Wednesday, September 28, 2011

Retirement and Health Survey Released

According to a survey on retirement and health, 54% of preretirees who are now planning to retire later than they were when they were in their 40s say the primary reason for the delay is that they do not feel they can afford it financially. The Retirement and Health Poll conducted by NPR, the Robert Wood Johnson Foundation and the Harvard School of Public Health also finds that 51% percent of people who say that they will never fully retire say they do not feel they can afford to retire financially.

Generally, the survey finds that one in four retirees think life in retirement is worse than it was before they retired, with the results showing stark differences between what pre-retirees think retirement will be like, and what retirees say is actually the case.
"Those of us over 50 and working are optimistic about our future health and health care, but that optimism is not necessarily shared by those who have already retired," said Risa Lavizzo-Mourey, MD, MBA, president and CEO of the Robert Wood Johnson Foundation. "Many people who have already retired say their health is worse, and they worry about costs of medical treatment and long-term care. Insights from the poll can help policy makers and others think about how to meet the needs of aging Americans. There are changes we can make to our health care system, finances and communities that might help ensure that our retirement years will be as fulfilling as we hope."
Source: News Release (September 27, 2011); NPR.org "Retirement: Reality Not As Rosy As Expectations" (September 27, 2011) and related stories

Friday, September 16, 2011

Australia: Survey Finds More Discontent Among Older Workers and Gen Y

A survey of 1,000 Australian workers conducted by Mercer finds that Australians have a higher regard for their employer and their manager and they are satisfied with the type of work they do, but that older workers and Generation Y are not entirely happy, and are more likely to leave. Specifically with regard to older workers:
[O]lder workers aged 55-64 are more satisfied with the type of work they do and are less likely to leave but feel they are being overlooked for career development opportunities. Just 40% believe they have sufficient opportunity for growth and development, compared to 64% of those aged 25-34. Older workers are also least likely to be satisfied with their pay, with 49% saying they are paid fairly, compared to 66% of 25-24 year olds and 51% overall.
Source: Mercer Press Release (September 13, 2011)

Monday, September 12, 2011

AARP Announces 15 Best International Employers of Workers Over 50

AARP has released its 2011 list of the 15 companies and organizations globally that have the most positive workplace policies for their older workers. The list includes winners from Australia, Austria, Germany, Japan, Malaysia, the Netherlands, Singapore and the United Kingdom and includes four employers that have won before.

Among the practices cited by AARP as worthy of recognition were:
  • promoting older workers through a training camp designed to help older job applicants and the long-term unemployed re-enter the workforce (DB Services; Germany)
  • designating older workers in each function as subject matter experts; their role as facilitators and trainers has helped raise the profile of older workers and contributed to a culture shift in the organization (Lam Soon Edible Oils Sdn Bhd; Malaysia)
  • offering a partial retirement scheme that allows older workers to draw company pension benefits while continuing to work part-time (Marks and Spencer plc; United K
Source: AARP News Release (September 7, 2011)

Sunday, September 11, 2011

Canada: Survey Finds Canadians Needing To Delay Retirement Because of Lack of Savings

According to a survey conducted by the Canadian Payroll Association, 40% of Canadians said they now expect to retire later than they previously planned, and the primary reason (cited by 40%) was "I'm not saving enough money for retirement." Furthermore, the CPA survey found 57% of those surveyed said that they would be in financial difficulty if their pay was delayed by even a week.
Almost three-quarters of employees (74%) said they have saved less than a quarter of their retirement savings goal. “This is particularly troubling when you realize that 71% of the respondents are over the age of 35, with the bulk in their main saving years between 35 and 54,” states Dianne Winsor, CPM, Chairman of the CPA.

Another significant finding – half (50%) of employees across the country reported that they are saving 5% or less of their net pay. This is well below the 10% of net pay that financial planning experts generally recommend as a retirement savings rate.
Source: Canadian Payroll Association News Release (September 8, 2011)