Download or read book Assessing the Retirement Income Prospects of Canada s Future Elderly written by Robert D. Baldwin and published by . This book was released on 2016 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since an inter-governmental review of Canada's retirement income sufficiency was launched in 2009, a number of high-profile expert studies have analyzed the level of preparedness of Canada's future retirees. Each of the five studies reviewed in this Commentary has a “headline conclusion” for which it is widely associated, and each gives a very different impression of the extent to which the future elderly are likely to experience a decline in their standard of living in retirement. The partisan roles in which the studies have been cast have diverted attention from some conclusions common to some or all of them and that are important in considering the retirement income situation of the future elderly. This Commentary reviews these studies with an aim to look beyond the headline conclusions in the five papers to assess the degree of difference among them when they focus on a commonly defined population and to make note of any shared conclusions. A McKinsey (2012) report concludes that 23 percent of the future elderly will suffer a decline in their standard of living in retirement, with that number falling to 17 percent in its 2015 report (McKinsey 2015). Horner concludes that 22 percent of the future elderly will suffer a significant decline in their standard of living, while Moore, Robson and Laurin (MLR 2010) and Wolfson (2011), concludes the future elderly will face declines of 44 percent and 50 percent, respectively. The studies use different methodologies in coming up with these results. The MRL and Wolfson studies both make use of Statistics Canada's LifePaths microsimulation model. These studies employ complex datasets and probability assumptions to simulate future outcomes of synthetic individuals. In contrast, the two McKinsey studies use proprietary survey results, while Horner relies on income tax data. McKinsey and Horner use a deterministic approach, projecting current states forward at a steady rate. The five studies give very different impressions of outlook for the future elderly. If attention is focused on young middle-income earners, however, the differences in results diminish significantly. The risk of a declining standard of living is largely a middle- and upper-income earner problem, concentrated among the youngest age group and those not participating in a workplace pension plan.
Download or read book Assessing the Retirement Income Prospects of Canada s Future Elderly written by Bob Baldwin and published by . This book was released on 2016 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Since an inter-governmental review of Canada?s retirement income sufficiency was launched in 2009, a number of high-profile expert studies have analyzed the level of preparedness of Canada?s future retirees. Each of the five studies reviewed in this Commentary has a ?headline conclusion? for which it is widely associated, and each gives a very different impression of the extent to which the future elderly are likely to experience a decline in their standard of living in retirement. The partisan roles in which the studies have been cast have diverted attention from some conclusions common to some or all of them and that are important in considering the retirement income situation of the future elderly. This Commentary reviews these studies with an aim to look beyond the headline conclusions in the five papers to assess the degree of difference among them when they focus on a commonly defined population and to make note of any shared conclusions. A McKinsey (2012) report concludes that 23 percent of the future elderly will suffer a decline in their standard of living in retirement, with that number falling to 17 percent in its 2015 report (McKinsey 2015). Horner concludes that 22 percent of the future elderly will suffer a significant decline in their standard of living, while Moore, Robson and Laurin (MLR 2010) and Wolfson (2011), concludes the future elderly will face declines of 44 percent and 50 percent, respectively. The studies use different methodologies in coming up with these results. The MRL and Wolfson studies both make use of Statistics Canada?s LifePaths microsimulation model. These studies employ complex datasets and probability assumptions to simulate future outcomes of synthetic individuals. In contrast, the two McKinsey studies use proprietary survey results, while Horner relies on income tax data. McKinsey and Horner use a deterministic approach, projecting current states forward at a steady rate. The five studies give very different impressions of outlook for the future elderly. If attention is focused on young middle-income earners, however, the differences in results diminish significantly. The risk of a declining standard of living is largely a middle- and upper-income earner problem, concentrated among the youngest age group and those not participating in a workplace pension plan."--Page [1].
Download or read book Assessing the Retirement Income Prospects of Canada s Future Elderly written by and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two pairs of the studies Retirement Income Adequacy, and commissioned have very similar methodologies: MRL and Jack Mintz of the School of Public Policy at the Wolfson both make use of Statistics Canada's University of Calgary to oversee the production of LifePaths microsimulation model; and the a number of research projects and papers, including two McKinsey studies. [...] Points What is needed is a look beyond the headline conclusions in the five papers to assess the degree Some of the variation in the headline conclusions of difference among them when they focus on a in the five studies stems from their use of different commonly defined population and to make note of methods, data and assumptions, but much of the any shared conclusions. [...] Each study includes a discussion of Horner and the two McKinsey studies are based on methods and assumptions.3 The two that rely on the analysis of all earnings levels in all age groups LifePaths (MRL and Wolfson) employ more combined; that of MRL is based on the projected 3 For the McKinsey studies, results of the 2012 study, but not of the 2015 study, are broken down by age and income group. [...] This model the McKinsey studies conclude that incomes in generates millions of synthetic individuals and is retirement will be adequate for people in the first designed so that the individuals' characteristics quintile of the income distribution if net income reflect important social and economic characteristics in the retirement period amounts to 80 percent of of the Canadian population at partic [...] The in the portion of the population in the first quintile McKinsey data do not match as well with Statistics that is on target to maintain its standard of living Canada data in the first and fifth quintiles, likely in retirement as one moves from the oldest to due to the point made in McKinsey (2015) that youngest age group, and there is almost no change the households retained for analysis had i.
