World’s workers not confident about comfortable retirement
Author:USA Today & Star Staff/ Only two in ten workers around the world are certain they will have an easy retirement, a new global survey shows.Few workers around the world are confident they’re going to have a comfortable retirement, a new global survey shows.
Only two in ten have high confidence levels that they’ll have a comfy retirement, with the greatest percentage of people feeling that way in China (41 per cent) and the lowest rates in France (6 per cent) and Poland (4 per cent). The survey of 16,000 workers and retirees in 15 countries in Europe, North and South America and Asia was commissioned by the non-profit Transamerica Center for Retirement Studies and the Dutch insurance company Aegon.
Employees in the U.S. and Canada overall have the most positive outlook on retirement, possibly reflecting the additional security provided by access to personal pensions. Canadian pension assets are second only to those in the U.S., the report said.
Even so, only 21 per cent of Canadians heading towards retirement expect it to be comfortable, below the U.S. average of 28 per cent.
“Retirement systems vary by country, yet we all have an aging population and a need for people to take on more personal responsibility for long-term financial security,” says Transamerica Center president Catherine Collinson. “Workers around the world face the increasing need to save, plan and self-fund a greater portion of their own retirement.”
She says that workers in China may be more confident because the country has “a booming economy,” and the survey responses were “predominantly from urban areas in China where people may be benefiting from the economic boom.”
In the Canadian sample, the emotional word most commonly associated with retirement was “freedom.”
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About 41 per cent of workers say they’ll rely on the government to fund their retirement to some extent, but only 21 per cent expect the government to be their main source of income. When asked about a retirement-planning strategy, 56 per cent of workers have some sort of plan, either written or unwritten; 40 per cent say they have no plan, and the rest don’t know.
Many people want to ease into retirement, with only a third planning to immediately stop working. Some envision working longer and fully retiring at an older age, possibly transitioning into retirement by shifting from full-time to part-time work or taking on a role that is less demanding and more personally fulfilling, Collinson says.
“We have a collective mindset that age 65 is retirement age,” she says. “That date was set a long time ago, and now, some people are living into their 80s, 90s and 100s, so relatively speaking, 65 is still young. If someone started working at age 25, retires at age 65 and lives to 105, then they’ll spend as many years in retirement as they did working,” she says.
Other findings:
45 per cent of retired respondents say they had to retire sooner than planned because of their own ill health or loss of a job.
61 per cent of workers say they have no financial backup plan in the event that they become unemployed or are unable to work for a prolonged period before their planned retirement.
When it comes to the economy, 28 per cent expect their country’s economy to improve in the coming year. Workers in Brazil are most optimistic (69 per cent) followed by India (48 per cent) and China (35 per cent), while only 12 per cent of workers in Germany and France expect their country’s economies to get better in the next year. About a quarter of U.S. workers hold this view.
29.May.2014
