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
  #531  
Old 06-14-2018, 05:44 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: 82,476
Blog Entries: 6
Default

FIJI

http://fijisun.com.fj/2018/06/09/pol...ent-age-at-55/
Quote:
Poll Favours Civil Servant Retirement Age At 55

Spoiler:
Majority of Fijians want the retirement age for civil servants to remain at 55, the Fiji Sun-Razor weekly poll reveals.

Sixty (60) per cent of those polled said they preferred that civil service retirement age remained at 55.

One thousand people, 500 in the Central Division, 300 in the Western Division and 200 in the Northern Division, were interviewed face to face.

In a major nod to Government’s decision to revert the retirement age of civil servants from 60-years to 55, more people think it should remain at 55.

Of those polled 21 per cent want the retirement age to be increased to 60, while 19 per cent were unsure.

Political parties such as SODELPA, National Federation Party and Unity Fiji have all stated that they intend to increase the retirement age of civil servants to 60 years.

The poll also further reveals that FijiFirst continues to command a good lead over other political opponents, who are trailing far behind.

Of those polled 64 per cent would vote for FijiFirst if elections were held today while 62 per cent say they want to see Prime Minister Voreqe Bainimarama re-elected as Fiji’s Prime Minister.

NFPs Biman Prasad increased his popularity by two per cent. Sitting at 10 per cent he joins the double digit club again after a dismal performance (8 per cent) last week.

Fiji Labour Party’s Aman Ravindra Singh remains on 3 per cent.

It is no surprise that Attorney-General Aiyaz Sayed-Khaiyum’s popularity and running for Deputy Prime Minister continues to increase.

Of Fijians polled 84 per cent think he is most suitable as Deputy Prime Minister of Fiji.

SODELPA MP Niko Nawaikula is emerging as the second popular candidate for the post of Deputy Prime Minister. He was at 11 per cent.

NFP’s Pio Tikoduadua’s popularity continues to decline with only 5 per cent thinking that he would make a suitable number two.


__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #532  
Old 06-14-2018, 05:46 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: 82,476
Blog Entries: 6
Default

this is more about expectations, but.... what?

http://www.wmtw.com/article/millenni...-says/21347881

Quote:
Millennials expect to retire at age 56, study says

Spoiler:
Omaha-based brokerage firm T.D. Ameritrade asked 1,500 millennials, age 21 to 37, when they expect to retire. The respondents, on average, expected to retire at age 56.

That may be wishful thinking for multiple reasons. Currently, the average age of retirement is 63 in the U.S., according to Census figures. But that number has been rising since a low in the 1980s. According to MarketWatch, the retirement age has increased to levels not seen since the 1960s — and it's only expected to get higher.

Advertisement
About half of working households today are at risk of not having "enough" to maintain their living standards in retirement, The Center for Retirement Research at Boston College found.

According to Acorn's Money Matters Report, out of near 2,000 millennials surveyed, 41 percent of them spent more money on coffee than investing in their retirement last year.

The dreary outlook for future retirees is a result of rising health care costs, increased life expectancy (the more years you live, the more money you must save), and a Social Security reserve lacking in funding. Forecasters predict the Social Security reserve to be depleted between 2030 and 2034, according to the Brookings Institute. This may incentivize legislators to raise the full retirement age beyond 66, the age at which it is currently set.

The same T.D. Ameritrade survey-takers also reported having immense debt. Nearly half reported credit card debt, 40 percent said they have car loans and 36 percent are still paying student loans. And buying a house is becoming even more difficult. One study estimated millennials to pay more than double what their parents paid in rent.

According to the survey, the average millennial expects to become completely financially independent from his or her parents by age 25, the same year they secure a job in their chosen field. Five years later, they expect to buy a house.


So, they don't actually expect to be financially independent until age 25... and assume they'll be able to retire at 56? What?

That's more delusional than my buddies during the dot-com boom who thought they'd get to cash out and retire at age 30. I tried telling them $1 million at 30 wasn't all that much.

Anyway, the crash took care of that "problem"
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #533  
Old 06-17-2018, 04:51 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: 82,476
Blog Entries: 6
Default

RUSSIA

https://www.bloomberg.com/news/artic...alue-added-tax

Quote:
World Cup Gives Russia Cover for Unpopular Pension-Age Increase
Government proposes gradual retirement-age increase from 2019
Medvedev also announces plan to raise value-added tax rate

Spoiler:
With Russia gripped by World Cup fever and the national soccer team preparing for the opening game, the government moved ahead with an announcement the public has been dreading for a decade.

The country that has one of the lowest retirement ages in the developed world will next year start to gradually push back the time people will be allowed to leave work, if the cabinet’s proposal is accepted by lawmakers. Prime Minister Dmitry Medvedev said in Moscow on Thursday that a draft bill will be sent to parliament “in the nearest future” so it can be voted on before a summer break -- putting it on track to be adopted before the World Cup ends on July 15.

