Op amp gain equation investing for retirement
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The interaction of mortality and disability improvements create the greatest changes in future aged care costs. Whether Australia falls into a 'dynamic equilibrium' or a 'compression of morbidity' is an important concern for policymakers, and future research is needed in analysing disability experience for older Australians. Her research interests lie within population ageing, focused on financing future aged care costs. In addition to her study, she is also a Casual Academic Senior Tutor for the School of Economics and has been involved in course development and innovative assessments.
Abstract: Residential aged care providers must attract a significant and continuous stream of equity and debt, build new facilities, and refurbish old facilities to meet consumer demand and provide quality care. Refundable accommodation deposits RADs play a crucial role in the capital funding of these facilities. This study examines the advantages and risks associated with RADs based on stakeholder views. We explored how government policy could mitigate risks associated with a significant reduction in RADs resulting from shifting consumer preference toward Daily Accommodation Payments DAPs.
We used a qualitative approach to understand the perspectives of aged care sector stakeholders including providers, bankers, valuers, and peak groups. We conducted focus group discussions with 23 providers and interviewed 14 key stakeholders, asking about the use of RADs, the impact of a fall in RADs and alternatives in capital financing. We conducted thematic analysis to code transcripts and identify key themes.
The consensus is that RADs encourage and facilitate capital investment in aged care facilities. They also allow banks to offer cheaper interest rates and greater amount of commercial debt to a larger range of providers. They also create a more volatile capital structure, and any sustained outflow would reduce liquidity for providers.
Possible direct interventions targeting providers include more capital grants, guaranteeing commercial debt by banks, establishing a government loan facility as recommended by the Aged Care Royal Commission. Indirect interventions include attracting more real estate investment trusts or commercial debt into the sector, although this would necessitate a substantial increase in provider returns. Megan has experience in applied economic research in healthcare and aged care, with particular focus on working with longitudinal linkage datasets, conducting surveys, and using qualitative methodologies.
Abstract: Deciding how to pay for accommodation when entering residential aged care in Australia is complex. Many older Australians and their informal carers lack financial literacy, which increases the likelihood of making suboptimal accommodation payment decisions. This may be exacerbated by cognitive decline. Our study examines how the financial literacy of informal carers impacts accommodation payment decisions made by Australians when entering residential aged care.
It draws on an Australia wide survey to measure financial literacy among informal carers who helped residents make their accommodation payment decision. We used a set of regressions to estimate the relationship between the respondent characteristics and financial literacy, financial literacy and financial adviser use, and financial literacy and accommodation payment decision confidence, complexity, and stress.
We found less than half of respondents were financially literate. Many exhibited underconfidence in their financial literacy, while others were overconfident. Both may lead to sub-optimal accommodation payment decisions. We found aged care providers had a greater impact on using a financial adviser than financial literacy, suggesting a principal-agent relationship exists.
Our results suggest higher financial literacy may reduce some decision complexity but its relationship with decision confidence was weak and its relationship with decision stress was not significant. These relationships were moderated by the perceived time available to decide on an accommodation payment.
Increasing financial literacy is unlikely to significantly help people make a better accommodation payment decision. Increasing access to financial advice may reduce the likelihood of making sub-optimal decisions, but limited trust and anxiety with using a financial adviser means there is no guarantee that people would use this service. Making the accommodation payment choice simpler may increase welfare by reducing the potential to make a suboptimal accommodation payment decision and reducing decision stress.
His career is focused on enhancing health and aged care policy decisions to improve social welfare. He has led or significantly contributed to over health economic research projects funded by Australian and state governments, multinational health care organisations, large not-for-profit organisations and competitive academic grants. He worked as a senior economic consultant the Centre for International Economics for five years, undertaking microeconomic evaluation of agriculture, international trade and investment, utility regulation and natural resources.
He also spent eight years in the debt, equity and derivative markets, both in Australia and the UK. Abstract: The goal of our paper is to describe and evaluate early pension withdrawals in Chile, , during the COVID pandemic. Similar early access has been permitted in several other countries e.
Chile has a three-pillar pension system. The largest component of this system is a mandatory funded defined contribution DC scheme, launched in These are for-profit and single-purpose private firms, in charge of collecting contributions, keeping records of individual accounts, investing funds, and paying some benefits, such as disability and old-age pensions. There is also a solidarity pillar provided by the government, aimed at providing non-contributory pensions for qualifying individuals.
Finally, there is a voluntary savings pillar aimed at increasing self-financed pension; this pillar can include state-matched incentives and tax subsidies for members. Moreover, reported job losses have been higher for women. Overall, the economic impact has been especially hard on women and low- and middle-income households. Amidst these developments, there have been several governmental efforts to support households.
These include: cash transfers, job retention schemes, increased unemployment insurance UI benefits, along with less requirements to receive UI benefits. According to IMF , the resources devoted to these measures have equaled Despite this stimulus, pressure grew to allow Chilean pension participants to gain early access to their traditionally illiquid pension funds.
With practically unanimous support from legislators, withdrawal was made on a voluntary basis, up to one year after its approval. Moreover, access was unconditional, without requirements or restrictions. For the first two rounds, only active affiliates and pensioners were allowed to tap their savings, while annuitants were also included in the 3rd withdrawal.
As we will show in our analysis, most members of the system have decided to withdraw their funds. View paper. One of the concerns with a traditional lifetime annuity is that the guaranteed income can only be delivered with underlying fixed interest investments. A potential alternative is to access growth markets, but without a fixed guarantee on the income level. An alternative proposed by Dunsford 1 is to create an annuity on investment units and provide income by selling units.
However, this is not necessarily easy to administer. This paper discusses an alternative approach, called a market-linked annuity, that grows income in line with an underlying market index or combination of indices. Investment Linked Lifetime Annuity. As Senior Manager, Retirement Solutions at Challenger she manages retirement models that allow for decision making in light of uncertainty and risk, assisting with product and solution research and design, and the development of tools for institutions, financial advisers and retirees.
In this role, he is responsible for the development and dissemination of research on investment and portfolio construction strategies to deliver an appropriate income stream to retirees. In his previous roles Aaron has been responsible for the evaluation and strategic development of investment capability; portfolio management, asset allocation strategy; and an economic analysis across his career.
He was previously a member of the advisory committee to first after-tax return performance index for the Australian equity market. Abstract: In response to the COVID pandemic, many governments around the world introduced policies aiming to provide citizens with financial relief through early access to their retirement savings. Using data provided by a large Australian bank, we examine the characteristics of the individuals who withdrew, how they used the withdrawn funds, and what impact this had on their financial wellbeing.
We find that, for the most part, the scheme achieved its intended goal; it was accessed by individuals in poorer financial circumstances and helped them to pay down high-interest debts and avoid arrears. However, our results also suggest that some individuals may have used their withdrawn funds on discretionary purchases, contrary to the scheme's intended purpose.
Based on our findings, we consider the implications for governments looking to implement similar policies in the future, as well as the opportunities to support individuals who have already withdrawn from their retirement savings. His research interest lies in household financial decision-making - particularly how individuals make these decisions when faced with uncertainty. His work involves a combination of research and applied projects that aim to improve the financial wellbeing of the bank's customers and Australians more broadly.
Abstract: The COVID induced market crash in March saw a significant increase in members making an investment switch decision within their superannuation balance. This research is undertaken by researchers from ANU and Aware Super which is a large Australian superannuation fund to better understand how members made those investment switch decisions during the March market crash. Using data from Aware Super, we are studying the characteristics of members who make an investment switch in their superannuation fund balance.
William completed his Bachelor of Actuarial Studies Hons at ANU in , with a research paper on calculating mortality and morbidity rates for the elderly. In , he started a PhD program with research aims at personal retirement planning.
Abstract: This study evaluates the incidence of taxation of industry superannuation funds in their pursuit of maximising after tax returns to members in the context of fund efficiency. The Cooper Review and Productivity Commission Review highlight the need for efficiency, specifically to eliminate excessive costs Cooper et al. Accordingly, this paper evaluates the largest explicit cost to the fund— tax as highlighted by the Cooper Review and Productivity Commission, who both raise concerns about the management of taxes within the superannuation system.
Interestingly, analysis of tax has not yet been rigorously pursued Cooper et al. This study aims to build upon Mackenzie and McKerchar and develop a framework of Tax Aware Investment Management TAIM activities employed by superannuation funds to manage tax effectively, which will enable more focused research into the tax aware investment strategies of superannuation funds.
This study employs multivariate analysis on a sample of 60 fund-year observations over the period to , to understand whether industry superannuation funds are effectively managing taxation for the benefit of members. The expected findings from this study should provide empirical evidence that suggest that funds that employ Tax Aware Investment Management TAIM a better able to manage tax effectively.
To accomplish this task, he became a member of 30 superannuation funds to gain access to unabridged audited financial statements. During this quest, he shone light on the lack of transparency in the superannuation system and championed the dissemination of financial documentation and reports.
In addition, Thulaisi facilitates postgraduate and undergraduate accounting and business analytics seminars. His approach aims to empower students with the skills and knowledge to succeed both academically and professionally. To achieve this, he draws upon his extensive corporate experience as a Chartered Accountant, working in the recovery, turnaround and business advisory industry during the global financial crisis GFC.
This gave him the opportunity to engage with diverse clientele in retail, hospitality, finance, health and real estate industries during a period of strong economic headwinds and uncertainty. The performance test and the objective of managing in member best interests are not perfectly aligned.
