November 2019

12Nov

The Monetary Benefit of Delaying Retirement

As clients get older, they often start to feel obligated to retire. They love working, but they are 65 or older and all their friends are doing it. The traditional concept of retirement is called a “cliff retirement” because it is so abrupt. One day you are working full time, and the next you are recreating full time. However, there are many social and health benefits to delaying retirement and continuing to work. We all need meaning and significance...

November 12, 2019
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11Nov

Ireland. Eldercare can be a double whammy for working women

Recently my colleagues at the Economic and Social Research Institute (ESRI) presented research results on the gender pension gap in Ireland. The research, sponsored by the Pensions Council, which advises government on pension policy, showed a gap of 35 per cent between the pensions of men and women. It also showed that this gap is driven by differences in access to occupational pensions. Subsequently, other ESRI colleagues presented research on older workers in Ireland. The Health and Safety Authority...

November 11, 2019
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08Nov

Longevity Risk and Retirement Income Planning

By Patrick J. Collins, Huy D. Lam, Josh Stampfli The past 50 years have seen an abundance of research on retirement planning and longevity risk. Reviewed here is the academic side of the research and its varied viewpoints and nuances. The evolution of retirement risk models, retirement portfolio problems and solutions, and annuities are some of the many topics covered. Get the book here

November 8, 2019
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07Nov

Income of 100 richest Norwegians almost double in last 10 years: report

While the income of 100 richest people in Norway almost doubled in last ten years, most other people have seen much smaller growth of their earnings, newspaper Aftenposten reported Wednesday. The tax and income list for 2018 published on Tuesday showed that more Norwegians have a taxable income of more than 1 million kroner (109,529 U.S. dollars) per year. These figures do not include deductions before tax. Last year, a total of 152,537 people earned over 1 million, 13,246...

November 7, 2019
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05Nov

Australia. Call to cut tax breaks for rich retirees

The government should look to trim generous tax concessions for wealthy superannuation savers, worth more than $36bn a year, rather than aim to include the family home in the pension assets test, according to the Combined Pensioners and Superannuants Association. CPSA policy manager Paul Versteege said the family home should not be included in the asset test because “the vast majority of people live in a modest house”. The Australian on Monday revealed more than 250,000 retirees living in...

November 5, 2019
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05Nov

In Japan’s ageing society, elderly are determined to resist the push towards cashless payments

Tokyo wants to double the ratio of cashless settlements to 40 per cent by 2025 and to 80 per cent eventually to spur labour productivity However, Japanese households hold more than half of their assets in cash and deposits and that proportion rises with the elderly Cash is king in Japan, and more so for the country’s rapidly ageing population who are still deeply reluctant to give it up. Prime Minister Shinzo Abe’s push to make more Japanese –...

November 5, 2019
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05Nov

Bulgaria. New proposal for the minimum pension

CITUB proposed the minimum pension to be increased by 14 percent or from BGN 219.43 to BGN 250 as of July 1, 2020. In this way, 850,000 retirees will receive this increase and will feel that this time the government, parliament and society are being empathetic and concerned, CITUB said. The CITUB has estimated that the additional cost for this measure is not negligible - about BGN 80 million, but it is fully achievable. "And the social and even political...

November 5, 2019
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October 2019

30Oct

Serbia to increase public sector wages, pensions this year and next

The Serbian government is ready to raise wages in the public sector this year and pensions in 2019, on the back of favourable fiscal revenues and in line with a non-financial arrangement with the International Monetary Fund, Finance Minister Sinisa Mali said on Tuesday. Read also France. Macron vows to push pension reform ‘to the end’ despite strikes The government of the Balkan country this month moved from a small surplus to a deficit of 0.5% of GDP, to allow for...

October 30, 2019
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28Oct

UK. MPs call for end to freeze on State pension for half a million expats living outside of Europe

Pension payments to British expats living in Europe will rise in line with inflation But the same does not apply to payments for pensioners living further afield More than 40 MPs are calling on the Government to overturn the move More than 40 MPs are calling on the Government to overturn an enduring injustice affecting State pension payments to half a million UK nationals living overseas. The cross-party group is sending an open letter to Therese Coffey, the Secretary...

October 28, 2019
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25Oct

Measuring Household Wealth in the Panel Study of Income Dynamics: The Role of Retirement Assets

By Daniel Cooper, Karen E. Dynan, Hannah Rhodenhiser While the Panel Study of Income Dynamics (PSID) has much to offer researchers studying household behavior, one limitation is that its summary measure of wealth is not as broad as those of other commonly used surveys, such as the Survey of Consumer Finances (SCF), because it does not include the value of defined-contribution (DC) pensions. This paper describes the pension data available in the PSID and shows how they can be...

October 25, 2019
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