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2024NATIXISGLOBALRETIREMENTINDEX
Onlythelonely
Individualsincreasinglyfeelthey’reontheirownforretirementsecurity.
Contents
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66
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OnlytheLonely
TheGlobalRetirementIndex2024
Framework
TheBestPerformers
PerformancebySub-Index
HealthIndex
Spotlight:ImmigrationCanBeaLifelineforAgingSocieties
FinancesinRetirementIndex
Spotlight:BridgingtheGlobalRetirementSavingsGap
MaterialWellbeingIndex
Spotlight:AustralianRetirementandtheLongevityBalancingAct
QualityofLifeIndex
TheTop25:Year-on-YearTrends
CountryReports
References
Framework
AppendixA
Methodology
ConstructingtheIndicators
ConstructingtheGlobalRetirementIndex
AppendixB:FullRankings
Disclosures
Retirement
more
they’reon
Resultsfrom
thatthenumberfundretirementgrownfrom
securityisonshakygroundin2024asmoreand
individualsacrosstheglobecometotherealization
theirownwhenitcomestofundingafter-workincome.
thelong-runningNatixisGlobalSurveyofIndividualInvestorsshowofindividualswhobelieveitisincreasinglytheirresponsibilityto
ontheirown,ratherthantorelyonpublicandprivatepensions,has67%1to81%2between2015and2023.
Duringthattime,
termtrendssuchdefinedcontributiondebtmetshort-
volatility.Inthe
abouttheirchancesInjusttwoshort
itwouldtakea
from40%in2021affluentinvestorsshowsjusthow
Moremoney
Thenumberofacrosswealthexpressingthis
investorshavefelttheanxietyincrease,aslong- astheshiftfromdefinedbenefitpensionsto- plansandarapidlyincreasinglybillforpublictermshockssuchasCovid,inflation,andmarket
end,theirisolationisleadingmanytodespairofachievingretirementsecurity.
years,thenumberofindividualswhothoughtmiracletoachieveretirementsecurityincreased
to45%in2023.2Thefactthatthisisamongwith$100,000ormoreininvestableassetspervasivefundingconcernsare.
doesn'tmeanlessanxiety
investorswaitingonamiraclegrewalmostevenlybands:High-net-worthinvestors($1million+) sentimentgrewfrom35%in2021to42%in
2023;emerginghigh-net-worthinvestors($500,001–$1million)increasedfrom39%to43%;massaffluent($300,001–$500,000)investorsincreasedfrom41%to47%;andmassmarketinvestors($100,000–$300,000)increasedfrom43%to46%3,2
Attheheartoftheproblemformanyistheuncertaintyofhowtheywillfootthebill.Between2021and2023,thenumberofindividualswhoworrythatthey’llneverhaveenoughtoretireincreasedfrom39%to42%.WhileMillennialsremainthemostlikelytoexpressconcern(47%to48%),thesentimentisontheriseamongGenerationXers(42%to47%)andBabyBoomers(31%to35%)aswell.3,2
Whenitcomesdowntoit,oneinfive(19%)investorssaid
thateveniftheysaved$1million,theystillcouldn’taffordtoretire–thatincludes18%ofthosewhohavealreadyaccu-mulated$1million.2
Thenumberofinvestorswaitingonamiraclegrewalmostevenlyacrosswealthbands.3,2
42%
39%
43%
41%
47%
43%
46%
35%
2023
2021
2023
2021
2023
2021
2023
2021
-net-worthinvestors
million+)
Index2024
Massaffluentinvestors
($300,001–$500,000)
Emerginghigh-net-worthinvestors
($500,001–$1million)
High
($1
GlobalRetirement
Massmarketinvestors
($100,000–$300,000)
3
Inseekingtofulfilltheretirementfundingresponsibilitythatiskeenlyfeltbyeightoutofteninvestors,2
individualswillneedtonavigatefourkeyrisks:
Inflation:
Ourselves:
Interestrates:
Publicdebt:
Theworstofitmaybepastasinflationslowlyrecedestowardcentralbanktar-
gets,buttherecentbout
ofrisingpricesservesasastarkreminder,and83%ofinvestorssayrecenteventsremindedthemofjusthowbigathreatinflationposestotheirretirementsecurity.²Theywillneedtoact
accordinglytoensuretheyarepreparedforanynewepisodesdowntheroad.