The test focuses on implementation performance, a measure of performance relative to a fund-tailored benchmark of 16 market indices. Member best interests considers total investment outcomes and is risk cognisant. As super funds integrate the YFYS performance test into their investment governance framework and practices, the trade-offs will become more apparent.
This paper considers the pathway forward for super funds. How do they maximise member outcomes in the presence of the performance test? To address this we explore the alignment between managing portfolios to pass the performance test and maximise member outcomes. We detail how various asset categories experience differential assessment.
This leads us to provide a roadmap to assist super funds determine their investment strategy. It considers the alignment issues, techniques for managing risk, implementation, and regulatory reporting. It accounts for contemporary practices such as the total portfolio approach. Our conclusion is that performance test risk is likely to be effectively managed to the point that it becomes a non-issue for sophisticated funds in the future.
Loss of portfolio flexibility will depend on the aggressiveness of the reporting approach adopted by funds. This has flow-on effects to the broader investment management community. David is an active researcher in the areas of retirement, superannuation, investment management, and governance.
David strives to link industry, academia and policy. View Paper. Abstract: The Annuity Puzzle is that lifetime annuities are not utilized in retirement as often as might be expected. On closer examination, none of these are found to adequately explain the puzzle, so the accepted view has come to be that a considerable proportion is due to behavioural biases and misunderstandings.
Overcoming behavioural biases and misunderstandings is likely to require a significant advances in the provision of financial advice. The tension between ensuring that advice is both appropriate and affordable is widely recognised, with the current focus in Australia being on simplification and financial technology.
On the other hand, supply side limitations to alternative products have barely been explored; particularly the possibility that it too is due to behavioural biases and misunderstandings. There is evidence of general resistance to change that could be explained by the interests of trustees and advisors to increase the size of their funds under management, and fees. The paper concludes by identifying challenges to trustees, advisors, regulators and academics. His working life has been divided between university teaching and a variety of professional roles including Chief Actuary of a life insurer, consultant actuary to a range of companies and governments, and with APRA.
He is currently a member of the Council of the Actuaries Institute and the Retirement Strategy Group, and Convenor of the Retirement Incomes Working Group, which is working on the design of post retirement products and advice. He is well known in the profession for his interest in ethics in professional life, particularly the social impact of actuarial work. Optimising the Structure of the Superannuation System. Since the introduction of mandatory superannuation in , Australians have typically retired with stronger financial outcomes than those who have preceded them.
Despite these strong and improving outcomes, domestic commentary on the sector is often negative and focuses on the ways the system needs change to avoid failing consumers. In response, this paper analyses current system dynamics to establish whether structural change in the system would deliver improved member outcomes. Extension of this framework to the range of alternative models that have been put forward by industry commentators provides a fact base to help establish whether the current model is a bad egg or an undervalued golden goose.
Richard Dunn joined Deloitte in May of following the acquisition of the Rice Warner consulting business where he had worked since Richard applies his experience to the wealth management sector to:. During this study Richard specialised in Investment Management and Finance and was subsequently awarded two Andrew Prescott Prizes for the highest performance in each examined course. Michael Rice specialises in providing strategic advice to the superannuation industry.
At Rice Warner, Michael contributed to public policy work, which included submissions to government inquiries and research. He has undertaken pioneering research into Age Pension dependency and trends. He has a keen interest in the integration of social security and superannuation, as well as measuring the adequacy of retirement incomes. Michael has had several industry roles over the years, including being:. He is a former member of its Public Policy Council Committee from and was awarded Actuary of the Year for Alun has extensive experience in wholesale and retail markets and has managed and provided advice on product design and pricing, related systems development, marketing, advertising and distribution both direct and via advisors.
He has also had significant involvement in developing and implementing corporate strategy including restructurings, mergers and acquisitions. This includes personal experience of mergers as a director of his own company which he acquired via an MBO and ultimately listed via a merger and as a director of NM Health HBA and Mutual Community which explored a number of mergers with not-for-profit health funds.
His wealth management experience includes life insurance, health insurance, superannuation, funds management, master funds, lending and distribution. He also has experience of the equity and derivatives markets as a broker. Abstract: How to increase superannuation engagement amongst young members? How to design a better approach to provide retirement saving and investment information to help super fund members make better decisions? What are the material environmental, social and governance risks and opportunities an long-term asset owner, like superannuation funds, should be considering when making investment decisions?
Though academics, policymakers and industry have mounted massive effort to address these ongoing issues, young people, as key stakeholders, are typically not engaged in developing solutions to these most pressing challenges in their tomorrows.
Can we inspire young people to be part of this process, to own the problems, and to unleash their creativity and innovation to come up with actionable ideas? It introduces students to industry projects as part of their coursework. Industry partners develop project tasks that reflect contemporary challenges and then engage with student project teams through the term. This provides our students with unique opportunities to learn, engage with industry, and contribute to the solutions to real-world retirement challenges.
Our students have impressed us with a range of exciting and innovative solutions, which provides industry partners with fresh perspectives and creative ideas. Our Sandbox collaboration experience shows that we can inspire talented young minds to play an important role in co-creating solutions to the pressing retirement challenges through partnering with industry. Kevin is a multi-award-winning educator who is committed to empowering students by developing inspirational learning experiences through the integration of a career-focused educational approach and innovative educational technologies.
Kevin co-directs the Sandbox Education Program. He pioneered the StoryWall Formative Assessment Model, which has been adopted in over 25 courses at UNSW Business School to engages students as partners in co-creating authentic learning experiences and active online learning communities. Kevin is also a regular contributor to superannuation policy discussions, and his research is cited by major public reviews and inquiries.
Responses to Increases in the Superannuation Preservation Age. The literature to date has primarily paid attention on preferential tax treatment and very little work has been done to understand the impact of illiquidity and how it influences individual decisions in contributions, draw-downs and employment.
Understanding these implications is very important for the debate of whether the access age should increase against a backdrop of increases in life expectancy, as has been the case with public pensions OECD We aim to address this gap in the literature by studying increases of the Australian superannuation preservation age from 55 to 60 through stepwise increases that were announced in and began in July We begin with a lifecycle model that highlights the trade-off between saving for retirement through pension contributions and more liquid forms of savings, and the constraints that forced savings have on consumption and asset allocation.
Our initial analysis suggest that the effects of superannuation preservation access age increases have a small negative impact on superannuation contributions and little impact on employment, and such as the changes have a positive impact on balance accumulation as intended by the policy makers. Further analysis will tease out the extent to which the changes differ across sub-groups of population and link with the testable theoretical predictions.
He has also produced the Australian income component of the World Inequality Database since Abstract: The labor supply of older men increased from the s to the s cohort. I estimate a structural model that fits the participation and hours worked by the s cohort well. The observed policy changes in normal retirement age, the earnings test, and delayed retirement credits explain Additional policy experiments suggest that postponing retire- ment age have little effect on older workers, while eliminating the earnings test and reducing retirement benefits would further increase older age participation by 3.
Zhixiu Yu is a Ph. Her research focuses on labor, health, gender, and public economics. She is particularly interested in how the public insurance programs interact with the labor supply, savings, human capital formation, and welfare of their intended beneficiaries throughout the lifecycle. Her research combines rigorous macro models, rich microdata, and large-scale simulations to explore important problems at the interaction of public policy and individual behaviors in the United States.
She will be on the job market during the academic year. Abstract: The fiscal challenges owing to the pandemic, natural disasters, low population growth and an ageing population means that Australia faces decades of debt and deificit. Given this context, we examine the extent to which the Australian government could finance its pension and other expenditures, and its debt through changes to the tax system.
Using a dynamic general equilibrium overlapping generations model with skill heterogeneity and uninsurable labor productivity risk, we simulate various changes to the tax system to estimate Laffer curves of tax revenue against tax rates and other tax parameters. Our focus is on the peak of the Laffer curves beyond which further changes lead to declining revenues fiscal limit ; and the maximum potential revenue at the peak compared to the status quo fiscal space.
Specifically, we analyse changes to the progressivity and scale of the income tax system, consumption tax rates and company income tax rates. Of these taxes, a flat income tax system has the potential to raise the most revenue.
His research focusses on fiscal policy and how it affects economic efficiency, social welfare, and inequality over the life cycle. It also is widely used by financial planners, funds and government agencies. It reflects evolving community expectations and spending habits needed to maintain health, vitality, and connection in retirement.
The ASFA Retirement Standard benchmarks the minimum annual cost of a comfortable or modest standard of living in retirement for singles and couples aged around 67, is reviewed regularly and updated quarterly in line with inflation.
There also are revisions every five years or so in order to reflect changing living standards and consumption patterns in the Australian community. ASFA also creates annual retirement budgets for Australians aged around These have less expenditure on leisure activities and transport and more on health care related items. A few commentators, who can be loosely described as being anti retirement income, have been critical of the ASFA Retirement Standard budgets.
In this role he has been responsible for preparation of research papers across a range of superannuation and retirement income issues, including adequacy of retirement income and the structure of the Australian retirement income system. He was responsible, amongst other things, for the development of the ASFA Retirement Standard, which is now very commonly used.
He has contributed papers at nearly all of the Colloquiums of Superannuation Researchers that have been held, including the last 25 or so in a row, which must be a record for the Colloquium. Abstract: In response to the Financial System Inquiry, the Government defined that the objective of the superannuation system was to provide income in retirement to substitute or supplement the Age Pension. At this time retirement product options available to members were unfortunately limited.
