May 2024
10May

Older Adult Employment: 2021 Annual Report

By SeniorLiving.org Workers over the age of 55 represent a huge and essential segment of the American economy, and their influence is growing. In fact, by 2030, one in four U.S. workers will be 55 or older. In part because they account for such a large share of the workforce, older adults have been hit hard by the Covid-19 pandemic, and many states had a decline in the number of workers over 55 remaining in the workforce. But overall, the 55-and-older...

May 10, 2024
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10May

The growth of the older workforce

By Richard Fry & Dana Braga The share of older adults holding a job today is much greater than in the mid-1980s. Some 19% of adults ages 65 and older are employed today. In 1987, only 11% of older adults were working. Today’s share is similar to that of the early 1960s, when 18% of older Americans worked. As the employment rate among older adults has gradually risen since the 1990s, employment among younger workers has followed a different pattern. Jobholding...

May 10, 2024
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April 2024
30Apr

Czechs approve raising retirement age to help future budgets

The Czech government approved changes to the country's pension system on Tuesday, raising retirement ages and lowering pensions for future retirees as it aims to save the system billions of dollars per year. The reform builds in gradual shifts in the retirement age, delaying retirement by seven months for people who are now 52, compared to the current retirement age of 65, according to plans. It also lowers pensions calculated for future retirees by about 8% compared with the current...

April 30, 2024
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05Apr

The future of life expectancy

By Prachi Patkee & Adam Strange Human longevity is one of the great success stories of the past century, and there is broad consensus that there are further gains to come. Mortality improvement forecasts underpin the insurance industry's long-term mortality and longevity lines of business. To generate long term forecasts, defined as beyond 20 years, a holistic view of the factors that influence mortality, which combine analyses of historic trends with a forward-looking view of medical advances, societal changes and...

April 5, 2024
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05Apr

Wealth Creators or Inheritors? Unpacking the Gender Wealth Gap from Bottom to Top and Young to Old

By Eva Sierminska, Charlotte Bartels & Carsten Schroeder There is growing interest in understanding how gender influences the accumulation of wealth. While prior studies have focused on labor-related determinants, our research focuses on inheritances and gifts. Using unique data that over samples the top 1% of wealth holders in Germany, we show that the gender wealth gap is small for individuals up to age 40, then widens, and declines for those past retirement age. Transfer amounts and their timing are...

April 5, 2024
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March 2024
05Mar

Switzerland votes against increasing the retirement age. What are the retirement ages around the world?

Swiss nationals have voted in favour of increasing their state pension by an extra month every year. The nationwide referendum saw Swiss voters take to the ballot box to discuss issues on living standards for the elderly. Around 60 per cent of the nation voted in favour of providing the additional payout each year, while simultaneously refusing to raise the retirement age from 65 to 66. At present, the maximum monthly state pension is €2,550 (£2,180; $2,760) but the cost of living in Switzerland has dramatically...

March 5, 2024
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February 2024
20Feb

Swiss actuaries back initiative to increase retirement age

The Swiss Actuarial Association – Schweizerischen Aktuarvereinigung – is backing an initiative in favour of increasing the retirement age in line with life expectancy in a referendum that will take place on 3 March. The longer it takes to adjust and automate the mechanism to increase the retirement age, the greater the loss will be for the pension system in terms of financial sustainability and even more drastic steps will be necessary in the future, the actuaries said in a...

February 20, 2024
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19Feb

Britons warned UK state pension ‘will have to be lower and paid later’ as system ‘can’t cope’

UK state pension spending is projected to cost £125billion for 2023/24, according to the Office for Budget Responsibility (OBR) Working-age Britons face getting a lower state pension and having to wait longer to get it because the current state pension system “can’t cope” with an ageing population, an expert has warned. Chief executive of life insurer Phoenix Group Andy Briggs is urging Britons to prepare for the future now, as he warns dramatic reform could lie ahead. Mr Briggs said the UK state pension...

February 19, 2024
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19Feb

Fewer Germans opting for early retirement, figures show

More and more people in Germany are working between the ages of 63 and 67, government figures show, reported dpa news. The standard pensionable age for those born after 1964 is 67. Early retirement is possible starting at 63, with a reduction in benefits. The data show the number of people in the 63 to 67 age group who are still subject to social security contributions and at least marginally employed rose steadily from 1.31 million in 2020 to 1.67 million...

February 19, 2024
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09Feb

UK. Retiring at 71? Experts react to proposed change to pension age

The UK will need to increase its state pension age to 71 by 2050 to maintain the number of workers per retiree, the International Longevity Centre has warned. Currently, the state pension age stands at 66, but will increase to 67 between May 2026 and March 2028. It is expected that from 2044 it will rise again to 68, but the report warned that “longer term, the pressure will be on to increase it to 68 or 69 before that”. A LinkedIn poll...

February 9, 2024
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