Impact Of Financial Crisis On Retirement Security

Author : John J. Turner
Publisher : Unknown
Page : 0 pages
File Size : 43,8 Mb
Release : 2010
Category : Global Financial Crisis, 2008-2009
ISBN : 1606929607

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Impact of Financial Crisis on Retirement Security by John J. Turner Pdf

The long-term trend in declining retirement security has been exacerbated by the recent turmoil in the financial markets, and underscores the need for swift and broad action to vastly improve the retirement income security for the majority of American families. Americans need to be reassured that the money that they will save for retirement will actually be there when they need it. The exposure to large market swings, as we have experienced twice in the past decade, can send individual investors scrambling for an exit at the most inopportune time. This prevents them from saving enough, and actually increases their exposure to financial market risks. This book examines the impact and issues of the financial crisis on retirement security in the United States. This book consists of public documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.

Author : John J. Turner
Publisher : Unknown
Page : 145 pages
File Size : 48,6 Mb
Release : 2010
Category : BUSINESS & ECONOMICS
ISBN : 1616687770

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Impact of Financial Crisis on Retirement Security by John J. Turner Pdf

Author : Raimond Maurer,Olivia S. Mitchell,Mark J. Warshawsky
Publisher : Oxford University Press
Page : 128 pages
File Size : 51,6 Mb
Release : 2012-09-27
Category : Business & Economics
ISBN : 9780191636301

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Reshaping Retirement Security by Raimond Maurer,Olivia S. Mitchell,Mark J. Warshawsky Pdf

The worldwide financial crisis has wrought deep changes in capital and labor markets, old-age retirement systems, and household retirement and consumption patterns. Confidence has been shaken in both the traditional defined benefit and defined contribution plans. Around the world, plan sponsors, fiduciaries, policymakers, and households have gained a new awareness of retirement risk. When pressed to reform post-crisis, many would recommend enhancing financial advice for plan participants, emphasizing flexibility and the positive effect of working another one or two years to make up for investment losses in the downturn. Adding to this is the continuing need for financial education, essential as the retirement system moves increasingly toward personal account pensions. Perhaps most important of all is the need for greater understanding of risk throughout the retirement security system, along with new approaches to re-engineering retirement pensions. This volume explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans resulting from the financial crisis. It aims to rethink retirement in the new economic era, including the resilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.

Author : Christian Weller
Publisher : Routledge
Page : 152 pages
File Size : 55,6 Mb
Release : 2013-09-13
Category : Business & Economics
ISBN : 9781317983392

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Retirement Security in the Great Recession by Christian Weller Pdf

Few events have posed as many challenges for retirement and retirement policy as the crisis of the late 2000s. At the end of the last decade, the United States experienced the Great Recession—a combination of unprecedented wealth losses and historically high unemployment increases that marked the longest economic recession since the Great Depression. These adverse economic shocks coincided with the burgeoning entry into retirement by the baby boomer generation, those born in the United States between 1946 and 1964. The confluence of these trends meant that retirees may have faced greater economic insecurity than at any point since World War II. This book brings together a number of influential researchers whose work is focused on economic policies and their impacts on retirement income security. They come from both academic and policy backgrounds. Specifically, half of the eight contributors are academics, while the other four come from think tanks in Washington, DC. This book is thus intended to combine research and policy. This book was published as a special issue of the Journal of Aging and Social Policy.

Author : United States. Congress. House. Committee on Education and Labor
Publisher : Unknown
Page : 56 pages
File Size : 42,6 Mb
Release : 2008
Category : Business & Economics
ISBN : PSU:000065521564

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The Impact of the Financial Crisis on Workers' Retirement Security by United States. Congress. House. Committee on Education and Labor Pdf

Author : United States. Congress. House. Committee on Education and Labor
Publisher : Unknown
Page : 100 pages
File Size : 47,7 Mb
Release : 2009
Category : Business & Economics
ISBN : PSU:000065525869

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The Impact of the Financial Crisis on Workers' Retirement Security by United States. Congress. House. Committee on Education and Labor Pdf

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 53,6 Mb
Release : 2013
Category : Finance, Personal
ISBN : 0191745057

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Reshaping Retirement Security by Anonim Pdf

This title explores the lessons to be learnt for retirement planning and long-term financial security in view of the financial crisis. It rethinks the resilience of defined contribution plans and how defined benefit plans reacted to the crisis.

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy
Publisher : Unknown
Page : 64 pages
File Size : 42,9 Mb
Release : 2015
Category : Individual retirement accounts
ISBN : STANFORD:36105050681704

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The State of U.S. Retirement Security by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy Pdf

Author : Yasuyuki Fuchita,Richard J. Herring,Robert E. Litan
Publisher : Brookings Institution Press
Page : 162 pages
File Size : 54,8 Mb
Release : 2011-06-01
Category : Business & Economics
ISBN : 9780815721543

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Growing Old by Yasuyuki Fuchita,Richard J. Herring,Robert E. Litan Pdf