Lowrateshadbeenakeyriskforretireesforthe15+yearsfollowingtheglobalfinancialcrisis,buttoday’shigherratespresentnewrisks.Mostnota-bly,withmorethan$6trillioninvestedinmoneymarket
funds,certificatesofdepositandsimilarinstruments,4theyneedtobeawareofacashtrapthatcouldkeepthem
frommeetingtheirneedforasustainablesourceoflong-termincome
Asecureretirementisa
journey,notadestination.Successrequiresrealisticexpectationsandmean-
ingfulcommitmentfrom
individuals.Whilemanymayappreciatethisinconcept,
noteveryinvestormakes
reasonableassumptionsandsetsrealisticgoals.NatixisInvestorsurveyresultsshowthatinvestorsdonothaveaconsistentvisionforwhatitwilltaketosucceed.
PublicdebtinOrganisationforEconomicCo-operationandDevelopment(OECD)coun-
trieshasmorethandoubledinthefirstquarterofthe21stcenturyaspolicymakersfirstnavigatedtheglobalfinancialcrisisandthentheglobal
pandemic.Althoughthestepswereneededtostaveoff
economicmeltdownintheshortterm,thedebtposessignificantlong-termchal-lenges.Agrowingnumberofindividualsworryhighdebt
levelswillresultincutstothegovernmentretirementbene-fitsthatareacornerstonefortheirretirementincomeplans.
Onewayprofessionaladvicemaybenefitinvestorsishelpingthemrecognizetheopportunitiesformaximizingtheirchancesatasecureretirementpresentedbytoday’smarket.Taking
advantageofthehighestinterestratesin15yearswouldbeagoodplacetostart.
Ifindividualsaretoachieveretirementsecurity,theywillneedtocarefullymanagetheserisks.Evenasinvestorsfeeltheyareontheirown,theydon’thavetobe.Arecentsurveyof500fundselectorsatleadingwealthmanagersaroundtheglobeshowsthat84%believeretailinvestorsneed
professionalhelpiftheyaretoachieveasecureretirement.5
GlobalRetirement
4
Index2024
theUSFederalReserve’stargetrangestandsat5.25%–5.5%,theBankofEnglandtargets5%,andtheECBtargets4.25%,retireescanfinallybreatheasighofrelief.
Fromaconsumermindset,itmaybehardtoseehigher
ratesassomethingthatbringsrelief,sinceitbecomesmoreexpensivetofinancecars,homesandotherlargepurchases.Buttheviewisdifferentforretireeslookingforincome,and63%offundselectorssayrisingratesaregoodforretireesinthelongrun.5Why?Higheryieldsonfixedincomeprovideretireeswithgreaterincomepotential.
Toomuchaofgoodthing
Withratesattheirhighestpointsince2007,investorshaveseizedtheopportunityandflockedtocashinstrumentssuchascertificatesofdeposit.Asaresult,morethan$6trillion
isnowinvestedinmoneymarkets.4Thoughthemovemayseemtoofferrisk-freereturns,investorsneedtorecognizethatthereisnosuchthingasafreelunch.
Whereinvestorswereexposedtotheriskoflowinterestrates,theymaynowbemissingnewriskposedby
overallocatingtocash.Infact,marketstrategistsand
economistswithintheNatixisInvestmentManagers
familysurveyedinJuly2024highlightedwhatinvestorsneedtoknowaboutcashbutmaybemissing.Evenwithcashpayingupwardof5%,53%oftheseinvestment
professionalssaidmoreattractivereturnscanbefoundelsewhere.Another43%saidinvestorsshouldbeawareofinflationrisk,whilethesamenumberalsowarnedofreinvestmentriskwhenconsideringcash.7
INTERESTRATES:
Howhigh?Howlong?
Low-rateriskshavemoderated,butretireesfacenewrisks.
Interestrateshavebeenamongthegreatestrisksto
retirementsecuritysincetheNatixisGlobalRetirementIndexwasintroducedin2012.Forthebulkofthattime,retireeshavebeenfacedwithultra-lowratesthatmadeitdifficulttoannuitizelifetimesavingsasapredicablesourceof
retirementincome.Butwithratesatornear15-yearhighs,manymaybesacrificingasustainablelong-termincomeforshort-termsecuritypresentedbycash.
WiththeFedfundsrateaveraging1.09%andtheEuropeanCentralBank(ECB)rateaveraging0.28%between2007and2022,retireeswerehardpressedtogenerateincomefromtheirassets.6Itwasascenarioinwhichprincipalcoulderodequicklyasretireesdippeddeeperintotheirsavingstocoverretirementexpenses.A10-yearbullmarkethelpedoffsetsomeoftheerosionbutsimultaneouslyexposedretireeassetstovolatilityasexperiencedattheonsetoftheglobalpandemicin2020andthenagaininthe2022marketcorrection.