Legislation has since evolved to allow for a new retirement product category called Innovative Retirement Income Streams which is effectively a cross between an Annuity and an Account Based Pension. While it is acknowledged that it is a new product and experience is still evolving, there are some key insights that have been observed since inception. Kathryn has been part of the Asset Liability Management team within the Investments division at QSuper for eight years.
The demographics and transactional behaviours of members and relevant information from the industry e. Commencing this year, Kathryn became responsible for monitoring and maintaining the solvency of QSuper latest retirement product offering, Lifetime Pension. Abstract: The Australian superannuation system is one of the largest and most sophisticated in the world.
But despite the maturity and scale of the system, development of solutions in the retirement phase of superannuation in the last two decades has been lacking. More recently, the commercial opportunity combined with guidance on future obligations of trustees of super funds has led to the development of several retirement income products in the Australian market.
In this paper we outline the thinking behind one of the recently launch retirement products, Magellan FuturePay. It utilises several new, and not so new investment technologies — pooling; mutualisation of risk; risk management through reserving; active exchange trade funds; and the ability to trade the same asset on- and off- exchange.
We describe how these technologies come together in a single product, and how they can work together to improve outcomes in retirement. Before that, Paddy worked for 16 years at BlackRock. From to , Paddy was based in New York where he led a team building quantitative models for global equities and worked as a lead strategist for active equities. Between and , Paddy was the head of portfolio management for Australian equities based in Sydney, overseeing index, active and long-short funds.
Between and , Paddy was a portfolio manager and trader in a team responsible for multi-asset portfolios. Abstract: Recent work has established that the gradient of life expectancy with respect to wealth is large and widening Chetty et al. We make three contributions to build on that result. First, the additional years are in healthy, disability-free years, indicating substantial utility gains for the wealthy.
Second, the return to wealth in achieving these healthy years is increasing over two recent decades for all but the poorest quartile. Third, the additional years lived by the wealthy result in more years of work and the most work-free years , exacerbating wealth inequality. The subjective expectations of individuals appear misaligned with the empirical findings, with the least wealthy reporting excessive optimism about life expectancy gains.
Tyler aims to focus his research on social insurance, behavioral insurance, longevity risk management, health insurance, and the economics of retirement. Furthermore, as the Merton C. Abstract: Mortality models that capture heterogeneity are becoming increasingly important in pricing actuarial products. This is pertinent given the vast amounts of individual level data that provide additional information on health status, socio-economic circumstances and financial wellbeing over time.
There is not much work in the actuarial literature on the objective determination of mortality risk profiles using individual level data. We apply an unsupervised k-means 3D algorithm to jointly cluster body mass index BMI and self-reported health trajectories.
The mortality odds are 0. They are 0. As such, the estimated predicted probabilities of death are consistently highest in the normal, stable BMI and declining fair health cluster at different ages for both males and females. Consequently, the different annuity prices for the clusters demonstrate that accounting for heterogeneity can lead to fairer pricing and potentially greater demand for annuity products. Before her doctoral studies, she worked as an actuarial consultant and biomedical engineering researcher.
Her research interests include mortality modelling using multiple health and socio-economic risk factors, cause of death mortality modelling, long term care, predictive models and survival analysis. Most of her work involves unsupervised learning and individual level longitudinal data.
Abstract: We design a pooled health care annuity product that allows sharing mortality risk according to individuals functional disability and health statuses in the presence of systematic trends and uncertainties. In particular, we apply the model proposed in Sherris and Wei , which considers both functional disability and health status to estimate the transition rates. We illustrate the importance of pooling mortality risk on heterogeneous individuals by quantifying the annuity payments for each state and as individuals move to different states.
Our results suggest that pooling enhance the annuity payments for those in worse conditions such as disability and chronic illness due to mortality and morbidity credits. Individuals moving into the dependent state have a higher death probability than people staying in the healthy state; hence mortality credits in a pooled health care fund account increase, and the payments in dependency and chronic illness naturally increase.
Finally, we incorporate equity into our pooled health care annuity product and compare the benefits with a standard life care annuity. Compared to the standard products, a pooled health care annuity product with equity significantly reduces charges, leaves the risks to the pool members while providing enhanced benefits. She researches on retirement income pension products designing, longevity risk and risk management strategies.
Her research interest covers a wide range of topics, including population ageing, mortality modelling, pension products, health insurance markets, computational finance, petroleum and energy economics. Abstract: Understanding member risk preferences is vital in the design of superannuation investment options. The current industry use of simple risk tolerance questionnaires makes it difficult to measure member risk preferences accurately.
This research is undertaken collaboratively by researchers from the University of Sydney and Aware Super a large superannuation fund to elicit, measure and anlayse risk preferences of superannuation fund members. Our contributions to the literature are two-fold: first, to our knowledge, this is the first paper that compares three common methods to measure risk attitudes: hypothetical income questions, a simulator task and self-reported risk attitude.
We compare and contrast the three measures in the context of financial asset allocation in superannuation. Our preliminary findings show that, despite significant market volatility during COVID, the average member risk aversion decreased. We investigate several possible theoretical and behavioural reasons for this change in risk aversion and examine the power of the risk measures to predict member investment selection and switching decisions during COVID Her research, undertaken collaboratively by researchers from the University of Sydney and Aware Super, focuses on the power of risk aversion measures to predict superannuation investment selection and switching decisions during COVID Abstract: Recent research shows that the presentation format of wealth — as a lump sum or an equivalent income stream - changes consumer satisfaction and related financial behaviour Goldstein, Hershfield, and Benartzi We examine a similar presentation effect for debt rather than wealth, specifically, consumer satisfaction with home-loan choices.
With randomised control experiments, we investigate the effect of lump sum framing on the psychological comfort level and perceived repayment burden of participants. We also explore the impact of using mortgage brokers, participant financial literacy, risk tolerance and patience on comfort level using OLS and instrumental variables. In addition, we investigate the characteristics of participants who have, or intend to, use mortgage brokers.
Our preliminary results show that, given a mortgage debt size, lump sum framing significantly reduces participant comfort with the loan but does not alter their willingness to change the debt size. All else equal, the use of brokers is associated with a higher comfort level with mortgage debt.
He conducts empirical research on personal finance and financial regulation using a wide range of data sets such as experimental data and statutory filings. His other research studies the regulation of insurance contract language and prices. Before moving to Sydney, Junhao received a Ph. Prior to that, he studied mathematics and statistics at the University of Hong Kong and the University of Cambridge and worked in actuarial consulting in Shanghai, China. Abstract: The life-cycle hypothesis and modern portfolio theory are often used as normative mathematical frameworks to optimise household saving behaviour and asset-allocation decisions related to retirement saving.
Although the Age Pension is not strictly an 'asset', including future eligible Age Pension payments in the retirement portfolio highlights significant differences in optimal savings and asset-allocations for the rational Australian household. Specifically, many households should adopt riskier portfolios, which are effectively hedged against future Age Pension payments, while consuming more income during working years and saving less than the existing superannuation guarantee.
This research is particularly relevant to retirement policymakers as it sheds light on household-level disincentives to save for retirement or take on conservative investments. This research is also relevant to financial advisers, who might recommend certain clients save less and take more risk as a rational utility-maximising strategy.
His thesis focuses on the financial wellbeing of young adult households across four areas. Thomas's research interests are personal finance and financial planning, financial technology, and intergenerational equity. While some of these changes are well-thought-through decisions, many others are likely to lead to worse member outcomes in the long term. This research uses a large-scale survey to study how superannuation fund members respond to market volatility by adjusting their investment options and voluntary contributions.
The results will also inform crisis response policies. She joined the Centre in October Inka is interested in the interface between individual behaviour and pension systems. She uses field experiments and online surveys to research the effectiveness of pension communication on savings and investment behavior. The aim of her research is to improve communication and to enable consumers to make better choices. Shang joined Aware Super in August and in this time has focused on retirement strategy research including the development of retirement solution for the fund.
He is also responsible for member outcomes modelling and research collaboration between the fund and academia. Shang has over 9 years of experience in retirement income research. His academic research focuses on financial decision making in retirement. He has published several papers in leading international economic journals. Additionally, the study utilises a multiple regression framework to identify cohort account characteristics and specific transactions cash-flows that impact on investment returns achieved.
Higher opening account balances, not paying insurance premiums, and more frequent contributions, have a positive effect on personal rates of return. Being female, paying insurance premiums, having a higher salary, receiving less frequent SGC, and Hardship payments, have a negative effect on personal rates of return.
Transparency and member best interest reporting support the inclusion of the individual member money-weighted personal rate of return in member statements and fund communications by cohort. Abstract: Superannuation is of growing importance to the future economic stability of Australia.
Given the importance of superannuation to national savings and the retirement income of the population, understanding the different groups involved and how their interests are represented is of upmost importance. Drawing on lobbying participation and influence research, this paper explores the Parliamentary inquiry into superannuation guarantee non-compliance using interpretive content analysis.
We identify most submissions are used to lobby the committee to take actions that serve their self-interests of the submitter. Overall, we identify the final recommendations serve the public interest; however the process has the potential to be influenced by superannuation funds.
