Mature Market Experts Stat of the Day: U.S. Retirement Savings Loses

j0435885 mature market retirement plans

Mature Market Experts: more mature market news and stats more often – U.S. Retirement Savings Loses – “$2 TRILLION . . . the amount of U.S. retirement savings lost to market declines since mind-2007.

20% – the average drop in the value of a 401K account over the same period

Source: Corridor Inc.

Note: Understanding how the 65+ mature market thinks of their finances and their “three pockets” is very important. Here’s where their income is coming from: Social security accounts for  40% of their income; followed by earnings (25%), pensions (19%), asset income (14%), and “other” at 2%.

In my 20+ years of dealing with the 65+ market, the only “pocket” they will ever pull money from for “daily expenses” is social security. This is one of the reasons less than 3% of the age and income qualified mature market ever makes the move to a retirement community. The value of the home and income-earning assets is viewed as “untouchable.”

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Mature Market Experts Stat of the Day: Baby Boomers and Retirement Saving

42-16935308 mature market savings

Mature Market Experts: more mature market news and stats more often – Baby Boomers and Retirement Saving – 20% of baby boomers have stopped contributing to retirement plans due to economic hardships.

$88,000 is the average retirement savings of baby boomers, who contribute to tax-qualified plans. $5,000 is the average annual income those savings will produce.

64 % of working women aged 21 to 64 do not contribute to a retirement fund.

Source: Corridor Inc.

Note: If you are a financial institution and you are not targeting women, you are missing the boat.

Mature Market Experts Gem of The Day: Tips for finding a job after age 50: Here’s the wisdom of the crowd

Mature Market Experts: more mature market news and stats more often – getting a job after age 50- Nice blog entry in RetirementRevised.com by my good friend Mark Miller that includes some wisdom from me.

 

Mark Miller of RetirementRevised.com

Mark Miller

RetirementRevised.com is the companion website of Retire Smart, a column written by Mark Miller that appears in more than 30 newspapers each week. For millions of Baby Boomers, retirement is an opportunity for reinvention, rather than taking it easy. Mark is helping write the playbook for the new career and personal pursuits of a generation.

 

 

 

Addressing Employment and Active Engagement Beyond 50

Reinventing Retirement Conference Examines the

Needs of an Older Workforce in the Asian Context

 

(Mature Market Press Release) Singapore – A longer lifespan is one of the great successes of the 21st century. But along with that success come challenges. Living longer means having to work for longer in order to have saved enough for retirement, since right now, someone retiring at age 62 can expect to live for another 20 years or more. The recent problems in the international finance system and stock markets also demonstrate the importance of long-term planning in work, savings, and investment to insure a long and prosperous life.

 

Longer life spans also mean that employers have to be prepared for the challenges of an ageing workforce. The issue is global – the United Nation’s Population Division indicates that the number of people aged 60 and above in the world is expected to triple by 2050. In Singapore, the urgency is especially imminent, since UN projections indicate that by2050, the median age in Singapore will rise to 54 years, making it the 4th oldest population in the world.

 

To address those concerns, the Council for Third Age (C3A), which promotes active ageing here, together with AARP, the US-based organization representing the 50+population, will organize and co-host the Reinventing Retirement Asia Conference in Singapore on January 8 and 9. This is the first time that the conference, which was last held in Japan in March 2007, will be held in Singapore.

 

Singapore Prime Minister Lee Hsien Loong will deliver the keynote speech for the conference, which will provide a global platform for policy makers, entrepreneurs, business leaders and academics to come together to exchange ideas, innovations and solutions to these emerging issues.

 

The objective, ultimately, is to be able to define a new set of age-friendly employment policies that will benefit the economy, society and older individuals, and to promote long-term financial planning for all as we age.

 

“Singapore is ageing. By 2030, one in five Singaporeans will be aged 65 or above. This poses the challenge of developing appropriate policies and programs to accommodate this changing age structure and its impact on the labor force. The retention and engagement of older workers is an important issue, especially when a high percentage of economically-active Singaporeans expect to work beyond the current retirement age of 62,” said C3A Chairman Gerard Ee, citing a recent study on the future of retirement.

 

“From AARP, a leading authority in ageing policies and issues, we can learn ideas and best practices that can put Singapore at the forefront of ageing issues,” he added. AARP is by far the largest membership organization for people 50-plus in the world, with more than 40 million members.

 

Bill Novelli, AARP’s CEO, emphasized the importance of sharing best practices and lessons from countries around the world. “AARP has explored ideas from around the world in an effort to share our experience and learn from other countries in an effort to ensure financial security for all. There is no magic formula, but one thing AARP has learned, especially in a shaky, global economy, is that economic growth is clearly linked to the employment of older workers. That is why we are so pleased to be working with C3A in January to further explore these critical issues for the future well-being of older people.”

