Retirement too many not ready

 There’s a global issue concerning retirement – too many workers approaching retirement age are just not ready.

A new report calls for employers to help address the problem as part of a ‘social contract with governments and individuals to help avoid retirement panic.

The report from the Aegon Center for Longevity and Retirement (ACLR) says that, globally, workers expect to need 67% of their current income in retirement but just 25% believe they are on course to meet this (35% in Canada).

Although 42% of Canadian respondents said that they always make sure they save for retirement, 26% only save occasionally and 15% said they don’t save enough but intend to. Only 4% have never saved for retirement and don’t intend to.

Compared to the United States though, Canadians are lagging. In the US, 57% of respondents said they always save for retirement.

Canada scores higher than many of its peers among respondents who said that planning for their financial future was a top priority right now; 54% said that, ranking third behind the 65% who prioritized “being healthy” and the 63% who said “enjoying life.”

The top reason cited for not saving enough for retirement is not earning enough (36%) followed by focusing on paying down debt (32%) and saving for immediate priorities such as home purchase (21%).

A lack of confidence in the performance of the investment markets (11%) and lack of access to professional financial advice (9%) also featured.

Age-friendly employers

The report calls for increased collaboration to boost retirement readiness globally.

This includes employers cultivating age-friendly workplaces with multigenerational workforces and strong financial and wellbeing programs.

 "As the employer-employee relationship evolves, the role of employers in helping workers prepare for retirement extends beyond offering retirement plans and financial benefits – employers also influence workers' skills development, education, and overall well-being," said Steven Cameron, Pensions Director at Aegon.

The survey reveals that Canadians are open to auto enrolment with employers deducting a percentage of their wages for retirement saving – a net 72% said this was appealing to some degree.

Asked how they would like to receive their retirement savings on retirement, 44% said a regular income was preferred with just 14% opting for a lump sum, and 13% choosing a mixture of lump sum and regular income.

 

Time to support the Food Bank

 Here are some the needed items at our local Food Bank as of October 28:

1.     Canned protein (Fish & meat)

2.     Canned fruit

3.     Canned vegetables

4.     Meals in a Tin (e.g. Pork n’ Beans or Stew)

5.     Whole grain rice

6.     Pasta and pasta sauce

7.     Healthy canned soups

8.     Baby formula (large cans)

9.     Fresh Fruits and Vegetables

10.Canned Fish and Meats

11.Lentils and other dry beans

12.Cereal

13.Pancake Mix

14.Juice

15.Granola Bars

16.Ensure Meal Supplements

Fresh Produce

We are happy to accept fresh produce. Farmers and large food producers, please call us and ask to arrange for pick up or for delivery to our depot.

Many Food Banks have special programs for families with new born babies.

Tiny Bundles is a Food Bank program specifically designed for pregnant moms and families with babies aged newborn to one year. Pregnancy and the first year of a baby’s life are critically important for healthy development. Proper nutrition and support lay a good foundation for the rest of their lives.

Tiny Bundles families receive food every week instead of every two weeks. They are also supplied with fresh eggs and milk while pregnant or nursing. Additional fresh vegetables and other nutritional items are supplied when available.

All Tiny Bundles parents receive a layette as a baby gift when their baby is born and a graduation gift package when the baby turns one and the family reverts to regular distribution.

Tiny Bundles – Most needed items

General Supplies Needed

1.     Formula

2.     We always need powdered formula! Large cans preferred so families receive a one-week supply

3.     Diapers

4.     Larger sizes are in short supply. Size 4 to 6 are preferred.

5.     Cereal

6.     We often need food for babies older than six months.

7.     Baby Jar Food

8.     Fruit, Meals and Vegetables (both large and small jars).

9.     Layette supplies needed

The Surrey Food Bank welcomes each new-born baby with a gift. We welcome donations of items to include in the layette and ask for brand new items only, please. Helpful donations (for newborns − 12 months). Please remember our clients are low-income. Consider providing bottles that do not require liners

10.Baby blankets – receiving or warmer blanket.

11.Sleepers

12.Socks

13.Washcloths

14.Baby toiletry items e.g., lotion, shampoo, Vaseline, baby oil or powder

15.Bibs

16.Baby bottles (large or small)

17.Soother

18.Baby toy

19.Winter wear, e.g., sweaters, booties, mitts, hats

Consider holding a baby shower with friends, family or colleagues to collect baby supplies.

It’s A Party

When the baby turns one, we provide a gift as they graduate from our Tiny Bundles program to Toddler Totes and change to a regular fourteen-day distribution schedule.

Helpful Donations (for 1- to 2-year-olds)

1.     Toddler eating bowls or utensils

2.     Sippy cups

3.     Clothing outfits size 12-18 months

4.     Toiletry items e.g., baby body wash, lotion, soap

5.     Beginner toothbrushes and toothpaste

6.     Books

7.     Small toys

8.     Sweaters, mitts or gloves for 12 months to 24 months

You can also consider sponsoring a Tiny Bundle. For only $50.00 per month, you can help feed a little one in our community. Sponsor a Tiny Bundle Today!