Russia’s aging population is weighing on the economy and the federal budget, which faces an increasing burden as the labor force shrinks. Calls by some officials over the past decade to raise the retirement age have been met with strong public opposition, even though pensions are low and many choose to continue work during their retirement. The timing of the announcement may help keep the reaction muted this time.

“The chosen moment is good: the start of the summer, minimal social activity and a ban on mass gatherings during the World Cup,” Sergey Aleksashenko, economist who was a central bank deputy chairman in 1995-1998, said on Twitter. “From all the possible options to increase the retirement age, the government has chosen the toughest one.”

‘Live Longer’
Under the proposal, the retirement age for men will rise to 65 from 60 by 2028 and for women to 63 from 55 by 2034, Medvedev said. The move was needed to boost the living standards of pensioners and to balance the labor market, he said. At-birth life expectancy is forecast by the Federal Statistics Service to rise to 74 years for men and to 82 years for women in 2034, when the pension-age increases should be fully imposed.

“People now don’t just live longer, they remain active,” Medvedev said. “Many at this age are full of energy and desire to work, many still have small kids.”

Read More: The Kremlin Thinks Five Years of Retirement is Plenty


As part of a package of budget measures, the government also proposed increasing the value-added tax from 2019. The VAT will rise to 20 percent from 18 percent if the government’s plan is approved. Medvedev suggested to complete a so-called “tax maneuver” in the oil industry over a six-year period starting in 2019. The shift would include abolishing export duties for crude and oil products, and raising a production levy.

All these tax changes should boost economic growth, Medvedev said.

The increase in the retirement age may add 0.5 percentage point to economic growth in the medium-term, according Oleg Kouzmin, an economist at Renaissance Capital in Moscow. Gross domestic product will rise less than 2 percent a year through 2020, according to a Bloomberg survey.

The decisions on raising the pension age and the VAT were made on Thursday because that was when the positions of all interested parties “were agreed on,” Medvedev’s spokeswoman Natalya Timakova said by phone.

The measures, taken together, may be a risk to the living standards of people close to retirement, who won’t have the option of collecting a pension and part-time wages at the same time, according to Natalya Zubarevich, head of regional studies at Moscow’s Independent Institute for Social Policy.

Poverty Effect
“Usually people get a small pension and also a salary -- in Russia a pension is additional income and now it will be gone,” she said by phone. “An increase in VAT is a tax on final consumption and means an acceleration in inflation, so prices for goods will rise, but incomes will be reduced.”

President Vladimir Putin aims to cut poverty by half during his new term, which will run through 2024. More than 19 million people , or 13.2 percent of the population, were recorded as living in poverty in 2017, according to official statistics.

“What is encouraging is that the government is moving ahead with the changes at the time when oil prices are rising, which has taken away the urgency to change the fiscal framework,” said Liza Ermolenko, an economist at Barclays Capital in London. “In the past, the government often opted to delay reforms during periods of high oil prices.”


__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #534  
Old 06-18-2018, 09:32 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: 82,476
Blog Entries: 6
Default

RUSSIA

https://www.express.co.uk/news/world...ease-putin-tax

Quote:
World Cup gives Putin cover for Russia pension-age increase amid protest fears
RUSSIAN President Vladimir Putin’s government has pushed for a bill for an unpopular retirement age increase to go ahead in the wake of the World Cup 2018, amid fears of protest backlash.
Spoiler:
In a hugely unpopular move which has been met with strong public opposition for over a decade, Russian Prime Minister Dmitry Medvedev said in Moscow on Thursday that a draft bill to raise the national pension age will be delivered to parliament “in the nearest future”.

The announcement was made immediately after Russia’s 5-0 victory over Saudi Arabia on Thursday evening.

Sergey Aleksashenko, an economist and a former central bank deputy chairman, thinks the clash with the World Cup may help keep reaction to the announcement muted.

He said on Twitter: “The chosen moment is good: the start of the summer, minimal social activity and a ban on mass gatherings during the World Cup.

“From all the possible options to increase the retirement age, the government has chosen the toughest one.”

The Russian government approved and submitted a draft law raising the retirement age to the State Duma, and is pushing for the bill to be voted to be adopted before the end of the World Cup on July 15.

Mr Medvedev signed the bill and proposed the retirement age should rise from 55 to 63 for women, and from 60 to 65 by 2034, according to a report from the government’s press service.

The Russian prime minister said: “The bill "proposes to introduce a sufficiently long transition period - to start from 2019 to gradually reach retirement age of 65 for men in 2028 and 63 years for women in 2034."

But the Russian government is considering “mitigating parameters of the reform” due to fears of protests, Russian newspaper Vedomosti reported.

