Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Pension - Social Security
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Reply
 
Thread Tools Search this Thread Display Modes
  #161  
Old 11-17-2011, 04:52 PM
tommie frazier tommie frazier is offline
Member
 
Join Date: Aug 2003
Favorite beer: The kind with 2 e's
Posts: 22,923
Default

there's only so many walmart greeter jobs out there. i intend to get one before you guys. i've been practicing my greeting, confused smile, and rickety movements for years.
__________________
Removed a dated athletic reference under pressure from a friend. You can still give money to help fund research on neurofibromatosis (nf).

General info at www.ctf.org

Team donation page here.
Reply With Quote
  #162  
Old 11-17-2011, 06:30 PM
Duffer's Avatar
Duffer Duffer is offline
Member
ASPPA COPA
 
Join Date: Feb 2007
Location: Teeing off
Studying for Blues guitar
Posts: 1,493
Default

Quote:
Originally Posted by tommie frazier View Post
there's only so many walmart greeter jobs out there. i intend to get one before you guys. i've been practicing my greeting, confused smile, and rickety movements for years.
Don't forget to buy your port wine for cranial therapy.
__________________
*Humor Disclaimer: Funny or not, some of the above may be intended as humor. No offense is ever intended, but if offended please accept this disclaimer as a blanket apology. If you remain offended, you’re on your own. Ask your doctor if this humor is right for you. Common side effects include forehead slapping, eye rolling, knee pounding, and occasional gastric symptoms. No TARP funds were used for this disclaimer. If you can get cash for this clunker notify me immediately!
Reply With Quote
  #163  
Old 11-17-2011, 06:31 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,598
Blog Entries: 6
Default

mmmm port wine cheese.....
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #164  
Old 02-06-2012, 04:08 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,598
Blog Entries: 6
Default

Okay, evidently there's something on the table in Canada:
http://www.theglobeandmail.com/repor...rticle2319568/

Quote:
As Kevin Milligan has argued, increasing the age at which people are entitled to receive Old Age Security and Guaranteed Income Supplement won't produce huge savings. But it's not the absolute savings that matter, it's the savings relative to the political cost incurred - and for an increase in the pension age, those political costs will be manageable.
....
Thus the question is not if the pension age will be increased, but when. As the accompanying graph shows, 1959 saw the highest number of births ever recorded in Canada: 461,703 babies. After that, the number of births fell slightly, and then dropped sharply with the advent of the birth control pill. (Immigration reduces the relative impact of, but does not eliminate, the baby boom bulge.)

For an increase in the pension age to achieve substantial cost savings, it will have to be in place when those 1959 babies hit 65 in 2024.

I'm predicting that the pension age will gradually be increased to 67, in 3- or 6-month increments, by 2023. Canada Pension Plan already allows people to claim earlier or later than 65: those provisions may be altered slightly, or left unchanged.

What about reforming our health care system? That can wait until the 1959 babies are about to run up serious health care bills -- sometime around 2033.
http://montreal.ctv.ca/servlet/an/lo...b=MontrealHome

Quote:
MONTREAL — The Charest government is warning Ottawa not to take any decision on old age security that could impact the pensions of seniors or the coffers of the Quebec state.

Speaking on Wednesday, Quebec Minister of Employment Julie Boulet expressed her unease with the federal government's presumed plan to raise the age or retirement from 65 to 67.

Boulet warned that the decision could have a considerable impact on the province's finances, as her department would need to provide two additional years of payments without federal support. While her department could make cuts, Boulet said that some payments would need to continue for the neediest seniors.

With an economy still recovering from recession, Boulet warned that Ottawa should consult with the provinces before making a decision that could make the economic situation "more fragile."
Or, ya know, you could raise the retirement age in Quebec as well.


http://www2.macleans.ca/2012/02/03/b...eds-to-change/

Quote:
What explains the mystique of age 65?

There was no particular logic at work in 1966 when Canada settled on 65 as the normal age of retirement for the Canada Pension Plan (CPP). We were simply copying the “minimum retirement age” the United States chose for itself back in 1934. Since then, the notion of 65 as the proper age at which to stop working and start enjoying oneself has come to be seen as a sacred right. It’s not. And it needs to change.

At the World Economic Forum in Davos, Switzerland, last week, Prime Minister Stephen Harper hinted at looming changes to Canada’s public retirement system. This has been widely interpreted to mean a shift in the age of eligibility for Old Age Security (OAS) from 65 to 67. It’s an entirely reasonable idea, and has been predictably met with outrage and protest.
....
Canada is unique among developed nations in ignoring the issue until now. Countries that have already raised or are raising their retirement age include: the U.S., France, Germany, Italy, Britain, Denmark, Australia, Belgium, Japan, Finland, Czech Republic, Hungary, Turkey . . . and on and on. It’s worth noting that the U.S. began the process of hiking its retirement age to 67 as far back as 1983.
....
If Harper deserves criticism for his recent trial balloon, it should be for excessive timidity. In his Davos remarks he sought to contain potential criticism by declaring the CPP off limits: “Fortunately, the Canada Pension Plan is fully funded, actuarially sound and does not need to be changed.” In truth, the plan is fully funded only for the next few years and will soon require a major re-evaluation. Relentless increases in longevity have just as big an impact on CPP as OAS. It makes little sense to adjust the retirement age upward for one program while protecting the notion of retirement at 65 elsewhere. The social norm needs to change.

Canada’s retirement system was never designed to cover several decades of freedom from work. While it may be politically expedient to argue that Canada’s retirement system should be protected from change of any kind, there are serious consequences to the status quo. If we allow retirement to grow longer and more lucrative, we rob the economy of productive workers, put a greater burden on the next generation and inevitably threaten the viability of every other social program in the country.