**Please note: Items must be new. Food cannot be expired**

If you really want to help the Food Bank, give money. Every dollar given to the Food Bank can be stretched up to three times what you or I could spend. If you do not want to give money, then I suggest you ask your local Food Bank what they 

The United Nations Decade of Healthy Aging

 The United Nations Decade of Healthy Aging (2021-2030) is a global collaboration that brings together governments, organizations, professionals, academics, the private sector, and the media to improve the lives of older people, their families, and the communities in which they live.

The Decade will focus on four areas:

•        Creating Age-Friendly Environments

o   Age-friendly environments are created by removing physical, social and economic barriers and developing services, products, technologies, systems, and policies that address the social determinants of healthy aging. Social determinants of healthy aging include, but are not limited to, access to nutritious food, safe housing, and affordable transportation.

•        Combatting Ageism

o   Negative attitudes regarding older individuals are common across societies and rarely challenged. Negative stereotypes, prejudices, and discriminatory behaviours towards people on the basis of their age can have detrimental effects on their health and well-being. The many contributions of older individuals to society need to be recognized.

•        Ensuring the Provision of Integrated Care

o    Older individuals require access to good quality essential health resources such as: preventive, curative, rehabilitative, and end-of-life services; vital medicines; dental care; and health and assistive technologies. Use of these resources should not cause financial hardship.

•        Ensuring the Provision of Long-Term Care

o   Older individuals may reach a point in their lives where substantial declines in physical and/or mental capacity makes it impossible for them to care for themselves without additional supports and assistance. Access to good quality long-term care is critical for individuals to maintain functional abilities, enjoy basic human rights and live with dignity.

Improving the lives of older individuals at the local, regional, national, and international levels will require the concerted efforts of multiple stakeholders. The involvement of older individuals is critical as they are agents of change as well as recipients of services.

Building capacity among various stakeholders, and connecting stakeholders is essential for leveraging resources, sharing experiences, and aligning actions. Effective governance and leadership are required to foster healthy aging and reduce inequities through the development of appropriate laws, policies, financial resources. and accountability mechanisms. Data and research are required to help inform local and national action on healthy aging.

An in-depth analysis of data from the Canadian Longitudinal Study on Aging (CLSA) was included in the Baseline Report for the Decade of Healthy Ageing (2021-2030). This report addresses five areas:

•    Healthy aging, the Decade’s actions, and a pathway to accelerate impact by 2030

•   A look at healthy aging worldwide at the current time

•   Improvements that could be expected by the end of the decade

•   How older individuals and stakeholders can work together to positively impact the lives of older people

•   Opportunities to boost collaboration and impact by the next reporting period in 2023

For more information on the Decade of Healthy Aging, go to

https://www.who.int/initiatives/decade-of-healthy-ageing

The Baseline Report is available at https://www.who.int/publications/i/item/9789240017900

Retirement risk around the world

 A report Retirement System and Risk Management: Implications of the New Regulatory Order edited by Olivia S. Mitchell, Raimond Maurer, and J. Michael Orszag published in 2016 reached an interesting conclusion.

They used data from the Global Findex database, which illustrates how people save, borrow, make payments, and manage risk. It is the world’s most comprehensive dataset providing consistent measures of financial service usage across economies and over time. The data was collected in partnership with Gallup, Inc. and the Bill and Melinda Gates Foundation. The survey was carried out over the 2014 calendar year as part of the Gallup World Poll, which since 2005 has continually conducted surveys of approximately 1,000 people in each of more than 160 economies and in over 140 languages, using randomly selected, nationally representative sample. The patterns may change because of the Pandemic but they are still interesting.

The looming worldwide retirement crisis has policymakers scrambling to better understand how adults prepare financially for old age. They found that 24.8 percent of individuals around the world save for old age, with large regional differences: rates are above 35 percent in Organization for Economic Co-operation and Development and Environmental Action Program countries (EAP), 11.8 percent in UN Economic Commission for Africa, and below 10 percent in Sub- Saharan Africa, South Asia.

They also found a small gender gap in saving for old age overall, which is larger in developing counties. Most regions exhibit patterns of higher saving for old age among those with higher education, with EAP standing out as the sole exception. In every region except South Asia, employed adults are more likely to save for old age than unemployed adults.

Saving for old age also rises sharply among the 36–45 age group. Their findings also reveal large income disparities: adults in the top income centiles are far more likely, while the lowest income is much less likely, to save for old age. Adults who have an account at a bank or a financial institution are about 40 to 50 percent more likely to save for old age. On the country level, they also uncovered a significant and positive relationship between old age saving and the country’s generic saving propensity, English legal origin, and GDP per capita. Institutional arrangements also help when they enable greater trust in the financial system. 

Finally, they find a significantly positive relationship between the probability of saving for old age and pension coverage, the size of contributions, and contribution ratios. More affordable housing is positively related to saving for old age everywhere except Sub-Saharan Africa. They interpret this as evidence suggesting little substitution between pension system provisions and contribution rates, other forms of financial saving, and saving for old age.