A Brookings Institution Press and Nomura Institute of Capital Markets Research publication While the immediate dangers from the recent financial crisis have abated—much of the financial system has returned to profitability and the economy is growing, albeit slowly—the damage to the economy will linger for years. Among the many impacts is the problem that may be most acute in the United States: how state and local governments and private companies will honor their obligations under defined benefit (DB) pension plans. Institutional investors also confront new difficulties in the low-interest-rate environment that has prevailed since the onset of the crisis. East Asian economies, namely in Japan, Korea, and China, also face pension issues as their populations age. In Growing Old, experts from academia and the private sector consider the hard questions regarding the future of pension plans and institutional money management, both in the United States and in Asia. This volume is the latest collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research on issues confronting the financial sector of common interest to audiences in the United States and Japan. Contributors: Olivia S. Mitchell (Wharton School, University of Pennsylvania), Akiko Nomura (Nomura Institute of Capital Markets Research), Robert Novy-Marx (Simon Graduate School of Business, University of Rochester), Betsy Palmer (MFS Investment Management), Robert Pozen (Harvard Business School), Joshua Rauh (Kellogg School of Management, Northwestern University), Natalie Shapiro (MFS Investment Management).

Author : National Research Council,Division of Behavioral and Social Sciences and Education,Committee on Population,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population
Publisher : National Academies Press
Page : 230 pages
File Size : 52,8 Mb
Release : 2013-01-10
Category : Social Science
ISBN : 9780309261968

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Aging and the Macroeconomy by National Research Council,Division of Behavioral and Social Sciences and Education,Committee on Population,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population Pdf

The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

Author : Olivia S. Mitchell,Raimond Maurer,J. Michael Orszag
Publisher : Oxford University Press
Page : 256 pages
File Size : 49,9 Mb
Release : 2016-11-10
Category : Business & Economics
ISBN : 9780192512321

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Retirement System Risk Management by Olivia S. Mitchell,Raimond Maurer,J. Michael Orszag Pdf

In the wake of the worst financial crisis since the Great Depression, lawmakers and regulators around the world have changed the playbook for how banks and other financial institutions must manage their risks and report their activities. The US Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the European System of Financial Supervision (ESFS) is also crafting a framework to supervise regulated financial sector institutions including banks, insurers, pension funds, and asset managers. The implosion of the financial sector has also prompted calls for accounting changes from those seeking to better understand how assets and liabilities are reported. Initially banks were seen by many as the most important focus for regulatory reform, but other institutions are now attracting policymaker attention. There is logic to this in terms of managing systemic risk and ensuring a level playing field that avoids arbitrage between institutional structures. Yet the nature of pension and insurer liabilities is so different from that of bank liabilities that careful attention is needed in drafting appropriate rules. The new rules are having both direct and spill-over effects on retirement systems around the world. The first half of this volume undertakes an assessment of how global responses to the financial crisis are potentially altering how insurers, pension plan sponsors, and policymakers will manage risk in the decades to come. The second half evaluates developments in retirement saving and retirement products, to determine which and how these might help meet shortfalls in retirement provision.

Author : George A. (Sandy) Mackenzie
Publisher : CFA Institute Research Foundation
Page : 68 pages
File Size : 55,7 Mb
Release : 2020-07-03
Category : Business & Economics
ISBN : 9781952927010

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Is There a Retirement Crisis? An Exploration of the Current Debate by George A. (Sandy) Mackenzie Pdf

Many quantitative empirical studies of retirement preparedness find that a substantial number of US households face a potential financial crisis at some point in the future. This monograph provides a critical survey of the most important and best-known of these studies, and it also examines the prospects for other countries. Studies of retirement preparedness vary in complexity and sophistication, and as a result, researchers offer a wide range of forecasts, with some warning of a severe crisis and others being more skeptical about the likely scale of the problem. This monograph appraises the quality of surveyed studies by determining how well each deals with key conceptual issues and how adequately each addresses principal risks. Going beyond the circumstances in the United States, the monograph also provides international perspective by comparing the “macro” and institutional aspects of pension and health systems in a group of eight industrialized countries, including the United States.

Author : Olivia S. Mitchell,P. Brett Hammond,Stephen Peter Utkus
Publisher : Oxford University Press
Page : 249 pages
File Size : 44,6 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780198808039

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Financial Decision Making and Retirement Security in an Aging World by Olivia S. Mitchell,P. Brett Hammond,Stephen Peter Utkus Pdf

As the world's population lives longer, it will become increasingly important for plan sponsors, retirement advisors, regulators, and financial firms to focus closely on how older persons fare in the face of rising difficulties with cognition and financial management. This book offers state-of-the-art research and recommendations on how to evaluate when older persons need financial advice, help them make better financial decisions, and to identify policy options for handling these individual and social challenges efficiently and fairly. This latest volume in the Pension Research Council series, draws lessons from theory and practice, and will be of interest to employees and retirees, consumers and researchers, and financial institutions working to design better retirement plan offerings.

Author : Gregorio Impavido,Ian Tower
Publisher : International Monetary Fund
Page : 58 pages
File Size : 41,8 Mb
Release : 2009-07
Category : Business & Economics
ISBN : IND:30000111481895

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How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter by Gregorio Impavido,Ian Tower Pdf

We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves to offset the real appreciation would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness resulting from "Dutch Disease" effects could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.

Author : William G. Gale,J. Mark Iwry,David C. John
Publisher : Brookings Institution Press
Page : 406 pages
File Size : 46,7 Mb
Release : 2021-07-27
Category : Business & Economics
ISBN : 9780815739357

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Wealth After Work by William G. Gale,J. Mark Iwry,David C. John Pdf

Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans.