Hello,

 

Much has been written in a local context about retirement ages, dependency ratios, and the need for auto-enrolment. With an election in the next six months, it remains to be seen whether the topic of pensions once again becomes an issue at the ballot box. However, such issues are by no means exclusive to Ireland.

 

For example, China announced last week that it would increase retirement ages for the first time since 1978. The changes will be phased in over 15 years with the age for men to be raised from 60 to 63. Interestingly, the ages for women are lower, and tiered based on the nature of the work. From 1980 to 2016 China implemented a ‘one-child policy’ for most families. However, some unintended consequences of this policy are now being felt, with the population declining in each of the last two years and retirement dependency ratios deteriorating.

 

Demographic challenges continue to accentuate, particularly in middle- and high-income countries. Putting the respective issues in individual countries, along with political or social views on retirement funding, the above development further underpins the requirement for individuals everywhere to take stock of their retirement funding, financial plan, and to take control in a proactive manner. 

 

As always, if you wish to discuss anything in further detail, please do get in touch.