Tag: guaranteed income

Workplace retirement plans have a lot of money: Defined contribution assets in the U.S. stood at $11.1 trillion at the end of the year’s first quarter, up 5.3% percent from year-end 2023, per the Investment Company Institute .

Still, according to a retirement security study by the TIAA Institute, the research arm of TIAA, the U.S. retirement system is spotty for workers. The reason: There is no universal enrollment in employer-provided plans, as is often the case elsewhere.

Globally, the average retiree will spend roughly two decades in retirement, double the tenure from 50 years ago. In the U.S., since Social […]

Full Post at www.ai-cio.com

Columbus, OH – Amid today’s economic challenges, American workers are showing remarkable confidence in their long-term financial and retirement plans, according to the fourth annual Protected Retirement survey from the Nationwide Retirement Institute®. More than six in ten (65%) of workers say they are on the right track when it comes to financial preparedness for retirement; this figure rises to 71% for 22-34-year-olds, a 15-point increase from 2023.

After months of strong stock market gains, the survey found that this improvement is largely due to the active engagement of employees in managing their retirement accounts. Most workers (76%) check their […]

Full Post at news.nationwide.com

September’s best news for these American States: New $500 Stimulus Payments being sent 1 New $500 stimulus payments are good news for residents in some of the U. S. states. It should be noted that this relief effort is intended for those who have not been able to overcome the consequences of both COVID and inflation. Several states are at the forefront of the task of distributing these funds; some of them are California, Michigan, New York, Washington, and New Mexico.

This is how this initiative is being rolled out and what to expect as a resident. These payments constitute […]

Full Post at www.ecoticias.com

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After studying international retirement systems, researchers from the TIAA Institute are proposing a new U.S. model featuring a “hybrid” system consisting of the best elements from defined contribution (DC) and defined benefit (DB) plans.

In noting that the average retiree can now expect to spend about two decades in retirement, roughly double the time from 50 years ago, the study ( The Future of Retirement Security ) looks at how seven countries have adapted their retirement systems to account for these extended lifespans and other challenges.Countries selected for the study include: the United States, the United Kingdom, Canada, Australia, […]

Full Post at www.napa-net.org

New TIAA Institute Report Says Reform of U.S. Retirement System is Needed after Study of International Retirement Systems New TIAA Institute Report Says Reform of U.S. Retirement System is Needed after Study of International Retirement Systems

PR Newswire

NEW YORK, Sept. 9, 2024 Researchers Propose New U.S. Model featuring the best elements from defined contribution and defined benefit plans NEW YORK, Sept. 9, 2024 /PRNewswire/ — Fifty years after legislation was passed to protect workers’ retirement savings, a new report by TIAA Institute calls for reforms to the current U.S. retirement system by proposing a more modern framework to support […]

Full Post at www.morningstar.com

Image credit: © Jarek2313 | Dreamstime.com A new report out today calls for reforms to the current U.S. retirement system by proposing a more modern framework to support the needs of today’s retirees, incorporating the best elements from both defined contribution and defined benefit plans. “Many countries are grappling with the conundrum of how to fund this expanded retirement period with a declining worker-to-retiree ratio.” Surya Kolluri, Head of TIAA Institute The report by TIAA Institute says best way to create a sustainable and secure retirement that addresses the challenges of longer lifespans and divergent working patterns is to […]

Full Post at 401kspecialistmag.com

Standard Life is expanding its range of retirement products, with a new guaranteed fixed-term income option.

This new product will be available to anyone aged 55 to 85, and offers the option of fixing income for any period from three to 25 years. The minimum purchase price, for what is effectively a short-term annuity, is £10,000.

The product will be available on the open market through advised and non-advised routes, including industry quote comparison portals and specialist annuity brokers.Standard Life says this new product will offer certainty around income to those either approaching or in retirement, but offers more flexibility than […]

Full Post at corporate-adviser.com

[Intime] Minister of National Economy and Finance Kostis Hatzidakis presented on Monday morning the details of the measures Prime Minister Kyriakos Mitsotakis had referred to on Saturday at the Thessaloniki International Fair, noting that the increase in primary budget expenses may reach 3.5 billion euros instead of €3 billion previously planned.

As the minister explained, there are several factors that will increase the income of Greeks, starting from the new pension increase by 2-2.5% from January 1, 2025, plus the extraordinary financial support for pensioners with personal difference (€100 million)

Another €100 million or more will go for the horizontal increase […]

Full Post at www.ekathimerini.com

Use some or all of your pension savings to buy a guaranteed income that’s paid regularly for a fixed period of time

Speak to your financial adviser What is a guaranteed fixed term income?

The Standard Life Guaranteed Fixed-term Income product is a way of accessing some or all of your pension savings to provide you with a guaranteed income for a fixed term, a maturity value at the end of the term, or both, depending on the options you choose. It can help you if you are simply looking for a guaranteed income for a fixed period […]

Full Post at www.standardlife.co.uk