Her current research is motivated by the — Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which revealed a fees scandal where superannuation funds were making profits while disregarding the interests of members. Abstract: The contemporary wisdom amongst financial investment strategists, is that timing the market creates significant risks, and that maintaining a strategic investment strategy over multiple market periods, is the preferred option.
The proof is provided in terms of average investment returns over differing time periods. However, as Superannuation Funds move to outlows, is this thinking still appropriate. We start off by noting that investor cashflows affect the dollar outcomes under different scenarios, even with precisely the same percentage investment return sequence.
We then demonstrate that a lower volatility investment strategy can provide better dollar outcomes in a negative cashflow fund, even with the same or lower percentage investment return. Lastly we note that outdlows are time sensitive, and downside protection, whether passive, or in investment strategy tilts, is a necessary tool to maximise investor outcomes.
In order to support such investment strategy tilts, we propose a machine learning system within a governance structure, and demonstrate its development and successes to date. Abstract: Population aging causes growing needs for long-term care, especially for older women. At the same time, most informal caregivers are female.
Given the observed benefits of gender matches in health care and education settings, this paper investigates the impact of the gender match effect on health and long-term care outcomes at older ages. Using data from the wave of the Chinese Longitudinal Healthy Longevity Survey, we find that disabled older adults who receive informal care from caregivers of the same gender are more likely to receive adequate long-term care and enjoy better self-reported health compared to those who receive informal care from caregivers of the opposite gender.
Our results suggest that the health of older male Chinese could be improved if they received more informal care from male caregivers. Long-term care policies should encourage sons to care for fathers and provide advice and support for male caregivers. She is an applied microeconomist with broad empirical interests focusing on Health Economics, Public Economics, and Labor Economics.
She is also working on projects investigating the relationship between measures of labor supply flexibility and portfolio-choice decisions. Yuanyuan received her Ph. Abstract: We conduct an online survey to a sample of 1, urban Chinese of retirement age to elicit and analyse preferences for retirement insurance products including longevity, health and long-term care insurance products in the wake of the COVID outbreak.
We designed a sequence of choice tasks to elicit the preferred allocation of retirement financial assets across a savings account, a life annuity, critical illness insurance and long-term care insurance and the extent to which access to retirement insurance products would lead people to release precautionary savings for longevity insurance.
Our survey also collected comprehensive data on personal preferences, financial competence, demographics and socioeconomic indicators as well as variables measuring the effects of COVID on personal finance, mental stress, and risk-taking behaviours. However, we find considerable variation in portfolio composition by personal characteristics. Findings inform the development of retirement products in China and other developing economies facing population ageing and incomplete insurance markets.
Abstract: How does low fertility associate with lower income? This paper seeks an answer for this seeming extraordinariness in the effects of potential market failures on fertility and education. Relying on the assumption that parents and children are linked through two-sided altruism, I present a simple life-cycle model of endogenous fertility, education investment, and intergenerational transfer.
Two specific market frictions are taken into consideration, including i the borrowing constraint, which is simplified to the no-loan situation; and ii the property rights constraint, the limited right of parents to claim over kids' resources. Utilizing the model, I show that while sufficiently high-income families are not affected by the constraints, lower-income families are more likely to face either restriction, which significantly dampens both fertility and education to inefficiently low levels.
The property rights constraint tends to exert a dominant impact but does not always obscure the borrowing constraint. The results provide an insightful policy implication for developing countries where pension plan and credit access are absent.
Trang Le is a Ph. Her expertise includes modeling and estimating the model with a large dataset from Indonesia and Vietnam. Abstract: This paper investigates the causal impact of the universal social pension Old-Age Allowance, OAA introduced in Thailand in on the consumption and the labor supply responses of recipients and their spouses. The empirical results obtained by Difference-in-Difference and Fuzzy Regression Discontinuity Design show that OAA does not generate significant impacts on household poverty status or expenditures but receiving OAA has a significant negative impact on beneficiaries' own labor supply decision.
When a spouse receives a pension, both men and women are more likely to stop working and become inactive. Taken together, the findings suggest that a full understanding of the labor supply responses to pension income should be conducted at the household or family level.
He is an applied labor economist by training and has led or worked on several World Bank lending operations and analytical work in both East Asia and Africa. His research interests include migration and the left-behinds, aging and elderly care. Yang received his Ph. His Ph. Abstract: Australian retirees have the highest median wealth in the world and yet our current retirement funding system does not deliver adequate access to wealth to meet the longevity needs of an aging population.
Drawing on the work of the Australian Retirement Income Review and the Retirement Income Covenant, a newly developed Three Pillar approach to retirement funding promises to deliver greater access to wealth and improved retirement funding and housing outcomes. To deliver widespread access to wealth, new forms of guidance, defaults and products will be required - full financial advice will not meet mass market needs.
In this session, a new default product guidance is proposed to deliver Three Pillar retirement funding in Australia. Household Capital founded and hosts the Three PIllars Forum, an annual meeting of experts from the pension, superannuation and home equity sectors. Josh is a co-founder, director and former chairman of Per Capita, whose research on longevity and positive ageing formed part of the inspiration for Household Capital. Joshua earned B.
If you need to boost your retirement income, a financial advisor could help you put together a plan for your goals. Jan 18, The IRS has good news for retirees starting in you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions RMDs. Jan 13, Annuities are insurance policies that are popularly used by retirees for retirement income. While many investors purchase annuities with a lump sum of money, others contribute to their annuities over a longer period of time.
A fixed deferred annuity accepts contributions all at once, or over a preset period of time to build up the account balance as your budget allows. Fixed deferred annuities also have some downsides, along with some very important characteristics you'll want to understand thoroughly. Consider working with a financial advisor as you evaluate various options for generating retirement income.
Jan 13, The main goal of most investors is to garner enough money in the market to fund their retirement years. Yet, many investors are unsure of how to properly pull money out of their accounts once they're actually in retirement. The retirement bucket strategy is one of the many withdrawal strategies that investors can use. However, really learning how to implement this strategy is incredibly important.
Consider working with a financial advisor as you create or modify your plan for retirement. In this situation, it's extremely important to understand vesting schedules and how they can affect your plans. A financial advisor can help you target investments that fit your time horizon and investment objectives. Jan 12, How much will you need to save before you can retire? It's a simple question at the root of most people's plans for their golden years.
Answering it, however, can be far more complicated. Jan 11, Serving in the military is a hard job, with many service members spending long lengths of time away from their family and putting their lives on the line. There are perks that come with service, though, and five states recently added a new one for veterans -- eliminating taxes on military retirement income.
Jan 10, By many accounts, the American economy is doing pretty well. The stock market is at an all-time high and unemployment sits at just 3. Murphy III in a press release. If you need additional guidance, a financial advisor can assess your savings strategy and help you plan for retirement.
Jan 07, With a few notable exceptions, the age of pensions is largely over in the U. A new study from the National Institute on Retirement Security , though, seems to suggest that the end of pensions may not actually be as beneficial to companies as once thought. In fact, a giving employees a traditional pension plan may actually be less costly than operating a k or other defined contribution plan.
Jan 07, Retirement savers are no longer limited to traditional assets like stocks, bonds and mutual funds. Instead, they can now invest in cryptocurrency through self-directed individual retirement accounts known as Bitcoin IRAs. A financial advisor could help you plan for retirement and determine whether cryptocurrencies should be part of that plan.
Jan 07, Employee benefits can cover many types of perks that a worker can receive from a company -- including health insurance, paid time off, family leave, professional development and more. For employees who are looking to be able to enjoy an actual stake in the company -- and company owners who wish to find a way to offer ownership to workers -- an employee stock ownership plan ESOP might be a worthwhile approach.
For further professional support in moving forward with a plan like this, consider consulting a financial advisor. Jan 04, How much will you spend in retirement? This is a vital question to ponder as you approach your golden years. After all, a successful retirement plan not only focuses on the accumulation of money and assets, but also the sustainable consumption of that money. Spend too much too early and you risk running out of money.
Then again, if you cut your spending too drastically once you stop working, you may see your quality of life suffer unnecessarily. Dec 22, Many investors want to increase their charitable giving but hold off because they need the income their portfolios generate. One way to get the best of both worlds is to give to a pooled income fund. These funds provide an immediate tax deduction and annual income for the life of the donor.
In this article, we'll define how pooled income funds work, their benefits and how they compare to two other popular giving strategies. A financial advisor can offer valuable guidance as you look for the best way to make charitable donations that also provide an income. Thankfully, many states are now sponsoring auto-IRA plans in an effort to bridge the retirement plan coverage gap that exists for many employees.
Consider working with a financial advisor as you prepare financially for your retirement. Dec 17, A k can be a fundamental part of your retirement savings plan. Knowing when - and how - to rebalance k assets is important for managing risk and achieving your investment goals. Rebalancing simply means selling securities periodically to stay aligned with your preferred asset allocation.
Work with a financial advisor as you rebalance all your retirement investing and savings accounts. Dec 16, Living comfortably in retirement is a crucial part of the traditional American Dream. But many Americans struggle to save enough before they leave the workforce. With that in mind, it might be time to consider your current savings plan.
One way to reach your financial goals is to max out your k to support yourself through retirement. Here's what you need to know to see if this strategy suits your situation. Dec 16, Retirement savers who convert pre-tax retirement accounts such as IRAs to after-tax Roth IRAs after reaching age 60 can keep growing funds tax-free and then make withdrawals in retirement without paying taxes.