According to the newspaper, Russia’s Internal Policy Department is gathering information about people’s reactions to the proposal from around the country, and is discussing ways to “minimise negative reaction”.

And authorities are considering amending and “softening” the proposals “depending on the severity of the reaction”, a government source claimed.

The source said: “The Presidential administration will now analyse how the bill will be perceived. It will be softened if there is a hugely negative reaction.

“If there is none however, they will then leave it as it is.”

world cup 2018 russia retirement age putin GETTY

The announcement was made immediately after Russia's 5-0 win
Russia world cup 2018 putin retirement ageGETTY

A recent opinion poll published by state media revealed that 92 percent of Russians are opposed to p
A recent opinion poll published by state media revealed that 92 percent of Russians are opposed to pension reform.

Russia has one of the lowest retirement ages in the developed world.

Mr Medvedev said retirement in Russia is currently “set in the middle of last century”, and that the move is needed to raise the living standards of pensioners and to balance the labour market.

He said: “We have been preparing for raising the retirement age for a long time, and we have approached this just now because conditions have been created to solve the task of increasing life expectancy within the framework of the 80+ program.“

The Russian government has also proposed to increase VAT to 20 percent from 18 percent, as part of a package of budget measures to boost economic growth.


__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #535  
Old 06-19-2018, 11:44 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: 82,476
Blog Entries: 6
Default

Quote:
Originally Posted by Numbers Nerd View Post
The Russian article should be in the innumeracy thread. To equate a life expectancy (at birth) of 70 to a five-year expected retirement is just wrong.
You think that one is bad?

Check out this horrible headline

http://www.newsweek.com/russia-propo...ectancy-980448

Quote:
RETIRE NEVER? RUSSIA SETS AGE OF RETIREMENT AFTER DEATH

Spoiler:
Dmitry Medvedev, the Russian Prime minister, announced Thursday a proposal that the Russian state pension age be raised for men from 60 to 65 by 2028 and for women from 55 to 63 by 2034.

The life expectancy for men at birth in Russia is 65.3 while for women it’s 77.1 according to 2017 data from the CIA World Factbook. Dmitry Peskov, a press secretary for Russian President Vladimir Putin told Interfax, “In the Russian Federation, there have been changes both in terms of demography and from the point of view of the level of economic development, changes in the international state of affairs. No country exists in a vacuum.”

Peskov added that changes in this area haven’t been made in “a fairly long period and during this period changes in any country are possible.”

The Russian government was criticized by citizens for trying to bury the announcement while people were distracted with the 2018 World Cup which the country is hosting. “While everyone was busy with the opening of the World Cup 2018, Medvedev announced the pension age in Russia should be increased,” one Russian citizen tweeted. “I remind you: 43% of males in Russia will not live until their retirement age!” he said in reference to data from The World Bank.

Recommended Slideshows
00
51
In Pictures: The 50 Most Powerful Military Forces in the World
World Press Photo Collage
61
Every World Press Photo Winner Ever: 60 Images That Define Our World
00 coffee
51
The World's Most Expensive Cities for a Cup of Coffee
976804928
President Wladimir Putin of Russia looks on prior to the 2018 FIFA World Cup Russia group A match between Russia and Saudi Arabia at Luzhniki Stadium on June 14, 2018 in Moscow, Russia.
TF-IMAGES/GETTY IMAGES

"Why do you need a pension if you won't live to see it?" another Russian citizen tweeted.

Medvedev has pushed back on criticism of the raise in age as a practical measure. “People these days not only live longer, they stay active longer too. A retirement-age person 30 years ago and today are simply different people,” he said in a cabinet session according to The Moscow Times. “Many in this age are full of strength and the desire to work.”

Keep Up With This Story And More By Subscribing Now
ADVERTISEMENT




He added, “We have long prepared for a higher retirement age and have only reached this point now.”

975072246
Russian President Vladimir Putin speaks during the opening ceremony prior to the 2018 FIFA World Cup Russia Group A match between Russia and Saudi Arabia at Luzhniki Stadium on June 14, 2018 in Moscow, Russia.
POOL/GETTY IMAGES

Aleksei Kudrin, the former Russian Finance Minister was appointed chairman of the Audit Chamber last month in a move that was seen by many as an indication changes were coming to pensions.

"The pension reforms' necessity has been obvious for a long time,” Kudrin said in a tweet after the changes were proposed. “At last, the decision is made. That decision is very profitable for citizens, it will allow to increase pensions.”


__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #536  
Old 06-21-2018, 07:14 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: 82,476
Blog Entries: 6
Default

Did a post on the Russian retirement age stuff:
http://stump.marypat.org/article/101...actuary-splain
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #537  
Old 06-21-2018, 07:14 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: 82,476
Blog Entries: 6
Default

Here's a new graph:

Spoiler:


__________________
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 02:08 AM.


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 0.14561 seconds with 12 queries