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Warding Off Longevity Risks: Ensuring Sustainable Income For Retirement, Knowledge@Smu
Warding Off Longevity Risks: Ensuring Sustainable Income For Retirement, Knowledge@Smu
Knowledge@SMU
Greying populations are no longer a challenge reserved just for developed economies. The “silver tsunami” is starting to make its way towards developing nations too. But are governments, insurance companies, banks and individuals preparing themselves sufficiently? Buying annuities is one means to which people can plan for their retirement needs. Yet, take-up rates remain low. As the "tsunami" approaches, should regulators take forceful action to kick start the take-up of such instruments to prepare their economies for the impending economic mayhem?
Retirement Planning: Most People Don’T Know How Nor Even Think About It, Knowledge@Smu
Retirement Planning: Most People Don’T Know How Nor Even Think About It, Knowledge@Smu
Knowledge@SMU
Worldwide, individuals are being asked to make more of their own savings and investment decisions, especially for retirement. In the US and Europe, for example, company-managed pension plans are giving way to those where employees are in charge of their own retirement money. In Singapore too, the government is encouraging individuals to take a more active role in their own retirement planning. Research by Wharton insurance and risk management professor Olivia Mitchell and Singapore Management University finance professor Benedict Koh shows, however, that people are not well-equipped to handle such investment decisions.
Singapore’S Cpf Retirement Scheme: Delivering More Bang For The Buck, Knowledge@Smu
Singapore’S Cpf Retirement Scheme: Delivering More Bang For The Buck, Knowledge@Smu
Knowledge@SMU
Singapore’s Central Provident Fund (CPF) is one of Asia’s oldest and best known defined contribution retirement schemes. As the country rapidly ages, government policymakers are paying close attention to whether its citizens and residents are saving enough for retirement. Benedict Koh, Olivia Mitchell and associates recently prepared two working papers which examine the CPF Investment Scheme (CPFIS) as well as its potential to adequately support members in retirement.
Managing Retirement Risk In An Ageing World: The Global Picture, Knowledge@Smu
Managing Retirement Risk In An Ageing World: The Global Picture, Knowledge@Smu
Knowledge@SMU
According to HSBC’s 2007 global retirement study, most retirees in their 60s and 70s are living healthy, happy and productive lives. However, as the world rapidly ages, most pre-retirees are surprisingly unconcerned about how they will cope in their retirement. In Part 1 of a 2-part article, Olivia Mitchell, Wharton professor of insurance and risk management, who is also a chaired professor at Singapore Management University, cautions that these people might be living with a false sense of security, and could face a rude awakening when it is too late to do anything about it.
How Can Employers Improve Defined Contribution Plans?, Knowledge@Smu
How Can Employers Improve Defined Contribution Plans?, Knowledge@Smu
Knowledge@SMU
If 401(k)s and similar plans are the main way Americans invest for retirement, how can employers improve them? By making enrollment automatic, minimizing the use of the employer's stock, expanding the role of annuities and improving employees' financial knowledge, according to a set of recommendations issued by the Financial Economists Roundtable, a group of about 50 prominent economists, including several Wharton faculty members.
Older Workers: Untapped Assets For Creating Value, Knowledge@Smu
Older Workers: Untapped Assets For Creating Value, Knowledge@Smu
Knowledge@SMU
The days when an executive could look forward to a leisurely retirement out on the golf course are over, thanks to a possible looming job shortage, a graying population, low savings rates and an insecure Social Security system. The impact of these factors on both workers and companies was the subject of the Symposium on Older Workers, co-sponsored recently by the AARP Global Aging Program along with Wharton's Center for Human Resources and Boettner Center for Pensions and Retirement Research. Speakers included AARP CEO William D. Novelli, Olivia Mitchell, executive director of Wharton's Pension Research Council, and Thomas Dowd, a …