Of course, any changes to the retirement age must be gradual, transparent and fair. (Certainly nothing should disadvantage the elderly poor; the near elimination of seniors’ poverty is one of the great Canadian public policy success stories of the past few decades.) Denton and Spencer propose adding three months per year to the retirement age until it reaches 70. Alternatively, Sweden indexes its normal retirement age to life expectancy tables; as the Swedish lifespan lengthens, so too does time spent at work. Regardless of the process, however, something has to give. Retirement can’t last forever.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #165  
Old 02-20-2012, 06:58 PM
limabeanactuary's Avatar
limabeanactuary limabeanactuary is offline
Mary Pat Campbell
 
Join Date: Jan 2010
Studying for Anglo-Saxon
Favorite beer: Bass Ale
Posts: 14,142
Default

Australia
http://www.smh.com.au/opinion/politi...219-1th86.html

Quote:
The age at which Australians receive the pension should be indexed to life expectancy, so that as the population ages, the pension age continually rises in tandem, the Business Council of Australia proposes.

....
While applauding the Rudd government's move in 2010 to lift the pension age to 67 by 2023, the Business Council says it is not enough to offset the costs to the budget of rapidly increasing life expectancy.

''Based on the standard population data, and not allowing for any (future) improvements, 50 per cent of men aged 65 can expect to live to age 84 (with 25 per cent living to age 89),'' the council said.

But if one extrapolates the trend of improving life expectancy into the future, it could increase substantially. ''Under some scenarios, a 65-year-old man today may have a 50 per cent probability of living to age 93, and a 25 per cent probability of living to over 100.''

It recommends that the government should commit in principle to index the pension age to life expectancy, and order Treasury to compile an updated intergenerational report, this time looking at the costs of an ageing population for the whole economy, and not merely for the federal government.



Extrapolation is deadly, of course.
__________________

Now offering online seminars, live seminars, and everything else under the sun and over the moon for actuarial exams.
Reply With Quote
  #166  
Old 03-26-2012, 05:35 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,598
Blog Entries: 6
Default

http://www.business-standard.com/ind...-to-56/468259/

Quote:
The Kerala government has raised the retirement age of state government employees from 55 to 56 years. Amid strong protests from young turks of the Opposition benches, finance minister KM Mani announced this in his 10th Budget speech on Monday.

Stating the reason for this, he said the average life expectancy of the state had increased to 72 years and the retirement age of central government employees was 60.
http://theadvocate.com/home/2398014-...t-age-proposal
Quote:
Gov. Bobby Jindal’s proposals to raise state employee retirement age to 67 could be undergoing a major revamp, the chairman of the state Senate Retirement Committee said Friday.

“There is considerable movement toward a modified version of the age 67 bill,” Senate Retirement Committee Chairman Elbert Guillory, D-Opelousas, said.

Guillory said being discussed is implementing the age 67 requirement in a graduated way depending on years of employment. The more years a state employee has been on the job, the less the age would increase under the plan, he said.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #167  
Old 05-14-2012, 03:25 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,598
Blog Entries: 6
Default

http://www.bbc.co.uk/news/world-europe-18032956

Quote:
Poland's parliament has approved plans by the centre-right government to raise the age at which most Poles can retire to 67 years.

Under the new law, the retirement age will be gradually moved upwards, from the current age of 65 for men and 60 for women.

The government says the move will help Poles build up larger pensions and reduce state spending.

The plans have prompted protests from trade unions and the centre-left.

The 460-member lower house of parliament, the Sejm, passed the measure by 268 to 185 votes, with two abstentions.

Observers say it is almost certain to be endorsed by the upper chamber, the Senate.

The reform envisages that the retirement age will reach 67 for men by 2020, and for women by 2040.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #168  
Old 06-07-2012, 06:33 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,598
Blog Entries: 6
Default

Against the tide....

http://www.telegraph.co.uk/finance/f...ement-age.html

Quote:
Workers who entered employment aged 18 will be able to retire at 60 rather than 62, under the decree agreed at a cabinet meeting on Wednesday.

The decision follows pre-election promises from the new president Francois Hollande to reverse the rise in the retirement age introduced by his predecessor Nicolas Sarkozy in 2010.
They should hand out cigarettes to all in celebration of this announcement.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #169  
Old 06-07-2012, 01:14 PM
Duffer's Avatar
Duffer Duffer is offline
Member
ASPPA COPA
 
Join Date: Feb 2007
Location: Teeing off
Studying for Blues guitar
Posts: 1,493
Default

Quote:
Originally Posted by campbell View Post
Against the tide....

http://www.telegraph.co.uk/finance/f...ement-age.html


They should hand out cigarettes to all in celebration of this announcement.
This was intended as a compassionate compromise in France for those who worked in laborious jobs, so it makes good political sense under the socialists' value system.
__________________
*Humor Disclaimer: Funny or not, some of the above may be intended as humor. No offense is ever intended, but if offended please accept this disclaimer as a blanket apology. If you remain offended, you’re on your own. Ask your doctor if this humor is right for you. Common side effects include forehead slapping, eye rolling, knee pounding, and occasional gastric symptoms. No TARP funds were used for this disclaimer. If you can get cash for this clunker notify me immediately!
Reply With Quote
  #170  
Old 06-07-2012, 01:46 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 84,598
Blog Entries: 6
Default

Quote:
Originally Posted by Duffer View Post
This was intended as a compassionate compromise in France for those who worked in laborious jobs, so it makes good political sense under the socialists' value system.
Ah, will they be using the Greek classification of dangerous jobs, such as hairdressers? They work with chemicals, you know.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
Reply

Tags
pension, retirement, retirement age

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 02:04 PM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.20006 seconds with 10 queries