 

Highlights of the conference will include the Singapore Roundtable, which will bring together Mr. Gan Kim Yong, Acting Minister for the Ministry of Manpower, Mr. Heng Chee How, Deputy Secretary-General of the National Trades Union Congress, and Mr. Stephen Lee, President of the Singapore National Employers Federation, to share their insights on the nation’s experience in dealing with senior workers. An Asia-Pacific Roundtable will similarly bring together regional leaders from Australia, Japan, and South Korea.

 

Notable speakers who will present at the inaugural conference include Mr. Kenneth Apfel, former Commissioner of Social Security in the United States; Dr. Sarah Harper, director of the Oxford University’s Oxford Institute of Ageing, Dr Flore-Anne Messy, Administrator of the OECD’s Directorate for Financial and Enterprise Affairs, as well as corporate age management expert Mr. Mirko Sporket and Vice-President of International Consortium for Intergenerational Programs Dr Thang Leng Leng. The conference will cover the following areas:

 

· Financial Education & Literacy

· HR Strategies for Engaging/Retaining Older Workers

· Lifelong Learning & Training of Older Workers

· Workplace Design for the Ageing Workforce

· Opportunities of an Ageing Population

· Cultural Change and Intergenerational Cooperation

· Media & Messaging: Changing Attitudes & Perceptions

 

The recent winners of the inaugural AARP International Innovative Employer Award – Alexandra Hospital and Singapore Health Services Pte Ltd (SingHealth) – will also share some of their innovative HR practices which have helped them engage senior workers meaningfully.

 

The Reinventing Retirement Asia Conference is particularly relevant given that it comes ahead of Singapore’s enactment of re-employment legislation by 2012, to enable more people to continue working beyond the current statutory retirement age of 62.

 

“This Conference with AARP will help both employers and employees to prepare themselves for the 2012 legislature. Beyond financial security, continued employment beyond retirement will contribute to the vocational wellness of seniors, which is in line with the six dimensions of wellness that C3A promotes,” said C3A Chief Executive Officer Henry Quake.

 

Reinventing Retirement Asia 2009 will be held on 8 & 9 January 2009 at the Pan Pacific Singapore Hotel. For more information, visit www.c3a.org.sg/conference

 

About Council for Third Age (C3A)

Set up in May 2007, Council for Third Age is an independent body that promotes active ageing, so that seniors can achieve a better quality of life in all the six dimensions of wellness – social, intellectual, physical, vocational, emotional and spiritual. The Council plays a leadership role in driving the thrust towards creating an active ageing culture in Singapore, and partners businesses and community organizations to develop products and services that fulfill the aspirations and interests of seniors.

 

About AARP

AARP is a non-profit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world’s largest circulation magazine with over 33 million readers; AARP Bulletin, the go-to news source for AARP’s 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

Mature Market Experts Stat of The Day: Biggest Concern

The mature market’s biggest financial concern? 56% of American adults believe the greatest risk to the success of their retirement years is living too long.

 

Source: MetLife Mature Market Institute

 

Today’s Mature Market Expert’s stat compliments of my good friend:

 

José Roig

Roig Consulting

Six Sigma Certified

410.241.9620

 

www.RoigConsulting.com
http://tech-consulting.blogspot.com

Mexico’s Growing Assisted Living Market Targets U.S. Retirees

It appears that Mexico is looking to combine cost advantages and the resort-like experience to compete for U.S.-based mature market and assisted living customers.  As featured in the Dallas Morning News.

By LAURENCE ILIFF / The Dallas Morning News
liliff@dallasnews.com

SAN MIGUEL DE ALLENDE, Mexico – Laredo native Alice Edwards and her helicopter pilot husband have an active lifestyle in this picturesque town popular among retired Texans.

But the 60-somethings are also the new owners of a townhouse in Mexico’s first assisted-living development aimed at the U.S. market, Cielito Lindo.

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Mature Market Experts Stat of The Day: Parents Moving In With Kids

Three generations under one roof used to be the norm.

Three generations under one roof used to be the norm.

Are we seeing a return to the intergenerational household? As many of the mature market have seen their retirement savings wiped away by the recent market fluctuations, many are moving in with their kids.

“Recent statistics from the U.S. Census Bureau found that the number of parents who’ve moved into their adult children’s homes increased 67 percent, from about 2.1 million in 2000 to 3.6 million last year.”

Source: MSNBC.com