A financial advisor can provide valuable insight and guidance as you consider what to do with your IRA. Dec 16, You know the goal of your k plan is to save. It may be dozens of unexpected medical bills or your house sustaining significant damage after a fire or tornado. Dec 16, Saving for retirement comes with its struggles. However, you may already know the rates that retirement guides recommend to you. Or have such-and-such percentage saved by age But maximizing your k savings takes a little more than contributing as you can.
One opportunity waiting for many workers is k matching. Through this employer-sponsored program, you can take advantage of funds already owed to you. Here is the average k match for companies around the nation and how to make the most of it. Americans now view inflation as the biggest financial threat to their retirement plans, according to a recent survey conducted by Allianz Life Insurance Company.
Dec 08, The end of the year can be a time to reflect on your financial situation, and evaluate your retirement portfolio. With coming to a close, T. Rowe Price says there are several moves that people saving for retirement should make by the end of the year. The investment management giant says harvesting losses for tax purposes, reassessing your asset allocation and making catch-up contributions to your retirement plan are three ways to cap the year and position yourself for success in Dec 08, Medicaid is one of the government safety nets that helps seniors pay for their care.
Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for long-term care , but it requires that you exhaust your personal resources before payments begin. To prevent seniors from giving away money or resources to friends and family, Medicaid uses a 5-year lookback of their financial transactions.
Attempting to hide money can lead to serious penalties. Here's how to avoid Medicaid 5-year lookback penalties. While conventional wisdom suggests that investors should shift more assets to bonds as they approach retirement, at least one expert says investing heavily in equities is the best asset allocation for retirement. Dec 02, While many Americans idealize retirement as sitting on the beach and traveling with loved ones, the crushing reality is that many people cannot afford that life in retirement.
A recent survey from the TransAmerica Institute gathered data on the top fears that Americans have about retirement. You may find that some of them are the same things that worry you when thinking about the future. A financial advisor could help you get peace of mind by creating a financial plan for your retirement needs and goals. Here are three common retirement fears that the study revealed and how to allay an anxiety with practical steps.
Dec 02, Medicare is designed to help eligible individuals pay for healthcare. One of the most important decisions to make when enrolling for the first time or making changes to your coverage during open enrollment is whether to opt for Medicare Advantage or traditional Medicare. Understanding the differences between Medicare Advantage vs.
Making decisions about healthcare during retirement is best done in consultation with a financial advisor. Mar 29, The costs of long-term care for older adults can be significant, and federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.
Consider working with a financial advisor as you find ways to pay for long-term care needs. While both of these can offer you similar benefits, there are some very important differences to note between the two accounts. IRA accounts, and which makes the most sense for your own retirement planning. Deciding which type of tax-advantaged retirement account to open can be challenging, but a financial advisor can clarify your choices and help you make a good decision. Dec 02, As debate continues over how to best adjust Social Security benefits for inflation, a leading voice in retirement research says the answer may not be so straightforward.
A financial advisor can help you plan for retirement, including when is the best time to claim Social Security. Find a local advisor today. Dec 01, Saving for retirement is a lifelong undertaking. It involves keeping your retirement goals in mind as you have children, get different jobs and move from place to place.
However, a recent study from the Center for Retirement Research at Boston College shows that many parents may not be keeping up with their retirement savings goals after their children leave home. Parents who consistently fall short of retirement savings goals may be unable to cover regular expenses.
The study suggests a number of reasons why empty-nester parents neglect retirement savings, including the fact that such parents tend to work slightly less. Because retirement saving is a marathon, not a sprint, it's important to make sure you're staying on top of your retirement savings goals even after your children have left home.
A financial advisor can help keep you stay on track. Nov 30, Annuities and perpetuities are insurance products that make payments on a fixed schedule. An annuity makes these payments over a fixed period of time and then ends. A perpetuity makes these payments indefinitely. Estate planning can be complex, partly because your goals and circumstances may evolve as you approach retirement.
That's where a financial advisor can be a valuable partner in the process. Jan 24, When Roth IRAs were introduced in , they provided the opportunity to create tax-free income in retirement. A few years later, Roth k and Roth b accounts were created to allow company retirement accounts to provide tax-free income. When you're saving for retirement, how do you choose between these accounts? In this article, we're going to explain the key differences between Roth b and Roth IRAs so that you can decide which is best for you.
Consider working with a financial advisor as you decide which kind of tax-advantaged retirement account is best for you. A retirement industry giant says it now has a new way for retirees to meet this vital challenge. Nov 22, Is the surging stock market due for a slowdown? At least one financial services firm thinks so, warning that investors should prepare for a shifting landscape marked by lower returns and elevated risks.
As part of its U. Retirement Market Outlook , T. Rowe Price notes that retirement savers should anticipate investment returns being lower in the midterm than in recent years. With the tailwinds that have buoyed global economies during the pandemic recovery likely to fade, those who are saving for retirement can take several steps to weather the potential drop-off in investment returns, including adding more growth-oriented assets to their portfolios, according to the T. Rowe Price report.
A financial advisor can help you plan for the future, including saving for retirement. Nov 17, The board of California Public Employees Retirement System known as CalPERS approved an investment policy change on November 15 to use borrowed money and alternative assets to reach its investment-return target. And this move could become more mainstream as other pension funds face similar investment-return target challenges.
Let's break down what this move could mean for your pension. Whether you have a traditional pension or are looking to maximize your k , a financial advisor could help you create a savings and investment plan for your retirement needs and goals. This only affects people who start taking benefits before reaching full retirement age. And only income earned from working has this effect.
If you've got questions about working while getting Social Security benefits consult a financial advisor for expert guidance. Nov 16, Are you retired but interested in going back to work? Unless you've developed some hobbies or have significant interests outside your career, retirement can be a lonely place. Suddenly, many of your social contacts are gone. Mental and intellectual pursuits could be missing.
The routines of your life have been turned upside down. Perhaps retirement doesn't seem like what you expected. Or maybe some extra cash would come in handy. Before you jump back into the job market , you should think about what type of job you want and the effect of working after you start drawing Social Security. Nov 16, A qualified income trust or QIT is a special form of trust designed to help people receive long-term care benefits under Medicaid.
It is intended for people who make too much money to receive long-term or residential-care benefits under the program, yet too little money to pay for this kind of care on their own. Through a QIT patients can carve out a portion of their income each month into a dedicated account. They lose direct access to this money, but it also does not count toward their income for the purposes of Medicaid eligibility.
In doing so the trust allows them to become eligible for benefits they otherwise could not receive. By doing so, the rule suggests, the retiree will have enough money to last 30 years. A financial advisor can help you create a retirement income plan. Find an advisor today. Nov 15, The surprisingly big jump in Medicare Part B premiums for reflects the sky-high cost of a controversial Alzheimer's disease drug.
If you're wondering how to pay for healthcare after retirement, consider working with a financial advisor. Nov 13, A decades-old provision that limits the Social Security benefits of nearly 2 million public-sector retirees and workers could be headed to the chopping block. Legislation recently introduced by U. Kevin Brady R-Texas aims to nix the windfall elimination provision WEP and replace it with a new formula for calculating the Social Security benefits of certain government employees with pensions.
Enacted in , the WEP was designed to lessen the advantage that the conventional Social Security benefit formula gave to some retired and disabled workers who receive pensions, but paid Social Security taxes during previous jobs or part-time work. Nov 12, When you're considering buying into an annuity , it's natural to wonder what kinds of returns they typically attain.
The rate of return is an important factor in the growth of their portfolio and how much income will be received in retirement. However, any fees you encounter will eat into your returns. You should also know how to calculate the average rate of return on your annuity.
You can work with a financial advisor to understand and use all key gauges for evaluating an annuity. Nov 12, As an owner of an annuity , you have multiple options when it's time to start withdrawing from it. Your decision can drastically affect the level of income you and your beneficiaries receive from your annuity. To help decide which route is best, there are a handful of pros and cons of you'll want to review for each available payout option.
You may even want to take advantage of the experience of a financial advisor as you make these critical decisions. Doing so could be especially beneficial for your long-term retirement plans. Nov 12, Many of us are familiar with the traditional route to retirement. You get a job, open retirement savings accounts and eventually enter your golden years and retire. Then you sit back and enjoy the fruits of your labors. However, not every path is so simple and straightforward.
Understanding the differences between medical retirement and regular retirement can be of huge benefit to you. You may also want to consider working with a financial advisor as you plan out your retirement. That, combined with higher rates of longevity, means you or someone you know will likely use a skilled nursing or assisted living facility one day.
However, they are quite costly, and funding can be difficult to get. Consider working with a financial advisor as you consider your long-term care needs in your financial plans. Mar 31, Two of the most common vehicles for building savings are the k and the health savings account, or HSA. That helps it to serve as a useful backup to more ordinary retirement planning tools, like k s and IRAs.
Consider working with a financial advisor as you pursue your retirement goals. Nov 12, Two of the most widely used employer-sponsored retirement plans are k s and profit-sharing plans. Both of these are tax-advantaged retirement plans, meaning that the IRS taxes contributions to these plans differently, if at all.
Consider working with a financial advisor as you consider how to take advantage of these kinds of plans and boost your retirement prospects. Nov 10, A qualified default investment alternative QDIA is the default investment for defined contribution employer-sponsored retirement plans. If an employee contributes to a defined contribution retirement plan, like a k , and does not specify how they want their money invested, it is automatically invested in the plan's QDIA.