Anupsidetoinflation
Post-pandemicinflationchangedthepictureonfixedincome,ascentralbanksmovedtoquellrisingpriceswithan18-monthdoseofrateincreases.Lookingatanenvironmentinwhich
PolicyRatemovement2007–20246
7
6
5
4
3
2
1
0
-1
‘07‘08‘09‘10‘11‘12‘13‘14‘15‘16‘17‘18‘19‘20‘21‘22‘23
ECBDepositRateFedFundsUpperBoundRateBoEBankRate
GlobalRetirementIndex20245
WHERETHERISKSLIE:
Reinvestmentrisk:
5%yieldsmaysoundgood
now,butthekeyquestionforcashandcashinstrumentsiswhatthoserateswillbewhentheinvestmentsmature.Withinflationcomingclosertocen-tralbanktargets,thedirectionofcashismostlikelydown.Infact,Natixisstrategistsantic-ipateone(53%)ortwo(37%)
cutsfromtheFedbytheendof2024.Inthesametimeframe,97%anticipateone(30%)ortwo(67%)cutsfromtheBankofEngland,and87%anticipatetwo(70%)orthree(17%)cutsfromtheECB.OnlyinJapan,whereinflationisontheup-
swing,dotheyexpectarateincrease(57%).7
Longevityrisk:
Onaverage,individualssaytheyexpecttolive20yearsinretirement;thatmeans
theirsavingswillhaveto
workhardtogenerate
income.2Dedicatingtoo
muchtocashnowcould
limittheopportunitytogrowtheassetsneededtoprovideasmuchastwodecadesofincomeormore.
Inflationrisk:
Post-pandemicinflationhasbeenacriticalreminderof
justhowpainfulrapidlyrisingpricescanbe.Butevenasitrecedes,today’s3%inflationratecanhaveasignificant
impact,andthe5%returnoncashinvestmentsbecomearealreturnof2%.Simplyput,5%won’tgoasfarbecauseeverythingcostsmore.
Opportunitycost:
Natixisstrategistssaytherearemoreattractivereturns
tobefoundelsewhere.Theproofcomesinfirst-halfreturnsof15.3%forS&P500®,18.6%fortheNasdaq,13.3%fortheFTSEAll-WorldIndex,and
18.28%fortheNikkei.8EvenwithabriefboutofvolatilityatthestartofAugust,equitiesarestilloutperformingcash.
INTERESTRATES
THEUPSHOT:
Diversificationmatters.
Higherinterestratesaregoodnewsforretirees.Cashcertainlyplaysanimportantrolewithinadiversifiedportfolio,helping
provideapotentialriskoffsettostocksandbondsaswellasliquiditytocapitalizeonnewinvestmentopportunities.Butit’scriticalthatretirementplansrecognizethatevencashcomeswithsomekeyrisks.
WHATINVESTORSNEEDTOKNOWABOUTBONDS7
67%
Bondscanbeusedtogeneratebothtotalreturnandincome.
Cashratesareinthe5%rangenow,butthereisnoguaranteewhatrateswillbewhenthoseinvestmentsmature.Givencurrentmarketconditions,83%offundselectorssayretireesshoulddiversifytheirincomeinvestments.5Governmentandinvestmentgradecorporatebondsmayhavesomewhatlowerrates,buttheyhavelongerdurations–thetimeuntilthebondmatures–whichcanprovideretireeswithamoreconsistentlong-termincomestream.
57%
Activemanagementcanaddvalueto
bondportfolios.
50%
Nowisthetimetostartextendingduration.
40%
Creditqualityisbecomingmoreimportant.
46%
Bondsprovidediversificationonceagain.
40%
Incomeisfixed,butpricesarenot.
GlobalRetirementIndex20246
sleepsnomore.
havemoderated,but
isdone.
