Retirement in the news from around the world

Here is a brief sample of some of the stories on retirement that I have been reading and following, for your Saturday reading.

Behavioral Finance Explains Why You Aren't Saving

Traverse City Business News

Americans are not saving enough for retirement. Behavioral finance attempts to answer why there is a lack of retirement savings and, more importantly, makes recommendations as to how to fix the deficit. Saving is not easy. There are competing demands in raising children and purchasing a home...

Folio Institutional Launches Expert Interview Series

Planadviser.com

Folio Institutional plans more podcasts on topics ranging from “NextGen” advisers, big data, behavioral finance and tax optimization. ... In a policy paper, Morningstar says state-run plans and multiple employer plans in their current form would create a more fragmented U.S. retirement system...

Fragmented policy undermines spirit of pension saving

www.professionalpensions.com

Many in the sector are concerned regulatory, commercial and behavioural dynamics will combine into a "perfect storm", resulting in a crisis in provision and consumer protection in the retirement income market. The report also points out that the UK's= retirement policy is diverging from many other OECD...

Tax Reform And The Possible Impact On Retirement

MilTech

It dates back to the Pension Protection Act and the rise of behavioral finance. The changes that we have made, the nudges or the automation, those changes have increased participation rates, increased savings rates, improved diversification. That's really only 10 or 12 years old. …

Retirement is becoming a self-serve item, too

The Globe and Mail

"On the plus side, managing your own pension lets you manage that money for your own time horizon, not collectively for the income needs of current retirees." The growth of do-it-yourself retirement planning and management is also leading to more choices in where people can go for advice...

Lessons from abroad for averting a pensions crisis

Pensions Expert

As more people reach retirement age and live longer, an inadequate state pension, coupled with limited retirement savings, highlight an escalating social crisis. The typical model found across the globe for retirement income involves three sources: a basic state pension; supplemental retirement savings...

CPS: Professors, political appointees to earn full salaries as pension

The Punch

The National Pension Commission has set out modalities for the administration of retirement benefits of professors and public office holders to earn their last salaries as pension under the Contributory Pension Scheme. ...

'New Zealand is robbing us of our Swiss pensions'

swissinfo.ch

But in some parts of the world, the reality is less than rosy. In New Zealand, for example, foreign retirement income is deducted from the local pension that a retiree receives. “If you've lived here [in New Zealand] for at least ten years, you automatically have the right to receive a federal pension,” explains...

Italy considers unwinding 'Fornero' law's state pension age rise

IPE.com

Rises in Italy's retirement age were established by the so-called 'Fornero' law in 2011, named after the then-labor and welfare minister Elsa Fornero. The law dramatically changed state pension provision and limited pension expenditure, but has been heavily criticized since. ...

Retirement in the modern age: 'Why am I still working at 70?'

Telegraph.co.uk

Soaring life expectancy is forcing all of us to view retirement differently. Squeezed savings rates have diminished pension returns, putting additional pressures on our years in work, and highlighting the importance of changing careers and retraining.

Teenage workers may be forced into pension plans

The Times

Auto-enrolment is the system under which moderate and low earners are now automatically placed in pension schemes by their employers. They can then opt out, but nine out of ten have chosen to remain in. More than eight million people have been encouraged to save for their retirement in this way...

Club together?

Pensions Expert

Editorial: Collective defined contribution is getting another close look. And it probably will do until pure DC can prove it allows people to have a decent retirement. The Work and Pensions Committee has launched an inquiry into CDC, which has taken many by surprise...

Follow up to my challenge

I was thinking about the fact that I have some very close friends, who I have known for a while. Social Connectedness is a big concern for seniors and many people as they age begin to feel isolated, as family and friends leave or die.

It is easy to say just make some new friends, but that is not easy for many. My friends are people who I have known for over 20 years. My latest friend I have known for 3 years. Looking at my list of friends I realized that I was becoming lazy and was missing out by not actively seeking new friends Yesterday I issued a challenge t see everyone, as a brand new challenge to find a new friend or to fall in love.

However, issuing a challenge without some background would not be fair, so lets talk about friends and friendship.

Friendship is an interesting aspect of our life when we were young making friends was not hard, but how do we as seniors go about making new friends, in fact, what makes a friend? 

• What do you value most in your friends?
• Do you look for people who enjoy the same activities as you?
• Do you like spending time with people who share similar beliefs to you?
• Do you prefer acquaintances that challenge your beliefs and make you think
• Perhaps you enjoy the company of people who share similar political or religious beliefs.

No matter what your preferences, it pays to be conscious of your choice of friends.

If you are thinking that it might be worthwhile to seek out new friends and adventures, first get over the idea that everybody else your age already has all the friends they need. Nobody wears a sign that says 'I'm looking for a friend,' but there are a lot of people out there in the same boat.

Pursue your own hobbies and interests so you are an interesting person and can meet people who are like-minded. If the church or the regular commitment of volunteer work doesn't appeal to you, cross those options off your list and find other ways to put yourself in contact with new people.

When you know what kinds of friends you are looking for, you can choose to engage in activities that will give you an opportunity to meet new people of your choosing. For example, are there political, religious, sports, social or other groups that you could re-engage with? 

Taking the time to think about what friendship means to you will make it more likely that you will see opportunities to start conversations in more natural settings – at the supermarket, in the post office, or in the park.

So, give some thought to what you’re looking for in a friend. Write your thoughts in a diary, if you have time. Friendship takes time, effort and advance planning. Think about the type of person that you’d like to meet and you just might increase your chances of meeting them!

There is an organization called MeetUp.com where people who are looking for companionship can either start groups in their local communities or join existing ones. They are organized by interest and by zip code. Some are specifically focused on seniors if you feel more comfortable with your age peers. There may other online communities where you can meet people with shared interests.

A challenge

See everyone, as a brand new challenge to find a new friend or to fall in love.

Sneaky, huh?

Kisses,

Counting Up Not Down

I have to give credit for the idea of the retirement counter to Crabapple Landing which is the name of a blog that I read. In the blog, the blogger talks about the idea of counting down and says she had set up a timer to count down the time to her retirement. I suspect many have done that and as we moved closer to the end time probably slows down.

After she retired, she came up with the idea to keep track of how long her retirement lasts and I thought what a great and positive idea. Boomers are reinventing retirement, stages 1 through 3, so I decided to add my own counter. 

So, on the first counter, I have the number of days since I officially retired, and the second counter lists the days since I actually retired.  For those who read my blog, you know that I went back to work almost the next day and stayed working part time and full time for just over 7 years before I actually stopped working for pay. I, of course, still work at what I enjoy but I no longer being paid for my time. 

My career in Education lasted 40 years and I hope to spend at least that many years being retired, but I know I won't. My retirement age was 63 so if I make it to the age of 85 I will have been retired for 22 years, not the 40 that I worked. To be retired for 40 years I would have to live until I was 103 and that is not going to happen.

I don't know if I have good genes as my Dad died when he was in his early 50's and my mom died in her early 60's. However, I have cousins and aunts who lived until they were in their late 80's, so I  am hopeful that I will make it for at least a few more years.

I do love the idea of counting up, to keep track of when you started this wonderful adventure called retirement. If you want to start your own count-up or count-down, here is the site I am using Ticket Counter. It is at  https://www.tickcounter.com/