July 2026

2026 Annual Report

By PSP Investments PSP Investments closed fiscal 2026 with $320.6 billion in net assets under management, delivering a 6.5% one-year net return, and an 8.8% net annualized return over 10 years. Over the past decade, our diversified portfolio has generated $14.5 billion in cumulative net investment gains above the Reference Portfolio, a sustained track record that continues to strengthen the long-term funding position of the pension plans we support. In a year marked by heightened volatility and uncertainty, our portfolio...

Mapped: The Share of Seniors in Every U.S. State

By Dorothy Neufeld America’s population is aging, but the trend looks very different from one state to the next. Using the latest U.S. Census Bureau data via USAFacts, this map shows the share of residents aged 65 and older in every state. These differences have growing implications for healthcare, housing, public services, and the workforce. The Northeast is home to many of the states with the highest shares of seniors. Maine (23.5%), Vermont (22.9%), Delaware (21.7%), and New Hampshire (21.5%) all rank near...

Malnutrition in Older Adults: The Hidden Threat to Healthy Longevity

By Janet Helm  When you think about malnutrition, you may picture famine or starving children in developing countries. But in the United States and across the globe, malnutrition among older adults is a quiet epidemic hiding in plain sight. A comprehensive meta-analysis of 98 studies found that about one in five older adults worldwide is malnourished, and in the Americas specifically, that number climbs to more than 20%. The more rigorous Global Leadership Initiative on Malnutrition criteria, which are now endorsed...

México cómo vamos. Informalidad Laboral

Por México ¿Cómo vamos? Proporción de la población ocupada que son laboralmente vulnerables por la naturaleza de la unidad económica para la que trabajan, así como aquellas personas ocupadas cuyo vínculo laboral no es reconocido por su fuente de trabajo. Un empleo informal, además de carecer de seguridad social, como el acceso a los servicios de salud tan necesarios en una pandemia, está asociado también a una menor percepción de ingresos, es decir, tienen mayor probabilidad de encontrarse en situación...

Ciudad cuidadora para la vejez: condiciones urbanas de los recursos de cuidados de larga duración

Por Blanca Valdivia & Sara Moreno Colom Este artículo aborda un análisis de las residencias para personas mayores desde una perspectiva urbana y arquitectónica, a partir del estudio de 4 casos en 3 municipios del Área Metropolitana de Barcelona. Los espacios urbanos se han planificado para satisfacer las necesidades de las actividades productivas (Col·lectiu Punt 6, 2019; Durán, 1998), y han pasado por alto las condiciones materiales para cuidar, obviando que la vulnerabilidad es una condición innata de la vida...

Retirement in America: an Analysis of Retirement Preparedness Among Working-Age Americans

By Joelle Saad-Lessler & Tyler Bond This research examines the retirement preparedness of working-age Americans. The research answers key questions relating to retirement savings, access to retirement plans, and how saving for retirement interacts with other financial commitments, such as repaying student loan debt and owning a home. It also offers a broad examination of how different groups of workers are faring in their preparation for retirement and a consideration of where workers are falling short. The report key findings are...

Regulatory Priorities: Pensions

By Financial Conduct Authority The Regulatory Priorities report for the pensions sector includes the following priorities: Ensuring well-run schemes that provide value for money to savers: The FCA explains that it expects the proposed workplace pensions Value for Money framework and the Government’s wider Pension Schemes Bill to help drive positive change and that it wants firms to engage in the development of these changes and prepare to implement and embed them in a way that best supports savers. Encouraging effective...

The Impact of a Rising State Pension Age Policy on Women’s Well-Being and Health Using Longitudinal Data from the UK

By Louis Compton, Magdalena Walbaum, David R. Sinclair, Gemma Spiers, Barbara Hanratty, Raphael Wittenberg Background: The UK aimed to prolong the working lives of women by introduced a policy raising women’s state pension age (SPA) from 60 to 66. The impact of involuntary prolonged employment on individual’s health and well-being is debated. We explore how the well-being, mental and physical health of the women impacted by the policy has been affected. Methods: We used data from the first 12-waves of the...

The China Imbalance Residual: A Demographic Decomposition

By Brian Peters The Chinese current-account surplus has averaged approximately 2 percent of GDP since 2015, declining from a 2007 peak near 10 percent yet remaining far above what its income level and demographic structure would predict in a global panel. We estimate this gap as the residual against the income-conditional demographic baseline fitted on 140 countries with China held out. The residual averages +5 to +12 percentage points of GDP across four sub-periods of 2000-2024, peaks at +14.3 pp...

Optimizing Retirement Financial Strategies: Integrating Annuities, Defined Contribution Plans, and Long-Term Care Costs

By Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Julius Odenbreit Nursing home costs in the United States now exceed $100,000 per year, and government assistance programs such as Medicaid help out only when retirees are largely destitute. Moreover, health shocks driving the need for such care can arise suddenly in old age, are frequently permanent in nature, and can be associated with declining mental and physical abilities. These facts raise the important question of how households can best prepare to...