INFLATION:Thegiant
Prices
thedamage
Afteradecade
demicstimulus,
disruptions
decades.Reachingapowerfulreminder
pricescanimpact
Reaching40-yearertoconsumerstheirfinances—individuals.
grind,8,000affluentin23countries
financialfearand
Infact,42%went
dreamsofretirement
Thedream
It’sclearthat
forcingindividualsstandardoflivinglivingonafixed
findingtheywill
retirement.Savings
ofrelativecalm,theconvergenceofpan-consumerspending,andsupplychain
unleashedthemostpainfulboutofinflationin 40-yearhighsin2022,inflationdelivered toconsumersofjusthowmuchrisingtheirfinances.
highs,inflationdeliveredapowerfulremind-
ofjusthowmuchrisingpricescanimpactpowerfulenoughtoscarevenmoreaffluent
Surveyedin2023,24monthsintotheinflationaryinvestors($100,000+investableassets)
rankedrisingpricesastheirnumber-onerateditastheirtopinvestmentconcern.sofarastosayinflationwaskillingtheir
2
Likeeveryoneelse,retireesfeelthebiteofhigherprices
wheninflationstrikes.Buttheyfeelasecondbitewhentheyrealizethatcoveringhighercostsmeansdrawingdownalargerportionofassetstomeetmonthlyexpenses.Asa
result,thenesteggtheycountedonlasting20to25yearscouldcomeupshort.
Hasthegiantbeentamed?
It’stakenthreeyears,butallindicatorssuggestthatcentralbankpolicyinEurope,theUSandtheUKissuccessfully
reiningininflation,asa2%targetrateandasoft-landing
scenariolooklikely.Butevenastheriskpictureisimproving,it’snotgoneentirely.
.
Thisbrighterviewcomeswithsomecaveats:64%ofstrat-egistswithintheNatixisInvestmentManagersfamilyrankinflationasamoderate(47%)orhigh(17%)risk.Andin
killer
inflationcanchallengevirtuallyanybudget,
tostretchtheirincomestomaintaintheir .Butthepaincanbemoreacuteforthoseincome,likeretireeswhomoreandmoreareneedtorelyontheirpersonalsavingstofund
lookingatalandscapeinwhichpriceshaveeased,growthhasinchedforward,andmarketshaveswelled,40%arestillworriedthatinflationsurprisecouldendtherally.Allthis
concernforjustthenextfourmonths.7
thathastolastfordecades.
USvsEurozoneCoreCPI2000–20246
7
6
5
4
0
‘99‘00‘01‘02‘03‘04‘05‘06‘07‘08‘09‘10‘11‘12‘13‘14‘15‘16‘17‘18‘19‘20‘21‘22‘23
EurozoneCoreCPIUSCoreCPI
GlobalRetirement
Index20247
INFLATION
WHERETHERISKSLIE:
Inflationmayeasewithtime,butitisa
measurethatcomparesmonth-over-
monthandyear-over-yeartrends.Just
becauseitslowsdoesn’tmeanprices
havedeclined.Highcostsmayrecede
some,butunlikefluctuatingenergyandcommoditiesprices,whicharedrivenbydemand,otherday-to-dayexpensesarenotlikelytoreturntopre-pandemiclevels.
Thosewhoarealreadyretirednowneedtospendmorethantheyanticipated.
They’llbefacedwithadifficultdecision:Dotheylooktocutexpensestopreservemoreoftheirprincipalorinvestinriskierassetstopursuethehigherreturnsneededtomakeupforhighercosts?Cutting
expensescanbedifficultatanagewhenmedicalcostsmaybeescalating.Takingonmoreriskmaybeharder,asolder
individualsmaynothavethetimeneededtorebuildtheirsavingsshouldtheyexperiencesignificantlosses.
Inflationnotonlyimpactscurrentretireesbutalsocandisrupttheretirement
plansofyoungerworkers.Askedabouttheimpactofinflationonretirement
savingsayearago,83%ofinvestorssaidrecenthistoryshowsjusthowbigathreatinflationistotheirretirementsecurity.Andthatimpactwasimmediate,as66%saidinflationhadsignificantlyhurttheirabilitytosaveforretirement.Only32%saidithadmotivatedthemtosavemore.2
THEUPSHOT:
Bevigilant.Planahead.
Evenasday-to-daypricehikesrecede,inflationshouldn’tbefarfrominvestors'memories.Pricehikescanbeswiftand
painful.Savingsandinvestmentplansneedtoaccountfor
thecold,hardtruththatsomewheredowntheline,everythinggenerallycostsmore,notless.
66%
ofinvestorssayinflationhassignificantlyhurttheirabilitytosaveforretirement.
Lossofpurchasingpower:Longevityrisk:Lowersavingsrate:
GlobalRetirementIndex20248
INFLATION
importantassetontheirside:time.Withdecadestogountilretirement,GenZcanbenefitfromdollar-costaveragingandallowingsmallassetstocompoundovertime.
