Nearly half (48 per cent) of U.S. employees say they expect to retire with less than US$500,000 even though they believe they’ll need $1.28 million, according to a new survey by Schroders. It found a quarter (26 per cent) of respondents expect to retire with less than $250,000, while just 30 per cent believe they’ll […]
More than two-fifths (44 per cent) of U.S. Black retirees said they left the workforce earlier than planned due to a health issue or disability, compared to 32 per cent of non-Black retirees, according to a new report from the Employee Benefit Research Institute. The survey — which polled more than 2,700 American workers and […]
Two-thirds (67 per cent) of Canadians say they’re very concerned about how Canada-U.S. relations, along with the cost of living (67 per cent) and general economic uncertainty (65 per cent), will impact their retirement savings, according to a new survey by the Healthcare of Ontario Pension Plan. The survey, which polled more than 2,000 Canadians, […]
An article on how Canada’s federal election could impact employees’ retirement savings was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: 1. How Canada’s federal election could impact retirement savings 2. How the coronavirus pandemic shifted employees’ retirement planning […]
Michael Montgomery used to check the balance on his retirement account once a week and smile. But lately, not wanting to get upset and question if he could retire in a few years, there was only one solution. “I’m not looking,” says the 66-year-old professor from Huntington Woods, Mich. As the White House simultaneously injects […]
A global shutdown caused by the coronavirus pandemic gave Canadians an increase of unanticipated savings that led to a short period of stronger retirement savings contributions, says Amin Mawani, director of the Master of Health Industry Administration and professor of taxation at the Schulich School of Business at York University. It has been five years […]
U.S. workers believe they’ll need an average of US$1.26 million in savings to retire comfortably, $200,000 less than the $1.46 million reported last year and nearly flat with 2022 and 2023 estimates, according to a new survey by Northwestern Mutual. The survey, which polled more than 4,600 workers, found among employees who have retirement savings, […]
Flexible retirement savings plans and employer matching can potentially provide lower-income workers with earlier retirement options despite the rising cost of living, according to a new report by Mercer. The report analyzed two scenarios for workers earning $50,000 with workplace retirement plans that include employer matching. Read: Employer matching key to supporting young workers’ retirement […]
With no federal requirement for U.S. employers to offer retirement savings options, individual states are stepping up and delivering meaningful programs. Speaking at Benefits Canada’s 2025 Defined Contribution Plan Summit, Michael Frerichs, state treasurer at the Illinois Treasurer’s Office, said the U.S. is facing a retirement crisis and he hopes these government tools can be […]
Since 2008, when the U.S. enacted legislation allowing target-date funds as the default, total assets in these funds have grown from around US$150 billion to $3 trillion, according to Glenn Dial, vice-president of retirement thought leadership and research at American Century Investments, during a session sponsored by CIBC Asset Management Inc. at Benefits Canada’s 2025 […]