How Well Informed Are Pension Scheme Members On Their Future Pension Benefits? Evidence From Ireland

Joe Hocking defends this significant rise with the fact that our life expectancy has increased as opposed to when the pension was implemented 100 years ago and that our current economy can no longer support the increasing expenditure of the age pension. Even with this cost benefit to our economy, (Chomik, 2014) points out definite inequalities that would develop from this. For example older people within the workforce are already often discriminated against when seeking employment as they can be seen as a negative long term investment in terms of training. Joe Hocking’s argument on the rise of life expectancy seems ill supported when considering the fact the financially poor individuals have shown to have a lower life expectancy in comparison to the rich, thus resulting the inequality of the poor being able to enjoy less years of their retirement.

The majority of people age 65 or older in the United States are still working in full time positions. This opens the question if they planned for retirement, or what if anything went wrong while working? How do they feel about still having to work? Have they taken proper steps in preparing for retirement? Are they only working to pass time? These are the questions that everyone should be asking themselves about their own retirement plans, and what they have done to financially prepare for that stage in their life.

Costa, D. L. (1998). The evolution of retirement: Summary of a research project. The American Economic Review, 88(2), 232-236. Retrieved from https://search.proquest.com/docview/233045640?accountid=41759

A review on pensions may postpone the retirement until citizens are in their 70’s in the UK. The review is most likely to affect those under the age of 55. The review, would needto follow current legislation, and “ ‘make sure that the state pension is sustainable and affordable for future generations.’ ”. The question of if the state pension system will go hand and hand with a rising life expectancy rate in the long run. The review will also take in consideration that should the retirement age still increase of life expectancy slows. The pension age currently in the UK is 67 as of 2008 for both male and female citizens. Pensions minister Baroness Roz Altmann states that “ ‘ It’s not just about raising it [state pension age],

A general fear of having flexibility in a seniors retirement years is a concern when

The ageing of societies will have a dramatic impact on both economy and Federal budget. For example, the potential to increased pressure on Government expenditure, particularly on pensions and health care (Klein-Collins & Snyder, 2011). There is evidenced that older Australians are increasingly vulnerable to a higher risk of poverty, with 14.8% of people over the age of 65 living below the 50% poverty line (Australian Council of Social Service, 2014). Australia’s human rights obligations required governments to ensure that older people are protected from poverty by providing social security income (Australian Human Right Commission, 2012). Australian governments, at all levels provide support payments that reduce social exclusion (Australian Bureau of Statistics, 2012). The age pension provides financial assistance and access to a range of concessions for eligible older Australian (Department of Human Services, n.d). The Age Pension is a fundamental part of Australia’s retirement income system and provides a safety net for those unable to fully support themselves in retirement (The Australian Government,

Public pensions are under attack as legitimized grifters on Wall Street seek ways to lay their hands on the hard earned money of those that actually save securely for retirement. Private pensions are virtually nonexistent, and the up-and-coming generation faces a monumental retirement crisis.

It should be clarified that superannuation represents a substitute to the Age Pension on an individual level and that at a macro level the Age Pension will always be available for those who need it and take retirement. The provision of the Age Pension recognises that the superannuation system does not work for all Australians, low income earners, those who work part time or those who leave the workforce to provide care or due to health issues. Policy makers must understand that the superannuation system works alongside the safety net provided by the Age Pension and cannot be viewed in isolation or as an eventual replacement of direct transfers to

So, Long Term Care Is another key component of retirement planning. Currently, people are living longer thanks to better medicines. Which, in a way this is a bad thing because these individuals typically don’t have the money to afford this. That is why first, I plan on saving extra money, so that if I do happen to outlive my money, my loved ones can have a larger inheritance. However, there are other steps that I plan on taking advantage of.

Created for the purpose of assisting those of 65 and older, OAS is a pension program that has come a long way compared to when it first started out in 1906. Despite still having some flaws within the program, it has provided some income assistance for those who need it. The program itself has also improved over the years to include things such as: lowering the eligible age and the inclusion of spouse/common-law partner sharings. Overall, OAS has become something much more than a mere idea that was discussed during the day, and marked the starting of change within Canadian society.

When regarding the enlarged population of contribution payers, the expected increase in contribution rates will be smaller as well with corresponding estimates of 1.85% in 2025 compared to 2.33% in the status quo scenario. In addition, Lauterbach, Luengen, Stollenwerk, Gerber, and Klever-Deichert (2005) suggest further to include people suffering from dementia and to raise benefits for home care (level I to e704 and level II to e1, 100). In this case, contribution rates of the universal at rate contribution system would have amounted to 1.88% in 2006 and will rise to 2% in

While Australian superannuation was recognised as a private pension (Orenstein 2008, p. 27), others believed that it was a private capital accumulation (Jefferson & Preston 2005, p. 80). Privatisation is the process that the government shifted the responsibility to individuals, meanwhile, they emphasised the greater supports from private sectors (Shaver 2001, P. 189). At the beginning, the national superannuation was promoted as a national insurance. However, the Labor government changed the administration of national superannuation from the state to the private sectors, because they believed in neoliberalism. The government emphasised on market-based approach and the supports from employers (Sharp 2009, p. 202). As a result, people started to argue about the privatised superannuation acted as a complement for the age pension to produce safe retirement (Foster 1988, p. 179). In the meanwhile, trade unions promoted that the superannuation should be provided to all employees, not only for rich and public sector employees, because this was a ‘industrial right’ (Bateman & Piggott 1996, p. 7). Generally, people believed that the shift from the public superannuation to private superannuation, indicated a ‘risk shift’ from the government to individuals (Hacker

The Financial System Inquiry (FSI) released a recommendation stating “Seek broad political agreement for, and enshrine in legislation, the objectives of the superannuation system and report publicly on how policy proposals are consistent with achieving these objectives over the long term”. This phrase was directed at the government with respects of them agreeing with the intent of the superannuation system for providing income within retirement instead of relying entirely on the age pension. However, that isn’t the only objective of the superannuation system, the objectives branch off into multiple subsidiary objectives such as

This paper will critically evaluate some of the reasons a member may consider a transfer to a (FAD) and the factors they should be aware of when considering their pension crystallisation options

Modern governments promise old age security, which ensures that their citizens can fend for themselves during old age. The approaches, however, may vary from society to society. In some like The United Kingdom and Canada, government pensions are distributed to the elderly. In some others such as Singapore, the people are compelled to provide in advance for their old age dependency. Some societies have laws in place to enforce children to take care of elderly parents. For example, in Singapore, elderly parents may file in to the court if their children do not provide for them. However, there are various financial concerns about these methods. In the case of government pensions, the heavy spending of public fund on the old aged may take a toll on other areas of the nation’s development. Thus a method that works in a society may not work in another and sometimes, multiple approaches have to be taken.