Butnobodyescapesinflation
Inflationcompoundsthefinancialpictureformid-career
workers.Atapointinlifewhenthey’realreadyfacedwiththecompetingprioritiesofraisingafamily,caringforparents,
andmaintainingahousehold,highercostscanmakeiteven
moredifficulttosaveforretirement.Forexample,GenerationXinvestors(age44–59)weremorelikelytosaytheyweresavinglessbecauseofinflation(55%)thanMillennials(age26–43)
andlesslikelytosaytheyweresavingmore(33%vs.37%).2
Thismostrecentboutofinflationmayhavecomeasasurprise,especiallyaspriceshadremainedincheckforwellovera
decade,butthelessonshouldbelasting.While76%ofthosesurveyedsayinflationhastaughtthemtheyneedtosavemore,itwillbeimportantthelessonsticks.2
GenZfeelsthemostpain
It’simportanttorememberthatwhileeveryoneissusceptibletorisingprices,inflationcanimpactsomegroupsmorethanothers.Askedwho’sbeenhurtworsebyinflation,Natixis
strategistspointtomembersofGenerationZ(age12–27).7Mostspecifically,itistheoldestofthisgroupwhoarefeelingitseffects.Enteringadulthood,theyarefacedwiththe
consequencesofawhite-hothousingmarketthatputsrentswelloutofreachformostentry-levelworkers.
Similarly,thoseearningentry-levelwageswillbechallengedtofindenoughtostarttheirretirementsavingswhiletheygrapplewithhigherrents,educationalloans,andagenerallyhighercostofliving.Evenwhenpricesarehigher,therearestepsanyoneofanyagecantaketoaddresstheirownretirementsecurity.
Youngerworkersmayfacefinancialpressures,butthey
shouldfindawaytostartsaving,evenasmallamount,forretirementwitheachpaycheck.Theyhavethemost
WHICHGENERATIONISINFLATIONHURTINGTHEWORST?
37%
17%
0%
13%
23%
10%
GenAlphaGenZMillennialsGenXBabyBoomersEveryone
GlobalRetirementIndex20249
PUBLICDEBT:
Isitsustainable?
Theriskishigh–andit’sbiggerthanitlooks.
Retirementsecurityoftencomesdowntooneessential
question:Who’sgoingtopayforit?Traditionalmodelstold
workerstheycouldexpecttogenerateincomefromthreedif-ferentsources:anemployerpension,governmentretirementbenefits,andpersonalsavings.Overtime,thatthree-leggedstoolhasbeenwobbly,asmanyemployershaveshiftedfromtraditionalcompany-fundeddefinedbenefitpensionstoem-ployee-fundeddefinedcontributionplans.
Thatpositioncouldbecomeevenmoreunstableaspublicdebtpressuresretirementsystems.Individualsaretakingnote,and76%ofinvestorsworrythatincreasingpublicdebtintheircountrywillresultinreducedretirementbenefitsinthefuture.2
Thereisreasonforconcern.Thedebtloadisaclearthreattoglobalretirementsecurity.Sincethestartofthecentury,theav-eragepublicdebtofOECDmembercountries,asmeasuredbyapercentageofgrossdomesticproduct(debt-to-GDPratio)hasmorethandoubled,from51.2%in2000to110.8%in2022.9
Muchofthatincreaseistheresultofextraordinarymonetarypolicyenactedbycentralbankstoaddresstwofinancialcrises.
First,policydecisionstostemlossesintheGlobalFinancialCrisisdrovetheaverageGDPforOECDcountriesfrom66.1%in2007to90.2%by2010.Then,effortstostaveofffinancialmeltdownduringtheglobalpandemicescalatedpublicdebtdramatically.Injustoneyear,theaveragedebt-to-GDPratiosoaredfrom105.3%in2019to126.1%in2020.9
Growingdebt.Growingrisk.
Inbothinstances,spendingwasnecessarytoaddressalikelyeconomiccatastrophe,buteachacceleratedaproblemthathadbeengrowingfordecades.Regardlessofwhythedebtishigh,itraisestheoverallrisktoretirementsecurity.
Facedwiththechallengeofbalancingbudgetsandmaintainingretirementbenefits,policymakershavefewchoices:
1)Theycanincreaserevenuesbyraisingtaxes
2)Theycanraisetheretirementage
3)Theycancutbenefits
Noneofthesearewinnerswithvotersoverthelongrun.Ifthereisafourthchoice,itiskickingthecandowntheroadanddelay-ingactionuntilsomeoneelsehastomakethetoughchoices.