A financial advisor could help you create or adjust a retirement plan for your needs and goals. Let's break down how a QDIA works. Nov 10, A reverse mortgage is a financial instrument that allows seniors who are 62 and older to borrow against the value of their homes.
Maybe their family home has been where they raised their children, but they are now empty-nesters and it's far too big. If the seniors have a lot of equity built up in their homes, they can tap their equity to help with their cash flow.
Getting a reverse mortgage is one way to do that. Here's what you need to know about reverse mortgages. A financial advisor can help you weigh the pros and cons of a reverse mortgage. Nov 10, Medicare savings accounts MSAs and health savings accounts HSAs both give consumers tax-advantaged ways to fund the costs of healthcare.
MSAs are only for people enrolled in high-deductible Medicare plans. HSAs are restricted to people in high-deductible private insurance plans. Both allow for tax-free growth of funds in the accounts, as well as tax-free withdrawals when withdrawals are used to pay for qualified medical expenses.
Nov 10, Most seniors would prefer to stay in the comfort of their own homes. But at a certain point, it just might not be feasible. Continuing care retirement communities provide seniors with a range of services, including medical and emotional, that you may find beneficial. Nov 10, A skilled nursing facility gives an individual access to round-the-clock, specialized healthcare along with assistance and activities for daily living.
These facilities have trained medical professionals to provide in-patient treatment and rehabilitation. A financial advisor could help you create a financial plan for your healthcare goals and needs. Here's a breakdown of services, costs and insurance. Nov 10, Many people turn to long-term care LTC for a disability or chronic health condition. Sometimes the need for this happens suddenly after a medical emergency, like a stroke, or progressively with age.
Either way, facilities like continuing care retirement communities CCRC are designed for these groups. Custodial care is one form of long-term care available to seniors who need help in their day-to-day lives. Let's break down how these rule changes could affect your retirement savings. If you think you need help navigating the new retirement landscape, or you simply want to start planning for the future, a financial advisor could help you create a plan to reach your goals.
Mar 31, Health savings accounts HSAs and k accounts are both savings vehicles that offer substantial tax benefits for people planning for retirement. Beyond that, there are significant differences between the two. HSAs are narrowly focused on paying for costs related to healthcare. Funds in k accounts can be used for any purpose or cost a retiree may encounter.
HSAs and k s are both used by many retirement savers, because of the different benefits they offer. A financial advisor can help you think through your choices when it comes to retirement planning. Dec 22, Thrift savings plans TSPs and k accounts are two vehicles used to save and invest for retirement.
Both operate similarly in many ways, including tax advantages, caps on contributions and requirements for minimum withdrawals in retirement. However, TSPs are only available to federal government employees, while k plans are only available to employees of private-sector companies. Beyond that, TSPs and k s have some other differences including availability, costs and matching contributions.
Consider working with a financial advisor as you create a retirement savings plan. Nov 09, A health savings account HSA and a health maintenance organization HMO are both intended to help people cover the costs of medical care. However, they take very different approaches.
HSAs are tax-advantaged savings accounts that allow people to pay for healthcare using pre-tax dollars. HMOs are health insurance plans that limit policyholders to using healthcare providers that are part of a network. Dec 29, Contributing to a k retirement account and investing in individual stocks outside a retirement account represent two drastically different approaches. A k account is part of many employer-sponsored retirement plans.
They offer immediate tax savings and, sometimes, employer matching of contributions. They also have notable restrictions. Investing in individual stocks offers no comparable tax benefits or employer matches. However, the benefits of greater liquidity and choice mean stock picking has a place in many investment portfolio strategies.
Nov 05, The Internal Revenue Service has increased the amount you can contribute in to your k and other tax-advantaged plans. In addition, the agency hiked the income ranges for determining eligibility to make deductible contributions to traditional and Roth IRAs and updated guidance for cost of living adjustments that affect various other retirement plans.
Here's what you need to know about what's changed and what hasn't. Consider working with a financial advisor as you assess exactly how much you should contribute to your retirement fund. Nov 04, There are several types of retirement just as there are various times to retire. Choosing the right time to retire can be challenging, as it often means balancing your desire to leave work behind with your financial ability to do so. Instead, you gradually reduce your working hours little by little, easing into full retirement over time.
A phased retirement strategy can be beneficial financially, though there are some potential downsides to keep in mind. Deciding when to retire is a decision best made in consultation with an experienced financial advisor. In either case, the consequences are lasting.
And in either case, you find yourself in need of financial aid because a disability makes it impossible to continue working. To avoid that, get to know the Social Security Disability income limits for For many people, Social Security is a key part of the income puzzle though it may be accompanied by a k plan. If you're looking for help with figuring out how to plan for your retirement, consider working with a financial advisor.
The decision in October by Democrats on the House Ways and Means Committee to leave the loophole intact reflects a multi-prolonged effort to secure enough votes for the bill's passage. Jan 18, Index funds are low-cost mutual funds designed to track the performance of groups of stocks, and k accounts are tax-advantaged retirement accounts many businesses offer to workers. However, sometimes investors have to choose whether to put their money in index funds or k plans.
Here are keys to understanding pluses and minuses of each. Consider working with a financial advisor as you create or periodically modify your investment strategy. Nov 01, While there may not be a more common or consequential financial question then "how much money do I need to retire? Whether you think that amount is too much or too little, this article will break down important factors to consider when determining the size of your retirement savings.
A financial advisor can also help you answer this important question and guide you in a plan for retirement. Nov 11, Long-term care is a wide-ranging and often-overlooked component of retirement planning. It runs the gamut from occasional help with cooking and cleaning to around-the-clock care provided in a nursing home setting. In fact, more than a third of retirees won't be able to pay for even minimal needs, like hiring someone to help prepare meals, without running out of money.
Oct 27, From doctors visits to business meetings, the COVID pandemic has shifted so many of our everyday interactions from in person to online. One silver lining of this dramatic change has been increased engagement when it comes to people learning about their retirement savings. Transamerica, an investment solutions, retirement and insurance company, has seen a significant uptick in the number of retirement plan participants meeting virtually with plan consultants since the start of the pandemic.
A financial advisor can help you assess your needs and plan for retirement. Jan 18, Brokerage accounts and k s offer different advantages and disadvantages for investors and savers alike. Brokerage accounts are taxable, but provide much greater liquidity and investment flexibility. Both types of accounts can be useful for helping you reach your ultimate financial goals, retirement or otherwise. Consider working with a financial advisor as you pursue your investment and retirement goals.
Oct 26, Too many Americans are unprepared for retirement, according to a PwC analysis. Around a quarter of U. Fortunately, several major brokerages offer age-based benchmarks that folks would be wise to consider as part of their retirement planning. Fidelity Investments, J. Morgan and T. Rowe Price each offer benchmarks on where you should be based on your age, income and marital status. These benchmark providers base their suggested savings goals on varying assumptions.
For example, Fidelity organizes its values so that investors can retire by age 67 with 10 times their final salary. In the end, some of the rules might not work for your particular situation. So, use them as a starting point to get you moving. With that in mind, here are some general financial and personal retirement goals by age you might want to keep in mind. Among other things, the Act eliminated the age cutoff for traditional IRA contributions and increased the age for required minimum distributions RMDs from Oct 21, Big changes to Social Security could be coming.
A new proposal from U. John Larson D-Conn. A financial advisor can help you decide when is best to start claiming your Social Security. Oct 20, Can I retire at 55? While normal retirement age for most people usually means 65 or older, early retirement could give you more time to do things you enjoy or explore new interests.
Running the numbers can help with deciding if retiring at 55 is a realistic goal. A financial advisor can help you get a realistic estimate of when you may be prepared to retire. Oct 20, Nationwide thinks that its new product can change retirement planning for the majority of Americans who do not have access to traditional pension plans. The financial services company is working with Capital Group the home of American Funds and Annexus Retirement Solutions to offer a hybrid product: a new target date fund packaged with an annuity to provide retirement income as part of a savings plan.
This is a cost of living adjustment COLA , and it is the largest increase since For reference, COLA increases over the past five years averaged just 1. Living off Social Security alone can be difficult. Consider working with a financial advisor to start planning for your retirement now.
Oct 13, Being self-employed has a multitude of benefits. This includes employer sponsored healthcare and k matching programs. This lack of structured benefits has the potential to make saving for retirement more difficult for entrepreneurs. However, those who choose to be self-employed actually have a number of solid retirement savings options.
A financial advisor can also help you pick a retirement plan for your needs and goals. Oct 12, Has Washington State found the solution to the difficulty retirees face in covering their long-term care costs? Starting Jan. This is the first plan of this kind in the U. As the cost of care rises throughout the U.
Whether you live in Washington or elsewhere, a financial advisor can help you plan for your long-term care needs. Oct 11, Are you maxing out the k plan you have at work every year? Do you still have money left for saving and investment after contributing the maximum to your k and maybe an IRA or two? If so, then you may want to consider contributing to an executive deferred compensation plan. An executive deferred compensation plan allows high-income employees to put off paying taxes on part of their income until retirement.
Jan 24, An individual retirement account IRA is a tax-advantaged retirement account that helps people to save for later in life. Traditional IRAs mimic the structure of a k. You contribute pre-tax earnings into the account and only pay taxes on what is withdrawn during your retirement. Contributions to Roth IRAs are made with after-tax earnings but are not taxed when money is withdrawn. However you choose to structure your retirement account, an IRA is often a very good option. Oct 07, Saving for retirement is an important part of financial planning for nearly all Americans.
