Huge pension scheme change could boost retirement savings for millions

Huge pension scheme change could boost retirement savings for millions

Collective Defined Contribution is a new type of workplace pension A huge change to pension schemes could boost the savings for millions. Collective Defined Contribution (CDC) is a new type of workplace pension which could soon be expanded.

There are currently two main types of pensions available through employers – defined benefit and defined contribution. Defined benefit pensions pay you a guaranteed income in retirement based on your salary.

Defined contribution pensions allow you to build up a pot of money and take an income from it after you stop working. CDC pension schemes are where contributions are pooled together into […]

Social Security was only designed to help with 40% of your retirement – but think twice before choosing an annuity

Social Security was only designed to help with 40% of your retirement - but think twice before choosing an annuity

Guaranteed income can be a tricky concept in retirement planning

Got a question about investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at beth.pinsker@marketwatch.com. Please put "Fix My Portfolio" in the subject line.

Dear Fix My Portfolio,I just read your article about Christine Benz’s book "How to Retire." You mention that Benz talked about her own planning and included Social Security as well as consideration of an annuity.I am in my 70s and retired, so I have been thinking about retirement for […]

United Way Partners With Sacramento County For Family Support Pilot

United Way Partners With Sacramento County For Family Support Pilot

Michael Tubbs was Stockton mayor from 2017 to 2021. Stockton was the nation’s first city to create a guaranteed income program. It ran from 2019 through 2020. OBSERVER file photo By Robert J. Hansen | OBSERVER Staff Writer

In 2019, Stockton became the nation’s first city to launch a guaranteed income program for its most disadvantaged residents. The program provided 25 low-income households with $500 a month for two years.

A study conducted by the University of Tennessee and the University of Pennsylvania found the program to be a success, showing participants experienced better health, found new job […]

Guaranteed Income Plan

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Savings Plan Guaranteed Income Plan Wouldn’t it be perfect if you were guaranteed a fixed amount of regular income and a life cover that protects your loved ones? The assured income could allow you to enjoy your life to the fullest, fulfil your needs and secure your retirement. Additionally, the life cover could protect your loved ones’ financial interests in your absence.You can achieve such financial certainty with guaranteed monthly income plans. What is a Guaranteed Income Plan? A guaranteed income plan is a type of life insurance that gives you a […]

When your pension isn’t big enough, what do you do?

When your pension isn’t big enough, what do you do?

Image by Freepik Many Canadian employers see DB plans, where retirees receive a guaranteed payout every month (sometimes indexed to inflation), as too expensive. And while the average time spent working for the same employer has actually risen over the last five decades, according to Statistics Canada data , spending a lifetime at one job—and collecting decades of pensionable earnings in the process—is a rarity these days.

“My dad worked for a bank for 35 years. That was the only job he ever had,” says Kenneth Doll , a fee-only Certified Financial Planner based in Calgary. “Those days are gone.”

Many […]

Good health, high wealth, good retirement? EBRI study points to links

Good health, high wealth, good retirement? EBRI study points to links

Survey analysis covering 20,000 retirees also shows guaranteed income, pre-retirement planning, and racial factors may play a role.

OCT 04, 2024

If you ever needed proof that retirees who are healthier and wealthier are also more satisfied with their retirement, a new survey by the Employee Benefits Research Institute may be just what you’re looking for.The report, titled “Is Simply Having Money Enough to Ensure a Satisfying Retirement? The Relationship Between Health and Wealth in Determining Retirement Satisfaction,” draws on survey data from the University of Michigan’s 2020 Health and Retirement Study, which includes roughly 20,000 retired Americans aged 55 to […]

10 03 24 Denver Basic Income Project’s Mark Donovan discusses Denver ending funding

10 03 24 Denver Basic Income Project's Mark Donovan discusses Denver ending funding

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.

Speaker 1 (00:00): Denver’s universal Basic Income project is one that by some measures, has shown success over the years, where since twenty twenty one, eight hundreds homeless people were given unconditional cast.Speaker 2 (00:10): Results from the first year show that forty five percent of the participants found housing. The program is donor supported, including from the City of Denver, which is now nixed the line item from the latest budget proposal. On with us now to talk about that in greater detail. On the koa comment […]

How Some Americans Qualify For $500 A Month With No Obligation

How Some Americans Qualify For $500 A Month With No Obligation

Among the many potential economic policies that have been thrown out in recent years, perhaps none have been as intriguing as the idea of guaranteed (or universal) basic income. The concept is simple enough: Americans receive a set amount of money every month, no strings attached, to spend on whatever they need most. According to Business Insider , over 100 different cities in the United States have piloted a guaranteed basic income program since 2019, with most targeting low-income participants as a way to combat poverty in some of the country’s most dangerous cities . Depending on the program, […]

Negative Income Tax is Not Cheaper Than Universal Basic Income, Nor is Guaranteed Income ‘More Progressive’ by Excluding the Rich

Negative Income Tax is Not Cheaper Than Universal Basic Income, Nor is Guaranteed Income 'More Progressive' by Excluding the Rich

Many people don’t know this, but Milton Friedman was once asked in the Spring of 2000 what he thought about a universal basic income (UBI) in comparison to his proposed negative income tax (NIT) and this was his response:

"A basic or citizen’s income is not an alternative to a negative income tax. It is simply another way to introduce a negative income tax if it is accompanied with a positive income tax with no exemption. A basic income of a thousand units with a 20% rate on earned income is equivalent to a negative income tax with an […]

Improving economic, educational and employment opportunities

Improving economic, educational and employment opportunities

Mississippi

Jackson Public Schools , a WKKF grantee, will receive the 2024 American Public Health Association Presidential Citation for excellence in public health leadership. Serving nearly 18,000 students in Mississippi, the district has partnered with local organizations to provide essential social services and health care. Addressing both physical and mental health needs, these efforts have helped drive improvements in student success and district performance.

Racial Equity Aisha Nyandoro, founding CEO of WKKF grantee Springboard to Opportunities , is a recipient of the prestigious 29th Heinz Award in the Economy category. Recognized for her work in helping families escape […]