Growthofpublicdebtsince2000
250%
150%
100%
50%
200%
0‘00‘01‘02‘03‘04‘05‘06‘07‘08‘09‘10‘11‘12‘13‘14‘15‘16‘17‘18‘19‘20‘21‘22
OECDFranceUKUSJapanSpainAustralia
GlobalRetirementIndex202410
PUBLICDEBT
WHERETHERISKSLIE:
Timing:Disruptiontoretirementmodels:
Cutstogovernmentretirementbenefitswilldestabilizeincomeplans–evenforaffluentindividuals.Areductioninretirementbenefitsrankshighonthelistofinvestors’fearsaboutretirement,as37%saytheyareworriedthattheirgovernmentbenefitswillbecut.Thisconcernranksonlybehindinflation(42%)andnothavingenoughtoenjoytheirretirement(47%).Theanxietyisfeltequallyacross
wealthbands(37%ofemerginghigh-net-worthinvestorsand35%ofhigh-net-worthinvestors).Whenitcomesdowntoit,58%ofinvestorsoverallsayitwillbedifficulttomakeendsmeetwithouttheirpublicretirementbenefits,asdo53%ofhigh-net-worthinvestors.2
Itcanbehardtodeterminejusthowsoonactionisneeded
toaddressthemountingpublicdebtproblemglobally.When
asked,just10%ofNatixisstrategiststhoughtgovernmentdebtlevelsweresustainableoverthelongterm.Overall,90%say
itiseithercurrentlyunsustainable(37%)—orsustainablefor
now—butathreatoverthelongterm(53%).7Asitgrows,poli-cy-makerswilleventuallyhavetoreckonwiththedebt.Intermsofretirement,thatchallengeisincreasedbyarapidlyaging
populationthatwillstressresourcesforentitlementprograms.IntheUS,2024isthepeakyearforretirement,as4.4million
BabyBoomerswillturnage65.10IntheUK,about19%11ofthepopulationwasoverage65in2020.ThechallengeismagnifiedinChina,wherethenumberofpeopleoverage50isexpectedtorisefrom2019’s254millionto402millionby2040.12
THEUPSHOT:
individualsareworriedtheywon’tbeabletoworkaslongastheylike.2Theirfearsarenotunfounded.Retirementplanscanoftenbeupendedbyalate-careerlayoff,theneedtostepoutofworktotakecareofsickfamilymembers,orpersonalhealthissuesthatcanendacareerprematurely.A2018studybythe
UrbanInstituteofUSworkersbetweentheagesof50and65foundthatonly16%werestillworkingatage65.13
Cuttingbenefitsisathirdoption,butitcouldprovetobetheleast-popularoption.Generationsofworkershavebuiltlong-termretirementplansonafoundationthatincludesincomefrompublicbenefits.Thegrowingdebtlevelinmanycountriesalreadyhasmorethanthree-quartersofinvestors(76%)worriedaboutcutstopublicretirementbenefits.2
Fromapolicystandpoint,itwillbecriticaltomakechangestopublicretirementsystemswithaneyetowardthelong-termneedsandexpectationsofindividualswhohaveworkedfordecadesunderanassumedmodelforretirementincome.
Getreadyforthebillstocomedue
Publicdebthasbeenareality–andattimesanecessity–inthefirstquarterofthe21stcentury.Fewbelievethelevelofgovernmentdebtacrossthedevelopedworldissustainableoverthelongterm.Asthedebtmatures,policymakerswillbefacedwithtoughdecisionsonwherethemoneyneededtopaythebillswillcomefrom.Retirementfundingwillbeakeyvariableintheequationformanycountries.
Onthesurface,thesimplesolutiontomakinguptheshortfallwouldbetoraisetaxes–it’snotapopularoption.Ifdebtis
goingtoimpactgovernments’abilitytodeliveronretirementbenefits,andparticularlythosethathavebeenfundedthroughpay-as-you-goprograms,itwillbecriticaltorecognizethat
individualsarestakeholdersinthedecisionaswell.
Raisingtheretirementageisanotherunpopularoption.But
thatassumesworkerswillbeabletokeepworkingthoseextrayears.The2023Natixisinvestorsurveyshowsthat42%of
GlobalRetirementIndex2024
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