One of the best ways to save for retirement is to create a retirement fund. This is a general way of saying saving for retirement using multiple types of specially designed financial accounts from a bank or other financial services company. There are a few types of retirement accounts you can choose from, and each has their own steps for starting one. For more help with planning for retirement, consider working with a financial advisor. The purpose?
When the time comes to retire, you are able to draw monthly benefits from this program. This provides you with an additional income stream on top of your personal retirement savings. If your work over the years has made you eligible to draw from a pension, however, those payments can reduce the Social Security benefits for which you would otherwise be eligible. This reduction is called the windfall elimination provision, or WEP. And while some workers say that the pandemic has caused them to delay retirement, a study from Northwestern Mutual shows that younger people want to retire earlier.
If you are planning to retire early, a financial advisor could help you create a financial plan to reach your goals. Sep 30, If you own a home , chances are your net worth has shot up in the last year. Skyrocketing home prices caused by a pandemic-fueled real estate frenzy have led to a scenario where homeowners in the U. Sep 24, In addition to introducing two bills in September to remove savings roadblocks and ensure gig workers and part-timers have access to tax-advantaged plans, Democrats have introduced the Portable Retirement and Investment Account PRIA Act of to allow Americans to take along their retirement funds more easily throughout their careers.
And in a move not directly related to that legislation but in keeping with its goals, Vanguard announced plans to simplify the rollovers of small-balance k plans , which should also help working-class people save more for retirement and not lose track of the funds they saved up. The coincidence of these governmental efforts and those of one of the world's biggest brokerages marks a heightened public and private focus on tackling the country's retirement savings deficit by allowing retirement savers to better follow, grow and access their nest eggs.
Sep 23, You may be able to profit off your pessimism about the health and durability of Social Security. That may be welcome news for young and middle-age adults who are particularly bearish about the future of Social Security. Such growing worries lie behind one company's effort to capitalize on the trend.
Consider working with a financial advisor as you plan for your retirement. Sep 22, The U. While Iceland is rated as the top country for retirement security for the third year in a row, the U. The U. A financial advisor can help you plan for retirement. Find one today. Sep 20, Baby boomers seem to be overestimating how long their retirement savings will last -- or maybe underestimating how long they'll live.
New research from the Center for Retirement Research at Boston College found that Boomers may be drawing down their retirement wealth faster than previous generations, because they lack the widespread access to pensions that older generations enjoyed. Sep 17, When it comes to retirement savings, American workers have a lot of work to do. The online survey, which polled workers in March , sheds new light on lagging savings rates, unrealistic retirement income expectations and a widespread lack of basic retirement planning.
Sep 16, Annuities can be an attractive investment option for retirement planning. However, they are a bit more complex than your average investment. Annuities are contracts with insurance companies where you pay a premium now in return for a payout later. That means you'll get back your principal investment, plus a degree of interest. One of the most important things about buying annuity policies is understanding the terminology that comes with them. One important term to know is the "annuity period," which is when the annuity buyer begins receiving payments.
For more help with annuities, consider working with a financial advisor. Sep 16, Annuities are a popular option for people planning for retirement, but there are many different types of annuities that you can choose from. Indexed annuities have some real upside, but they are not without risk. Like any financial product, there are pros and cons to consider before buying an indexed annuity.
If you want help figuring out how an indexed annuity might fit into your retirement plan, consider working with a financial advisor. Sep 14, Annuities are popular financial products that often guarantee income throughout the course of your retirement. While you may even have access to customizable features and riders, you'll likely have to pay high fees and may also end up taking home less than you would by investing your money elsewhere.
Note that those who sell annuities often receive extremely high commissions for doing so, though. If you're thinking about an annuity and crafting a retirement plan, consider speaking with a financial advisor. Sep 14, Investors taking the easy road may be shooting themselves in the foot -- and in droves.
Conventional wisdom dictates that as investors get closer to retirement , they should periodically rebalance their portfolio to reduce risk. The idea is simple enough: shift your focus from growth to income as you near retirement. This act, known as rebalancing , usually means increasing the percentage of fixed-income investments in a portfolio and reducing the percentage of equities.
But those coasting on auto-pilot should be wary of the expense. If the provision becomes law, eligible workers would receive the annual tax credit in the form of a contribution to their retirement accounts, boosting the retirement savings of millions of Americans. Sep 09, The Social Security Board of Trustees announced last month the trust fund partially responsible for paying out benefits is set to run out of money by , likely leading some retirees to worry that their monthly benefits could run out before they pass.
Misinterpreting the news could lead some workers to claim their benefits early and forfeit larger payments later. Sep 15, For older Americans, healthcare costs are always a concern. And the costs of prescription medicines can weigh particularly heavy on those who need them to survive.
President Joe Biden has called on Congress today to pass legislation that will lower the costs of prescription drug prices. A linchpin in the plan: allowing Medicare to negotiate with pharmaceutical companies to lower drug prices for seniors. Sep 08, While many companies offer their employers access to k plans, there is no requirement mandating them to do so. But this could soon change under a proposal that would require more employers to offer their workers k plans and other tax-advantaged retirement savings plans.
A financial advisor can help you sort out your retirement accounts and create a plan for retirement. Find a financial advisor today. Sep 09, Nearly half of all Medicare beneficiaries don't have any dental coverage, but that could change under a proposed expansion of the safety net program.
As millions of beneficiaries spend hundreds - or even thousands - of dollars out of pocket for dental care each year, Democrats in Washington, D. But a new study from David Blanchett Prudential Financial and Michael Finke The American College of Financial Services shows that there might be a better option for tapering your account away from equities as you get older: annuities.
Sep 01, A bill has been introduced in the House of Representatives that aims to change how Social Security payments are calculated. Social Security currently adjusts payments annually for cost of living. Experts say that retirees could see a 6.
But inflation could also undercut this increase. Let's break down how this could affect your Social Security payment. Nov 03, Financial services giant Fidelity has a rule for retirement savings you may have heard of: Have 10 times your annual salary saved for retirement by age While the majority of them are there to work in its open economy, many would like to retire there.
The UAE boasts warm weather, glamor and new programs to encourage retirement there. But no country is perfect, and the UAE is no exception. If you are considering how to retire in the United Arab Emirates, read through this rundown first to see if might be right for you. Aug 30, Saving for retirement is an important part of financial planning for most Americans.
But if you do it right, relaxation and recreation will become more important than work and earning ever was. If you want help increasing your retirement savings, consider working with a financial advisor. Sep 23, Young and middle aged adults are particularly pessimistic about the future of Social Security , but their greatest fears will likely never come to fruition. But the year-old program enjoys near-universal approval among Americans and is far more likely to be bolstered through legislation than to fail outright.
Aug 26, Though retirees are only required to take a certain portion of their retirement savings out as distributions each year, a study from JPMorgan Chase shows that there is likely good reason to take out more. A withdrawal approach based solely on required minimum distributions RMDs not only fails to meet retirees' annual income needs but can also leave money on the table at the end of their lives, the financial services firm found. Aug 26, Fees are eating away at Americans' retirement savings.
And they're woefully ignorant about this occurrence. To remedy the lack of investor understanding about fees, GAO offered five concrete commendations for the Department of Labor DOL to implement better k fee disclosure rules. But new research from Dimensional Fund Advisors shows why retirees should be more conservative when it comes to too much equity exposure in their retirement funds.
These findings may disabuse retirement savers of the benefits riskier investing offers. Swinging for the fences may be tempting, but a solid base-knock, without risk of a strikeout, may deliver a comparable result. Aug 23, There might be missing money out there with your name on it.
A pair of bills in Congress could make it easier to find it. The two bills introduced earlier this year call for the creation of an Office of the Retirement Savings Lost and Found within the federal Pension Benefit Guaranty Corporation. The new office would be tasked with managing an online, searchable database to help retirees and current workers locate the administrators of retirement accounts they can no longer access.
Aug 19, A survey from TransAmerica says that the youngest generation of American adults is getting a jumpstart on retirement by saving a lot earlier than older generations. Financial experts will point out that this is in part due to the decline of pensions and the rise of defined contribution plans like k s , which allow employees to invest part of their paycheck into a tax-advantaged retirement account.
In fact, Gen Z could be the first generation to save entirely for retirement through a defined contribution plan. Aug 18, As inflation continues to soar , senior citizens next year could receive their largest increase in Social Security benefits in nearly four decades.
Jan 24, There are many ways to save for retirement, but one of the best is to get an individual retirement account IRA. An IRA is essentially a shell into which you deposit and invest money for the purpose of growing your retirement savings.
Workplace retirement accounts are generally filled with pre-tax money. For help managing your retirement plans, consider working with a local financial advisor. Aug 16, Employees covered by company retirement plans are familiar with defined-contribution plans like k , b or SEP-IRA accounts. A money purchase plan is another such employer-sponsored plan that can help you save for retirement. It is similar to these other accounts, except that the contributions are typically made by the company instead of the employee.
In this article, we'll define what these plans are, how they work and annual contribution limits. Consider working with a financial advisor to make sure you're taking full advantage of employer-sponsored opportunities. Aug 16, Thanks to a law that took effect in , if you inherit a traditional individual retirement account IRA you may have to take all the account's distributions within 10 years.
