November 2023
17Nov

Bulgaria Boosts Minimum Pension to BGN 580

A significant shift in Bulgaria's pension landscape is on the horizon, as the minimum pension for service and age is slated to surge by 11% under the Swiss rule, reaching BGN 580 starting July 1, 2024. Alongside this increase, widow's supplements are also expected to see a rise, as per insights from "Sega." Effective January 1, there's an uptick in the maximum insurance income to BGN 3,750, marking a nearly 10% rise. However, the pension ceiling remains unchanged, capped at...

November 17, 2023
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17Nov

Japan to curb pension benefit increases for 2nd straight year

Japan is expected to curb the increase in national pension payouts for the second year in a row using an adjustment that reduces benefits when compared against rising consumer prices, Nikkei has learned. Benefits will grow by an estimated 2.6% in fiscal 2024, leaving recipients somewhat worse off after inflation. Public pension benefits in principle rise along with inflation and wage growth so that pensioners can maintain purchasing power. But the number of pensioners is swelling while the working population shrinks, putting strain on the...

November 17, 2023
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16Nov

Romania’s Senate endorses 40% pension hike as of September 2024

Romania’s Senate passed on November 14 the government’s draft law on the public pension system, according to which the pensions of over 4.7 million beneficiaries are to be recalculated according to a new formula, Bursa.ro reported. The project will also be debated by the Chamber of Deputies, the decision-making body in this case. The pensions will increase on average by 40% when the updated pensions are first disbursed in September 2024, according to estimates of the bill’s author, the Labour Ministry. The...

November 16, 2023
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06Nov

UK. DWP urging almost a million people to claim extra £67 each week

People are being urged to claim extra benefits worth about £67 a week from the Department for Work and Pensions (DWP). X (formerly Twitter ) was used to send out an alert regarding benefits and pensions on Wednesday. As part of its efforts to encourage people to check if they are eligible for financial support worth thousands of pounds each year, the DWP continues to urge people to do so. A post from its official account said: "Don't miss out on #PensionCredit....

November 6, 2023
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October 2023
25Oct

Retirees tend to be happier than younger people — even if their finances aren’t great

Much of the work we do suggests that people are not saving enough for retirement. More specifically, since 2006 we have published our National Retirement Risk Index (NRRI), which uses the Federal Reserve’s triennial Survey of Consumer Finances to compare households’ projected replacement rates — retirement income as a percentage of preretirement income — with targets that would maintain their standard of living. Those households with a projected replacement rate that is more than 10% below the target are characterized as...

October 25, 2023
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18Oct

More German pensioners are slipping into poverty each year

For an increasing number of retirees, Germany’s state pension payments are not sufficient to keep up with the rising cost of living. While the Left Party are calling for a 1.200-euro per month pension, the VdK argue that insecure working conditions lie at the heart of the problem. 10 percent more retired people are claiming benefits in Germany A request submitted to the Federal Office of Statistics (Destatis) by the German Left Party has revealed that between June 2022 and June 2023, the number...

October 18, 2023
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06Oct

Understanding Trends in Hispanic and African American Retirement Preparedness in the US

By Edward Nathan Wolff  Retirement income security refers to households’ ability to provide an adequate income stream during the period of their retirement from the labor force. Expected retirement income is based on four components: standard wealth holdings, defined contribution pensions, defined benefit pensions, and social security benefits. Using the Survey of Consumer Finances, I find that Black and Hispanic households made remarkable progress in terms of retirement income, poverty reduction, and replacement rates over 1989-2007. This was followed by...

October 6, 2023
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05Oct

US. Social Security Will Not Provide Sufficient Retirement Income for Low-Wage Workers

Even with the benefit of Social Security checks, low-income workers fall considerably short of replacing their income in retirement, emphasizing a need for policymakers and plan sponsors to step in to help improve options, according to Vanguard’s newest research.   By providing wider access to workplace retirement plans and implementing features like automatic enrollment and “under-saver sweeps,” policymakers and plan sponsors have an opportunity to help low-income workers address this shortfall. Delaying retirement and liquidating home equity are also strategies to...

October 5, 2023
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September 2023
29Sep

Does a Requirement to Offer Retirement Plans Help Low-Income Workers Save for Retirement? Early Evidence from the OregonSaves Program

By Ngoc Dao  This study examines the first implementation of the state-run retirement savings program in Oregon, known as OregonSaves, in 2017. It offers early insights into the substantial impact of this mandated program on retirement savings among previously uncovered private workers. Results from difference-in-difference models using SIPP data indicate a 12 percent increase in Individual Retirement Account (IRA) ownership among Oregon workers after the program’s roll-out. Notably, the study discerns significant gains for lower-income, single, and older workers, as...

September 29, 2023
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28Sep

Longevity Risk: Retirees and Pre-Retirees Fear Declining Finances and Deteriorating Health in Older Age

Fewer than one in four age 50+ workers and retirees are very confident they will be able to maintain a comfortable lifestyle throughout their retirement (17%, 23%, respectively), according to Life in Retirement: Pre-Retiree Expectations and Retiree Realities, a new survey report released by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®. "Retirement brings freedom and time for pursuing personal passions. Our research finds that retirees are happy, purposeful, and have a positive view of aging. However, many...

September 28, 2023
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