While U.S. workers aged 45 and older believe it takes, on average, $1.1 million in savings to retire comfortably, just 21 per cent expect to reach this goal, down from 24 per cent in 2022, according to a new survey by Schroders. The survey, which polled more than 2,000 employees, found more than half (59 […]
Traditionally, Chinese workers have relied on two pillars of income in retirement — the basic state pension and employer-sponsored plans open to employees in certain sectors. However, in late 2022, the Chinese government poured some concrete into the mould of a third pillar, unveiling the details of a previously announced private pension scheme. Under the […]
Nearly all (98 per cent) U.S. employees believe it’s important for their employer to provide a retirement savings plan, according to a new survey by Vestwell Inc. The survey, which polled roughly 1,300 employees and 250 employers, found nearly three-quarters (72 per cent) of employees said they expect employers to offer a 401(k) or 403(b) […]
An article on how much money Canadians think they’ll need in retirement was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Canadians believe they need $1.7 million in savings to retire: survey 2. FSRA promoting retirement planning with Pension Awareness Day 3. Survey finds 59% of […]
A new retirement plan design could allow more public employees in the U.S. to accrue retirement benefits regardless of their length of service, according to a report by think tank the Reason Foundation. The plan, which blends elements of defined contribution and defined benefit pension plans, focuses on providing employees with the target retirement income […]
Nearly two-thirds (62 per cent) of U.S. women say they expect to retire later than originally planned or not at all due to rising inflation, a significant increase from 25 per cent in 2021, according to a new survey by Edelman Data and Intelligence on behalf of Nationwide Mutual Insurance Co. The survey, which polled […]
Canadians’ total pension wealth increased by 7.9 per cent in 2021 to reach nearly $4.9 trillion by the end of year, according to a new report by Statistics Canada. It found revaluations of pension asset prices — largely due to equity market gains — increased pension wealth by $259.4 billion in 2021. On average, pension […]
Two-fifths (40 per cent) of all U.S. private sector employees don’t have an employer-sponsored retirement plan and non-white workers have the least access to these plans, according to a report by T. Rowe Price Group Inc. It found that, while 58 per cent of white employees had access to workplace retirement plans, this percentage decreased […]
A new report from the C.D. Howe Institute says pension plan fiduciaries shouldn’t ignore climate change and other environmental, social, and governance factors that are relevant to financial purposes. However, when plan fiduciaries use ESG factors to prioritize social or environmental concerns, such as those expressed by plan members, they put themselves on shaky legal […]
When Lightspeed Commerce Inc. employees headed back to their office this year, they found a space double the size of their last with a restaurant serving free meals, a smoothie bar and a barista to craft custom drinks. “We’re making it a very unique experience and the entire office is kind of a lounging area […]