October 2022
26Oct

In the U.S., Income and Wealth are Concentrated at the Top. Where Does This Leave Older Americans?

Disparities in income and wealth among older Americans have widened in recent decades. Higher income and wealth are both associated with better prospects for living a long life. So where does this leave older Americans? Today’s WatchBlog post looks at our new report on these trends with older Americans and retirement, as well as what we can see happening in three other countries with large economies—Canada, Germany, and the United Kingdom. How does the U.S. compare? In some ways, we are similar to...

October 26, 2022
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26Oct

US. Early retirement took off during the pandemic

Even as many Americans have returned to work over the past year, making up for most of the pandemic losses in the labor force, a sizable number of older workers are choosing to remain on the sidelines. In September, the share of people 55 and older who were working or looking for work was down 1.5 percentage points as compared with February 2020, according to the Labor Department. (For comparison, prime-age workers, or those 25 to 54 years old, are...

October 26, 2022
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24Oct

US. IRA Limits Are Rising in 2023. Here’s What Retirement Savers Need to Know.

You have an even greater opportunity to build yourself a strong nest egg. Building a nest egg is an important thing to do if you want to retire in a comfortable manner. Sure, you can tell yourself you'll just fall back on Social Security -- but doing so might lead to a serious income shortfall down the line. Now when it comes to saving for retirement, you have options. If your employer sponsors a 401(k) plan, it could pay to contribute....

October 24, 2022
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21Oct

P&I Research Center. Pension Risk Transfer

By Valerie Ge Over the past 12 months through June, $57.4 billion in liabilities were involved in pension risk transfer deals. Pension buyout transactions reached $25.3 billion, or 44.1% of the total, followed by buy-ins of $23.2 billion, 40.4%, and longevity swaps of $7.5 billion, or 13.1% of the total. Buyout transactions increased 93.3% from $2.9 billion in the fi rst quarter but buy-in transactions declined to $2.4 billion from $7.3 billion. Source: @s3 prod pionline 546 views

October 21, 2022
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21Oct

Older Workers’ Employment and Social Security Spillovers through the Second Year of the COVID-19 Pandemic

By Gopi Shah Goda, Emilie Jackson, Lauren Hersch Nicholas & Sarah Stith The COVID-19 pandemic triggered a large and immediate drop in employment among US workers, along with major expansions of unemployment insurance and work from home. We use Current Population Survey and Social Security application data to study employment among older adults and their participation in disability and retirement insurance programs through the second year of the pandemic. We find ongoing improvements in employment outcomes among older workers in...

October 21, 2022
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19Oct

NYC Comptroller Introduces New Transparency Dashboard to View Pension Fund Assets and Performance

New York City Comptroller Brad Lander unveiled today a new interactive website that allows pension beneficiaries and the public to view asset allocation and performance for the City’s five public pension funds which guarantee retirement security for city workers. Together, the New York City Employees’ Retirement System, Teachers’ Retirement System, Police Pension Fund, Fire Department Pension Fund, and Board of Education Retirement System have approximately $242 billion in assets under management across all asset classes as of August 31,...

October 19, 2022
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18Oct

How Pension Plans Evolved Out of the Great Financial Crisis

Despite the recession and subsequent loss of assets value, pensions plans continued to pay out over a trillion dollars in benefits to stakeholders over the recessionary era. Public pension funds were not spared from the carnage of the Great Financial Crisis, as assets and funding statuses eroded between December 2007 and June 2009. From 2009-2013, there was a significant dip in the aggregate percentage of required contributions paid. When the economy recovered, states and other plan sponsors normalized their contribution...

October 18, 2022
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17Oct

US Public Pensions Unlikely to Face UK Pension-Style Crisis

U.S. state and local pensions are unlikely to face the sudden liquidity crisis that U.K. corporate pensions are confronting given their different approaches to valuing liabilities and the resulting differences in investment strategies, Fitch Ratings says. However, U.S. public pension funds’ investment return assumptions incentivize higher yielding asset investments, posing the risk of deeper losses in a market downturn. State and local government pensions discount their liabilities using the same fixed long-term investment return rate that they assume for their...

October 17, 2022
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14Oct

Estados Unidos aumenta pensiones de la seguridad social el 8,7% para 2023

La Seguridad Social es la mayor fuente de ingresos de los jubilados en EE.UU., pero sus bolsillos se han visto mermados por la inflación elevada. La administración dela Seguridad Social de Estados Unidos anunció este jueves un aumento de sus beneficios del 8,7 % para 2023, después de que se diera a conocer el último dato de inflación interanual que bajó el 8,2% en septiembre, aunque sigue siendo una cifra elevada. La oficina explicó en un comunicado que de media este...

October 14, 2022
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14Oct

US. Social Security Announces Big Bump in 2023 COLA

The Social Security Administration (SSA) announced Oct. 13 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 8.7% in 2023. The change will affect approximately 70 million Americans and translates to an increase in Social Security benefits of more than $140 per month starting in January 2023. The 8.7% cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7...

October 14, 2022
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