Summary of Developing Future Social Protection Systems – Retirement Income

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Developing Future Social Protection Systems – Retirement Income summary
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8

Qualities

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  • Applicable

Recommendation

The city of Detroit and the state of Michigan want to use the city’s recent bankruptcy filing to reduce its employees’ pensions and minimize its enormous debt. Other US municipalities that are struggling to meet their costly pension obligations are watching this legal tug of war carefully. Today, pensions, social security programs and retirees’ depleted portfolios and savings accounts are global front-page news. This topical report by the World Economic Forum on retirement income presents intelligent proposals on how retirement income stakeholders can make their pension programs financially sustainable. These are tough issues, so any organization shedding light on this vexing global problem – and making sensible recommendations – performs a valuable service. getAbstract recommends this report to government leaders, financial executives and, most notably, to all retirees, present and future.

About the Author

The World Economic Forum is an independent international organization that works with business, political, academic and other leaders to debate global, regional, and industry issues.

 

Summary

Retirement Income Programs

Retirement systems – both in “advanced market economies and in emerging market economies” – confront numerous hurdles. Their stakeholders face major risks from changing demographics, financial constraints, economic uncertainty, fluctuating markets and low levels of employment. Proposed solutions to these problems must cover the short and long term, and recognize that sufficient income for a sustainable retirement depends on economic growth. Social security systems solutions must transcend quick political fixes, and that’s never easy.

Planners should design retirement systems around a “sustainable intergenerational social contract” that details the obligations of governments, communities, businesses and individuals. Any solution will affect the financial services industry, which must enter into a partnership with the public sector. Stakeholders can start by studying the experiences of countries with optimally designed, efficient retirement systems. Any systems that nations base on the retirement programs in other countries must take into account their individual country’s own idiosyncratic national characteristics.

Retirement System...


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