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Retirement income systems vary in different countries, and the U.S. does not come out on top. The additional concerns make one thing even more important: retirement income systems. They have some of the strongest retirement systems, according to the Mercer CFA Institute Global Pension Index for 2023, which was published Tuesday. A total of 47 different retirement systems were assessed in the report. Retirement systems in the latter have "major weaknesses," the report said.
Organizations: Mercer CFA, Global, U.S Locations: U.S, Netherlands, Iceland, Denmark, Israel, Kazakhstan, Colombia, France, Spain, Canada , New Zealand, Germany, Mexico, Indonesia, South Africa, Thailand, Turkey, India, Philippines, Argentina
Portugal ranked at the top for the most financially adequate retirement system according to a new study. The US, however, ranked 24th in adequacy among the 47 countries studied for its retirement system. AdvertisementAdvertisementPortugal, the Netherlands, and Iceland ranked at the top for the most financially adequate retirement systems — while the US ranked 24th. AdvertisementAdvertisementMany Americans have been skeptical of the US's retirement system, funded primarily through savings in 401(k)s and individual retirement accounts, as well as Social Security. Portugal, which ranked at the top of Mercer's list, also ranked second for comfortable retirement on U.S. News & World Report's Best Countries ranking.
Persons: Organizations: Service, US, Mercer CFA, Global, Security, U.S . News Locations: Portugal, Netherlands, Iceland, Denmark
AI should cut pensions costs, highlight risks - report
  + stars: | 2023-10-17 | by ( ) www.reuters.com   time to read: +1 min
Artificial Intelligence words are seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Artificial intelligence should improve pensions performance by cutting costs and highlighting upcoming risks, the Mercer CFA Institute's global pensions report said on Tuesday, with the Netherlands in top spot in this year's index. Additional uses for AI could include building customised portfolios and identifying market anomalies, although AI was unlikely to be able to predict market movements with accuracy so uncertainty will remain, the report said. Iceland came second and Denmark third in the 2023 index. Reporting by Carolyn Cohn; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, David Knox, Mercer, Carolyn Cohn, Alexander Smith Organizations: REUTERS, Mercer CFA, Mercer, CFA Institute, Monash Centre, Financial Studies, Denmark, Thomson Locations: Netherlands, Iceland
Mercer CFA Institute Global Pension Index released its annual report that looks at 44 global pension systems, which account for 65% of the world's population, and ranks them from the best to worst. "It's essential for individuals to have strong retirement plans in the works because high levels of inflation, rising interest rates, and greater uncertainty about economic conditions, are adding additional financial pressure to the existing systems," Senior Partner at Mercer and lead author of the study, Dr. David Knox stated in the report. "Households will have to consider what the right balance is between receiving a steady income, access to some capital, and protection from future risks, given the many uncertainties faced by retirees," Dr. Knox added. "It is critical that we understand whether or not the retirement income systems around the world will be able to meet the needs and expectations of their communities for decades to come."
Iceland tops global pensions league, Britain slips -survey
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 11 (Reuters) - Iceland offers the best pension provisions, followed by the Netherlands and Denmark while Britain slipped a spot to 10th place in the world ranking, an annual survey showed on Tuesday. Mexico shot eight places up the rankings to 29 due to pension reform, Mercer said. The survey compares 44 retirement income systems globally and covers 65% of the world’s population. "Policymakers must do all they can to ensure retirement schemes are supported, developed and well-regulated." Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolyn Cohn; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.
The U.S. has a voluntary retirement savings system. But most IRA funds aren't contributed directly — they were first saved in a workplace retirement plan and then rolled into an IRA. 1 issue," Will Hansen, chief government affairs officer at the American Retirement Association, a trade group, said of workplace retirement savings. "[However], the retirement system is actually a good system for those who have access," Hansen said. In such cases, it may not be fair to place primary blame on the structure of the U.S. retirement system, Hansen said.
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