Retirement Readiness Shows Signs of Waning

While the retirement systems in the United States, the United Kingdom, and Australia differ in important ways, all are falling short to varying degrees in ensuring that workers in those countries are adequately preparing for retirement, according to an article published by human resources consultancy Findley Davies in its November/December 2017 newsletter. Retirement Readiness The article, “Retirement Readiness—How Do We Compare?” was written by Ken Hohman, an actuary and management consultant. Hohman presented a comparison of the retirement systems in these three countries based on his involvement on behalf of the American Academy of Actuaries with a project in collaboration with the Actuaries Institute in Australia and the Institute and Faculty of Actuaries in the UK. Hohman observed that Australia, the UK, and the U.S. have similar but significantly different retirement systems. Specifically, he explained, each country has a national social security system that is weighted in favor of lower-income …

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Mandatory Retirement: What You Need to Know

Retirement means different things to different people. For some it might mean a complete release from any work responsibilities or requirements and the start of a life of leisure. For others it may be more of a side-step into work they’ve always wanted to do, or the chance to start a business. But retirement comes when the worker wants to stop working, with exceptions made for pilots, air traffic controllers and, in some states, judges. Other employees aren’t told when to stop. “All U.S. employers with at least 20 employees are prohibited from taking adverse employment action based on age against most employees 40 years older or older,” says labor and employment lawyer Scott Horton. “In many states, age discrimination laws cover even more employers and employees. These laws essentially make it illegal to have a mandatory retirement age, even if someone could make a good business case.” Here’s what …

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What You Need to Know About Disability Insurance

What You Need to Know About Disability Insurance

If you work, you should have at least a passing knowledge of disability insurance, no matter what kind of job you have. Disability insurance is not just for people who are employed in dangerous lines of work, such as construction or transportation; anyone can get stuck spending time out of work for an injury or illness, regardless of whether it’s related to the job. Many employees are confused about disability insurance, however, because there are several different ways to ensure you get some form of income if you are unable to work. 4 Types of Disability Insurance Coverage Here are the different types of coverage you may be eligible for to protect you in the event that one day you’re unable to work because of injury, mental or physical illness, or, in some cases, pregnancy. 1. Social Security While there is no federal disability insurance, Social Security may cover you …

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