Nevada Retirement Planners

An overload of options, researchers say, may actually push people into decisions that are against their own best interest.

Read more.

A poll of 584 Canadians aged 50 or more finds 46% lack confidence that the pension and retirement system will provide them with a comfortable retirement.

The poll released today by TNS Canadian Facts got a "startling" response to its question on how well they thought the current system meets their needs: 67% or two thirds said "not well or not very well", 47% suggested some reform was needed and 20% called for "extensive" reform.

"Clearly, many Canadians are approaching their retirement years with considerable trepidation," said TNS Canadian Facts vice president Norman Baillie-David [pictured]. The recent stock market volatility and economic malaise has made older Canadians "very concerned … We are seeing a build-up of grass roots support for some action."

Fortunately, it appears these "recent events" have given many aging baby boomers a wakeup call. The survey finds many are changing their behaviour, with 41% saying they will boost their personal savings and investments so as to become less dependent on employer or government pensions. 

82% support more TFSA contribution room

One of the most popular suggestions for reform was for more contribution room for Tax Free Savings Accounts (TFSAs), supported by 82% of those polled. (For more on the retroactive TFSA idea, see this blog entry from last summer.)  The same percentage believe funds under the CPP should be guaranteed against bankruptcy and that pension surpluses should belong to plan members rather than their employers.  A similar 80% believe the self-employed should have the right to voluntary supplementary CPP contributions and benefits, while  76% think pensioners should get priority in the event of bankruptcy.

26% expect to live "day to day" in retirement

Looking at the survey in more depth, Question 3 was "How comfortable are you financially/do you believe you will be in your retirement?" Only 5% said they will not live comfortably but 26% said they expect to live day-to-day. But almost seven in ten expect to have adequate means (49%) and a standard of living as good or better than they enjoyed in their working years (21%).

Similarly, Question 4 on confidence in the system, revealed that 37% are "somewhat confident," 11% "very confident" and 4% "completely confident that the current three-stooled retirement system will be there for them (that is, employer pensions, government pensions and private savings chiefly through the RRSP/TFSA/non-registered savings). However, 28% were "not very confident" and another 18% "not at all confident."

More likely to use savings accounts than TFSAs

One strange finding that may not be statistically significant is that more people — 47% — said they are "likely to use" [taxable] savings accounts than Tax Free Savings Accounts [46%.]. That would suggest there is still plenty of ignorance about TFSAs, as the recent Mackenzie survey suggested. 60% cited RRSPs. In that group, 45% use mutual funds, 20% [individual] equities or stocks, 18% bonds and just 4% exchange-traded funds (ETFs).

– 62 —

Source The Wealthy Boomer : Retirement

COLUMBUS, Ohio (AP) — A federal judge is allowing shareholders suing insurance giant American International Group to proceed as a single class.

Read more.

TRENTON, N.J. (AP) — A package of public worker pension and health benefit reform bills was approved unanimously in the New Jersey Senate on Monday, over the objections of union leaders.

Read more.

LONDON (Reuters) – German car maker BMW has offloaded 3 billion pounds of the risk posed by people living longer from its UK pension scheme to Deutsche Bank, in the biggest deal of its kind.

Read more.

While nearly one in three (31%) workers expect never to retire, 57% feel there is no appropriate age for retirement and the decision when to retire is a personal choice, says the 20th Annual RBC RRSP Poll.

The average retirement age in Canada is 62 but baby boomers are increasingly choosing to stay working or return to the
workforce after retirement, says RBC head of Retirement Strategies Lee Anne Davies. The average life expectancy of Canadians has steadily increased since 1979, with current life expectancy at birth listed at 78 years for men and 83 years for women, according to Statistics Canada By age 65, men's life expectancy increases to 83 years and women's increases to 86 years.

The poll found 35% feel an aging population will be a financial burden: 46% of younger Canadians aged 18 to 34 feel this way.

"Boomers are the first generation to be faced with caring for aging parents as they near retirement themselves," said Davies. While 91% look forward to 'me time' in retirement,   needs of family members may make this a challenge.

The poll of 1,457 adults was conducted by Ipsos Reid late in October 2009.

–62–

Source The Wealthy Boomer : Retirement

While nearly one in three (31%) workers expect never to retire, 57% feel there is no appropriate age for retirement and the decision when to retire is a personal choice, says the 20th Annual RBC RRSP Poll.

The average retirement age in Canada is 62 but baby boomers are increasingly choosing to stay working or return to the
workforce after retirement, says RBC head of Retirement Strategies Lee Anne Davies. The average life expectancy of Canadians has steadily increased since 1979, with current life expectancy at birth listed at 78 years for men and 83 years for women, according to Statistics Canada By age 65, men's life expectancy increases to 83 years and women's increases to 86 years.

The poll found 35% feel an aging population will be a financial burden: 46% of younger Canadians aged 18 to 34 feel this way.

"Boomers are the first generation to be faced with caring for aging parents as they near retirement themselves," said Davies. While 91% look forward to 'me time' in retirement,   needs of family members may make this a challenge.

The poll of 1,457 adults was conducted by Ipsos Reid late in October 2009.

–62–

Source The Wealthy Boomer : Retirement

LONDON (Reuters) – German car maker BMW is set to announce a deal on Monday to offload 3 billion pounds of longevity risks from its UK pension scheme to Deutsche Bank, the Financial Times reported.

Read more.

LONDON (Reuters) – German car maker BMW is set to announce a deal on Monday to offload 3 billion pounds ($4.62 billion) of longevity risks from its UK pension scheme to Deutsche Bank , the Financial Times reported.

Read more.

LONDON (Reuters) – German car maker BMW is set to announce a deal on Monday to offload 3 billion pounds ($4.62 billion) of longevity risks from its UK pension scheme to Deutsche Bank , the Financial Times reported.

Read more.