U.S. Retirees’ Experience Differs From Nonretirees’ Outlook

Link: https://news.gallup.com/poll/350048/retirees-experience-differs-nonretirees-outlook.aspx

Graphic:

Excerpt:

The differences in reliance on income sources between those who are already retired and those who are not yet retired are likely attributable, at least in part, to apprehension about the Social Security system, as well as the rise of 401(k)s accompanied by a decline in work-sponsored pension plans.

57% of retired U.S. adults say they rely on Social Security as a major income source, and 38% of nonretirees expect it to be a major source for them.

Likewise, 36% of retirees and 19% of nonretirees say a work-sponsored pension plan is or will be a major income source.

Nonretirees are most likely to say a 401(k) or other retirement savings account will fund their retirement (49%). Meanwhile, 35% of retirees mention 401(k)s as a major funding source of their retirement.

Author(s): Megan Brenan

Publication Date: 18 May 2021

Publication Site: Gallup

Third withdrawal of 10: How will the mechanism for pensioners for annuities work?

Link: https://www.t13.cl/noticia/negocios/rentas-vitalicias-como-funcionara-retiro-dineros-como-solicitar-afp-tercer-retir-10-28-04-21

[auto-translated by Google]

[this relates to people in Chile being allowed to taking fairly large withdrawals from their official retirement savings]

Excerpt:

This Monday, the application process will begin through digital platforms within the framework of the new 10% third withdrawal law.

As detailed by the Undersecretary of Social Welfare, Pedro Pizarro, the process will begin 100% online during the first two weeks of May, both for AFP users and for the nearly 700 thousand pensioners through the life annuity modality , who for the first time may request a cash advance.

In view of this process, the Financial Market Commission is preparing an instruction manual to regulate the unprecedented withdrawal of savings in the form of life annuities, which – they assure – will be published shortly (In this same note we will update the news of said instruction )

Publication Date: 2 May 2021

Publication Site: T13 in Chile

Grim COVID-19 Scenario Could Cut Pension Liabilities

Link: https://www.thinkadvisor.com/2021/03/09/grim-covid-19-scenario-could-slash-pension-liabilities/

Excerpt:

The pandemic could also slash pension plan sponsors’ liabilities, by making ordinary health care an expensive luxury — and driving up the U.S. death rate for decades to come.

Analysts at Club Vita US LLC have presented those scenarios in a look at the possible effects of the COVID-19 pandemic on three types of U.S. pension plans: defined benefit plans sponsored by single employers; defined benefit plans sponsored by multiple private-sector employers; and defined benefit plans sponsored by government employers.

The analysts’ work reflects the same kinds of effects that might affect blocks of life insurance policies, blocks of annuities, and life settlement portfolios.

Author(s): Allison Bell

Publication Date: 9 March 2021

Publication Site: Think Advisor