April 2023
10Apr

US. The healthcare system is unprepared for an aging population

A conservative estimate of 30,000 geriatricians will be needed to care for older adults by 2030, currently there is only about a quarter of that. The U.S. healthcare system must address the shortage of geriatricians -- and fast. The U.S. population is growing and aging, with an estimated 42% increase in those aged 65 and older between 2019 and 2034. The shortage of primary care providers in the U.S. means 17,800 to 48,000 fewer doctors will be available than needed within...

April 10, 2023
News,
Read more...
05Apr

How America Saves 2022

By Vanguard Over the past decade, retirement plan sponsors have increasingly turned to automatic solutions to influence employee retirement saving behavior. As a result, plan participation rates have increased, automatic enrollment designs have become stronger, and participant portfolio construction has continued to improve with more age-appropriate asset mixes and less extreme equity allocations. During 2021, the COVID-19 pandemic continued to impact many parts of the economy. While it pushed to recover, the economy faced prominent headwinds that stoked several forms of...

April 5, 2023
Books, Books, Savings, , , ,
Read more...
05Apr

US. NYC pension leaders to seek emissions cut plans from fund managers

New York City pension leaders will press external fund managers, including private market fund managers, on Wednesday for details on their plans to cut greenhouse gas emissions, officials said. Public, and private market managers that have faced less pressure on climate issues to date, run most of the roughly $240 billion in New York City pension fund assets. Boards overseeing the majority of that money have approved new expectations for those managers, New York City Comptroller Brad Lander said, which...

April 5, 2023
News, ,
Read more...

March 2023
30Mar

US. Pension Risk Transfers Spiked in 2022 due to Higher Interest Rates, Report Shows

Rising interest rates drove increased pension risk transfer activity in 2022, as these transactions totaled $52 billion in premiums last year—the highest total in the decade Aon has been tracking the information, according to a recent report. A total of 568 pension risk transfer transactions were made last year, with IBM headlining this activity by completing a $16 billion retiree lift-out in September  2022. This was the second-largest PRT transaction in U.S. history, Aon’s U.S. Risk Transfer report for March...

March 30, 2023
News, ,
Read more...
29Mar

US. Retirement Figures in DOL Budget’s SECURE 2.0 Implementation Plan

The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to implement SECURE 2.0, and that includes retirement-related priorities. The DOL seeks $4,672,000 to Implement SECURE 2.0. The DOL indicates that it has no choice but to do so. The Consolidated Appropriations Act of 2023, notes the DOL, included mandates for implementing SECURE 2.0, and that included “a wide range of retirement-focused issues.” However, they add, the Act “did not appropriate any additional resources for implementation.” SECURE...

March 29, 2023
News, ,
Read more...
27Mar

The 10 Years Before Retirement Are Critical. How to Be Ready

While retirement planning is a decadeslong endeavor, the way you handle your final decade before leaving the workforce will have a critical impact on how ready you’ll be when that day finally arrives. “It hits about 10 years out—this train is coming to me,” says Danielle Byrd Thompson, a financial professional at Equitable Advisors in Washington, D.C. “It’s like a time clock is starting.” Of course, that final stretch is far easier to navigate when the stock market cooperates. From 2009...

March 27, 2023
News,
Read more...
24Mar

Retirement preparedness during uncertain times

By Fidelity 2023 RSA Executive Summary Fidelity’s Retirement Savings Assessment is built upon comprehensive data from more than 3,500 survey responses that are run through the extensive retirement planning platform Fidelity uses every day with customers. The result: a numerical indicator showing whether savers are on track to meet estimated retirement income needs. The score places households into four categories on the preparedness spectrum, based on a household’s ability to cover estimated retirement expenses in a down market. Read book here

March 24, 2023
Books, Books, Savings, , , ,
Read more...
24Mar

COVID-19 Private Pension Withdrawals and Unemployment Tenures

By Tristram Sainsbury, Robert V. Breunig & Timothy Watson This is the first study to evaluate the effects of early pension withdrawal policies on tenures on unemployment payments in the COVID-19 context. We use a novel set of linked whole-of-population administrative records to examine more than half-a-million Australians who found themselves newly on an unemployment payment in the initial months of the COVID-19 pandemic. We estimate that receiving a lump sum of up to A$10,000 from superannuation accounts at the...

March 24, 2023
Articles, Labor Market, , , , ,
Read more...
23Mar

Americans less prepared for retirement amid financial uncertainty – Fidelity

Americans are less prepared for retirement than they were during the start of the COVID-19 pandemic, according to Fidelity Investment's 2023 retirement saving assessment study. According to the study, which was released Tuesday and examined the responses of 3,569 retirement savers that are run through Fidelity's retirement planning platform, the typical American saver is on target to have only 78% of the income needed to cover expenses during retirement. That is down from 83% at the beginning of 2020, when...

March 23, 2023
News, ,
Read more...
22Mar

U.S. General Accountability Office probing collapse of St. Clare’s pension fund

The U.S. Government Accountability Office, an investigative arm of Congress, is probing the alleged mismanagement of a depleted pension fund that wiped out retirement plans for more than 1,100 former employees of the now-closed St. Clare's Hospital in Schenectady. State Assemblyman Angelo Santabarbara disclosed the federal investigation on Wednesday and said he learned of it this week during a meeting with staff members with the House Committee on Education and Workforce. They had met "to discuss potential federal solutions regarding...

March 22, 2023
News, , ,
Read more...