The real challenge of the next decade: retirement dreams vs. reality GlobeMoney
Consultants’ long-term economic projections should always be taken with a hefty grain of salt, but the sheer size of the estimated shortfall begs for attention. It reflects a cluster of factors. Among the challenges noted by Mercer and others are:
Rock-bottom interest rates. Savers can now earn little or no risk-free return on their savings. This reduces the amount people can expect to accumulate for retirement, unless they are willing to venture into riskier areas – a shift that creates its own hazards. Longer life spans. Many people now live into their nineties, but most still want to retire in their early sixties or even earlier. This means their savings and pensions have to support them for more years, but without any increase in contributions.
Unfortunately, these deep thinkers have no magic solutions to the global retirement challenge. The report, overseen by former U.K. Financial Services Authority chairman Adair Turner, advocates pretty much what one would expect – raising official retirement ages by four to six years, encouraging people to work longer, promoting higher savings and accepting that retirement incomes may have to be substantially lower than they are now.
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