Download or read book Future Income Prospects for Canada s Senior Citizens written by Leroy O. Stone and published by IRPP. This book was released on 1979 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Women s Financial Futures written by Monica Townson and published by Canadian Advisory. This book was released on 1995 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study concerns the financial future of Canadian women born between 1937 and 1946. After an examination of the age of retirement for women and a formulation of a definition of financial security, it shows the relationship between the financial future of the women in the study group and their past history in terms of labor force participation, interruption of paid employment, and the impact of marriage on both earning power and the ability to save. The study then describes the Canadian three-tier retirement income system and discusses issues of accessibility, the levels of benefits, and how well each component accommodates the needs of women. The study concludes with proposals designed to meet the special retirement needs of women now at mid-life.
Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Programs and Retirement around the World represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work. In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.
Download or read book Assessing Chile s Pension System Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Download or read book Assessing Policies for Retirement Income written by National Research Council and published by National Academies Press. This book was released on 1997-02-06 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The retirement income security of older Americans and the cost of providing that security are increasingly the subject of major debate. This volume assesses what we know and recommends what we need to know to estimate the short- and long-term effects of policy alternatives. It details gaps in data and research and evaluates possible models to estimate the impact of policy changes that could affect retirement income from Social Security, pensions, personal savings, and other sources.
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Download or read book The Maturation of Canada s Retirement Income System written by John Myles and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits trends in the level and distribution of income among Canadian seniors in is arguably the major source of change in these trends since the end of the seventies, the maturation of Canada's public and private earnings-related pension systems. The expanded role of earnings-related pensions in the 1980s and 1990s is largely the result of changes that occurred in the 1950s and 1960s. The Canada and Quebec Pension Plans (C/QPP) were implemented in 1966 and the first cohort to receive full C/QPP benefits turned 65 in 1976. Cohorts retiring after this period were also the beneficiaries of the expansion of private occupational pensions that took place between the 1950s and the 1970s. The author relies on a detailed composition of income by source to show that not only did the maturation of these earnings-related programs produce a substantial increase in average real incomes but also to a substantial reduction in income inequality among the elderly, due mainly to C/QPP benefits. Rising real incomes went disproportionately to lower income seniors contributing to the well-known decline in low-income rates among the elderly.
Download or read book Proceedings of the Standing Senate Committee on Banking Trade and Commerce written by Canada. Parliament. Senate. Standing Committee on Banking, Trade and Commerce and published by . This book was released on 1998 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Preventing Ageing Unequally written by OECD and published by OECD Publishing. This book was released on 2017-10-18 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines how the two global mega-trends of population ageing and rising inequalities have been developing and interacting, both within and across generations.
Download or read book Le contrat social et les a n e s ressource lectronique pr parer le XXIe si cle written by Monica Townson and published by Conseil consultatif national sur le troisième âge. This book was released on 1994 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes what is understood as the social contract for seniors in Canada and looks critically at the key reasons that have been advanced for reviewing it at this time. It examines some of the solutions that have been proposed or implemented in other countries to deal with what some have seen as the crisis of an aging population, particularly in the United States, New Zealand, Australia and Europe, comparing the social contract with seniors in those countries with public policies for seniors in Canada. It traces the probable future direction of this social contract in light of known social, demographic, political and economic trends in Canada. It concludes with an outline of what is the most desirable future for the social contract for seniors in Canada, taking into account trends in health care, income security, employment and social services and describes how this future could be attained.
Download or read book Pension Reform in Canada written by Pradeep Kumar and published by Kingston, Ont. : Industrial Relations Centre, Queen's University. This book was released on 1981 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Introduction: The purpose of this paper is to provide a critical perspective on the scope and limitations of the present retirement income system in Canada and a commentary on the alternative proposals for reform. First, we outline the evolution and development of public policy in this area, the main components of the present system and its major limitations, and the nature of growing pressures for change. We then review the alternative reform proposals suggested by the federal Task Force. A comparative summary outline of the recommendations of other pension studies, and the general conclusions of the Ontario Royal Commission Report, are presented in the appendix. Finally we summarise the significant issues in pension discussions and the possible reform strategies.
Download or read book Preparing for an Aging World written by National Research Council and published by National Academies Press. This book was released on 2001-06-26 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging is a process that encompasses virtually all aspects of life. Because the speed of population aging is accelerating, and because the data needed to study the aging process are complex and expensive to obtain, it is imperative that countries coordinate their research efforts to reap the most benefits from this important information. Preparing for an Aging World looks at the behavioral and socioeconomic aspects of aging, and focuses on work, retirement, and pensions; wealth and savings behavior; health and disability; intergenerational transfers; and concepts of well-being. It makes recommendations for a collection of new, cross-national data on aging populationsâ€"data that will allow nations to develop policies and programs for addressing the major shifts in population age structure now occurring. These efforts, if made internationally, would advance our understanding of the aging process around the world.
Download or read book Future Directions for the Demography of Aging written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2018-07-21 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost 25 years have passed since the Demography of Aging (1994) was published by the National Research Council. Future Directions for the Demography of Aging is, in many ways, the successor to that original volume. The Division of Behavioral and Social Research at the National Institute on Aging (NIA) asked the National Academies of Sciences, Engineering, and Medicine to produce an authoritative guide to new directions in demography of aging. The papers published in this report were originally presented and discussed at a public workshop held in Washington, D.C., August 17-18, 2017. The workshop discussion made evident that major new advances had been made in the last two decades, but also that new trends and research directions have emerged that call for innovative conceptual, design, and measurement approaches. The report reviews these recent trends and also discusses future directions for research on a range of topics that are central to current research in the demography of aging. Looking back over the past two decades of demography of aging research shows remarkable advances in our understanding of the health and well-being of the older population. Equally exciting is that this report sets the stage for the next two decades of innovative researchâ€"a period of rapid growth in the older American population.
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
