Retirement risk management must be dramatically overhauled if
workers and retirees are to better prepare themselves to meet
future retirement challenges. Recent economic events including the
global financial crisis have upended expectations about what
pension and endowment fund managers can do. Employers and employees
have found it difficult to make pension contributions, despite
drops in retirement plan funding. In many countries, government
social security systems are also facing insolvency. These factors,
coupled with an aging population and rising longevity, are giving
rise to serious questions about the future of retirement in America
and around the world. This volume explores how workers and firms
can reassess the risks associated with retirement saving and
dissaving, to identify creative adjustments to adapt to these new
risks and realities. One area explored is the key role for
financial literacy and education programs. In addition, those
acting as plan sponsors and fiduciaries must reconsider pension
design to help them better address the new realities. Also novel
financial products are described that can help with the design of
retirement plans. Experts provide new research and offer policy
recommendations, illustrating how retirement plans can be amended
to better meet the retirement needs of workers and firms. This
volume is an important addition to the Pensions Research Council /
Oxford Univeristy Press series and to the current debate on
retirement security.
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