Saturday, June 23, 2012

Pensions Under Stress Worldwide

It's not just the US--pensions are in trouble everywhere--

Pensions Under Stress, Worldwide - ". . . Because of the financial crisis, as well as the aging of the populations in many of the 34 O.E.C.D. countries, public pension funds are under intense stress. Many countries have changed the terms of their pension systems, including increasing the full retirement age, cutting benefits and giving people more incentives to work longer. Half of the O.E.C.D. countries, for example, will raise the full retirement age to 67 in the medium term, or have already done so. From September 2007 to February 2012, the report notes, most of the O.E.C.D. countries carried out changes in their pension systems, although the United States, along with Iceland, the Netherlands, New Zealand and Slovenia, introduced only minor changes. Luxembourg was the only country to make no changes in its pension system. . . .. the report noted that because of coming changes, “today’s retirees are living through what might prove to have been a golden age for pensions and pensioners.”"

In other words, pensions are "dinosaurs." Get over it!


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