The exception is if you qualify as an eligible designated beneficiary, in which case you can portion out distributions over your expected lifespan. That added flexibility can potentially save on income taxes and let your retirement funds last longer. How to handle tax-advantaged accounts in retirement can be challenging; that's why it's wise to consult a financial advisor so you can maximize your assets. Jan 24, An IRA, or individual retirement account , may already play an important role in your overall retirement plan.
What you may not realize about this kind of tax-advantaged plan, however, is that you can use it to purchase real estate and further grow your savings. Consider working with a financial advisor if you'd like to explore investing in real estate.
The online survey, handled by Logica Research, conducted 1, interviews with plan participants between ages 21 and 70 and gauged confidence levels for achieving their own retirement goals. Aug 10, A k plan, and other workplace retirement plans like a b plan, is the most common way for American workers to save for retirement. With Social Security simply not enough to cover expenses for most people and traditional pension plans rarely used anymore outside of the public sector, taking full advantage of your k is essential for those who want to be able to retire and enjoy their golden years.
Part of taking full advantage is using any and all employee match that is offered, but a recent study found that many workers are simply not doing that. The advantage of using a Roth IRA to save for retirement is being able to make tax-free qualified withdrawals. But not everyone can contribute to these accounts; higher-income earners are excluded. Aug 09, The prospect of retirement sparks a myriad of questions about how much you have saved up, where you want to live and when you plan to start.
Retirement used to connote a post-work life of leisure on the front porch or golf course, with some travel thrown in. But that might not be the type of retirement that works for you. Maybe you struggle to save and need to stick to a strict budget. Oct 20, When managing your nest egg in retirement , there are a number of decisions to make surrounding which withdrawal rate to use and how to rebalance your portfolio.
Perhaps the most key, though, is answering what types of investments should you make after you've left the workforce. A major strategic decision in this regard hinges on whether retires should veer toward safer income investing or wealth investing, which has the potential for more robust rewards. As far as retirees are concerned, income investing is a much better choice in terms of ensuring your money lasts through your golden years, according to a July study from Dimensional Fund Advisors.
Let's compare wealth and income investment strategies for your retirement. A financial advisor could help you create a financial plan to maximize your retirement savings and stave off the erosion of your funds from inflation. Aug 05, You know why you should save for retirement. Once you retire, you need funds to support your lifestyle and take care of the things you treasure. But with all the talk of how important saving for retirement is, no one breaks down what a nest egg should look like.
Your needs are unique, and no two retirement incomes are exactly the same. Social Security will support you but only so far. Here's how to take into consideration factors that determine your own good retirement income. Even though your marriage may have ended, the Social Security Administration can still pay benefits to you when certain conditions are met.
Before filing for Social Security benefits work with a financial advisor to make sure you're getting all you're entitled to. Mar 31, The number of k and IRA millionaires reached an all-time high in the first quarter of , according to Fidelity Investments. Retirement account balances have been steadily recovering in the year since COVID first emerged, even surpassing pre-pandemic levels.
Today, more than , Fidelity investors boast seven-figure k balances, along with more than , IRA millionaires. A well-funded retirement account can afford you the financial security you need after your career ends. Jul 07, Most retired workers depend on multiple streams of income during their retirement. Two of the most common such income streams are Social Security and pensions. If we look at pension vs. Social Security income, we find significant differences.
Retired workers need to understand the key differences between the two programs. They are funded, structured and taxed differently. If you're planning for retirement be sure to make use of the insights of a financial advisor. Jan 24, Private sector employers that once offered workers traditional pensions, typically defined benefit plans , have been encouraging people to roll over their pensions into tax-advantaged plans like individual retirement accounts IRA and k s. If you're considering such a move, it's important to understand your options, the pros and cons of each option and the tax-related rules about such a move.
Before you do anything, though, consider working with a financial advisor who can help you make the best choices. Jul 07, Surviving spouses are not the only ones who can qualify for a widow's pension under the Social Security Act of When we dig down into the details, there are others who can receive it besides the widow or widower.
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This page on op amp equations covers op amp gain equation and slew rate equation. It covers op amp gain for inverting and non inverting op amp type. It mentions CMRR and full power bandwidth equations. Figure-1 mentions op amp gain for inverting type and non inverting type operational amplifier op amp.
As mentioned, Op amp gain for inverting and non inverting type in terms of voltage is ratio of output by input. It is expressed as follows. Let us understand difference between various op amp gain types such as closed-loop gain, open-loop gain, signal gain, loop gain and noise gain. Signal gain is same as mentioned in above op amp equations. Noise gain for both inverting and non inverting op amp is expressed as follows.
The following terms are used in the formulas and equations for Operational Amplifies. The close loop gain of an inverting amplifier is given by;. The output voltage is out of phase with the input voltage that is why it is known as the inverting amplifier. The general output of this given circuit above is;. When all the resistors in the above given circuit are same, the output is an inverted sum of input voltages.
Terms used for Non-Inverting Amplifier formulas and equations. The total gain of non-inverting amplifier is;. If the feedback resistor in removed i. Terms used for Differential Amplifier formulas. If all the resistors used in the circuit are same i. This type of Operational Amplifier provides the output voltage which is directly proportional to the changes in the input voltage.
The output voltage is given by;. This amplifier provides an output voltage which is the integral of the input voltages. Related Formulas and Equations Posts:.
Op amp gain equation investing for retirement forex economic calendar dailyfx01 - The Non-Inverting Op-Amp (Amplifier) Circuit
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When all the resistors in the above given circuit are same, the output is an inverted sum of input voltages. Terms used for Non-Inverting Amplifier formulas and equations. The total gain of non-inverting amplifier is;. If the feedback resistor in removed i. Terms used for Differential Amplifier formulas. If all the resistors used in the circuit are same i. This type of Operational Amplifier provides the output voltage which is directly proportional to the changes in the input voltage.
The output voltage is given by;. This amplifier provides an output voltage which is the integral of the input voltages. Related Formulas and Equations Posts:. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Table of Contents. Whilst op amps themselves offer huge levels of gain, this gain is seldom used in this form to provide signal amplification - it would be hugely difficult to utilise as even very small input signals would drive the output to beyond the rail voltages with the resulting limiting or clipping of the output.
By using a technique known as negative feedback within the electronic circuit design, the huge levels of gain can be used to good effect, providing flat frequency responses, low distortion, and very defined levels of gain for the overall circuit, not dependent upon the actual gain of the IC, but on that of the external components whose values can be accurately chosen. In other op amp circuits, the feedback may be used to provide other effects such as filtering, and the like.
In some circumstances positive feedback may be used, but this is normally undertaken in a particular way to achieve a particular effect. There are two main scenarios that can be considered when looking at op amp gain and electronic circuit design using these electronic components:. Open loop gain: This form of gain is measured when no feedback is applied to the op amp circuit. In other words it is running in an open loop format. Gain figures for the op amp in this configuration are normally very high, typically between 10 and This is the gain of the operational amplifier on its own.
Quoting the the gain in these terms enables the gain to be written in a more convenient format. It saves writing many zeros. Closed loop gain: This form of gain is measured when the feedback loop is operation, i. By applying negative feedback, the overall gain of the circuit is much reduced, and can be accurately tailored to the required level or to produce the required output format as in the case of filters, integrators, etc..
A few electronic components can be added to the op amp circuit to provide the required feedback. The gain is measured with the loop closed and provided there is a sufficient difference between the open loop and closed loop gain, the circuit will operate according to the feedback placed around it. In other words, provided the op amp has sufficient gain which it will have the gain of the overall circuit is defined by the negative feedback, and not by the gain of the operational amplifier itself.
Although negative feedback is normally used for analogue circuits, there are instances where positive feedback is used. The most common application of this is for comparators where the output is required at one of two levels. The Schmitt trigger is one example where hysteresis is introduced into the system. In these applications, comparator ICs should be used rather than op amps because they are designed to operate in this mode.
One aspect closely associated with operational amplifier gain is the bandwidth. The huge gain of operational amplifiers can lead to instability if steps are not taken to ensure that the op amp and its circuit remain stable, even with negative feedback applied.
A technique known as compensation is used. In early op amps, external electronic components were used to add the compensation, but in later chips, it was added internally. In its basic terms a small capacitor is added to the internal elements of the op amp. This has the effect of reducing tendency to oscillate, but it also reduces the open loop bandwidth. Although the open loop bandwidth of the op amp circuit is reduced, once negative feedback has been applied, a sufficient level gain with a flat frequency response can be achieved for most purposes.
Negative feedback is used to control the gain of the overall op amp circuit. There are many ways in which the feedback can be applied when designing an electronic circuit - it may be independent of frequency, or it may be frequency dependent to produce filters for example. It is possible to produce a generalised concept for applying negative feedback. From this the more specific scenarios can be developed. The output voltage can then be calculated from a knowledge of the input voltage, gain and feedback:.
Using this generic equation it is possible to develop equations for more specific scenarios. The feedback can be frequency dependent, or flat as required. The two simplest examples of op amp circuits using feedback are the formats for inverting and non-inverting amplifiers. The circuit for the inverting op-amp circuit is shown below. The op amp circuit is quite straightforward using few electronic components: a single feedback resistor from the output to the inverting input, and a resistor from the inverting input to the input of the circuit.
The non-inverting input is taken a ground point.