement for millions of workers will be even more precarious following the pandemic, and more Americans of all ages will need to rely even more on Social...

August 11, 2021
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11Aug

How COVID-19, politics have impacted Latin America’s private pension fund industry

Assets under management held by Latin America’s private pension fund managers have trended higher, reaching US$659bn last year. Growth, albeit slower than in previous years, was eked out in 2020 amid the COVID-19 economic fallout. Nevertheless, the number of contributors fell. Read also Finland tops global pension rankings These managers – known in private pension fund trailblazer Chile as AFPs – are key drivers of economic development, typically investing in company stock, government debt and infrastructure bonds. Read also The Origins of ESG...

August 11, 2021
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11Aug

UK. Pandemic widens pensions pot gender gap

The gender pensions gap grew to nearly £200,000 this year as the Covid-19 pandemic took a heavy toll on women’s finances, according to new analysis. The difference between the average pension pots of men and women aged over 55 grew to £184,000 in 2021, or £26,000 more than the previous year, according to research published this week by more2life, an equity release provider. Around one-third of women who took part in a UK-wide survey that was part of the analysis said...

August 11, 2021
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11Aug

Young Americans Are Saving For Retirement Sooner

Need some good news about American retirement? A recent survey by the Transamerica Center for Retirement Studies looked at how retirement savings behaviors and expectations have evolved during the Covid-19 pandemic. Some of its findings were grim. Six in 10 respondents said they were concerned about their mental and physical health while the median respondent had just $5,000 in emergency savings. Yet there were also glimmers of hope. More than 80% of respondents saved for retirement during the pandemic, in either employer-sponsored...

August 11, 2021
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