Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers can do. Employers and employees have found it difficult to make pension contributions, despite drops in retirement plan funding. In many countries, government social security systems are also facing insolvency. These factors, coupled with an aging population and rising longevity, are giving rise to serious questions about the future of retirement in America and around the world.
This volume explores how workers and firms can reassess the risks associated with retirement saving and dissaving, to identify creative adjustments to adapt to these new risks and realities. One area explored is the key role for financial literacy and education programs. In addition, those acting as plan sponsors and fiduciaries must reconsider pension design to help them better address the new realities. Also novel financial products are described that can help with the design of retirement plans. Experts provide new research and offer policy recommendations, illustrating how retirement plans can be amended to better meet the retirement needs of workers and firms.
This volume is an important addition to the Pensions Research Council / Oxford University Press series and to the current debate on retirement security.
1. The Evolution of Retirement Risk Management; PART I: REVISITING RETIREMENT SAVING AND DISSAVING ADVICE; 2. Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio; 3. Employer-Provided Retirement Planning Programs; 4. How Does Retirement Planning Software Handle Post-Retirement Realities?; 5. Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?; PART II: THE ENVIRONMENT FOR RETIREMENT PLAN REDESIGN; 6. The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios; 7. The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How; 8. Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform; 9. Longevity Risk and Annuities in Singapore; PART III: INNOVATIONS IN RETIREMENT RISK FINANCING; 10. Outsourcing Pension Longevity Protection; 11. Comparing Spending Approaches in Retirement; 12. Risk Budgeting for the Canadian Pension Plan Investment Board; 13. Can VEBAs Alleviate Retiree Health Care Problems?
Series: Pensions Research Council
Number Of Pages: 304
Published: 9th September 2010
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.1 x 16.4
Weight (kg): 0.6