Citi GPS: Global Perspectives & Solutions, March 2016
The world faces a retirement crisis.
We are living longer. And, while it is a mark of advancing civilization that nations, employers and local governments now make commitments to provide security and comfort in old age, these commitments are becoming more expensive. Since the first time that an actuary put people together to pool mortality risk and longevity risk and provide life insurance and annuities, the wonders of pooled risk have allowed millions of people to benefit from a degree of security in retirement that had been unknown before the twentieth century.
Unfortunately, longevity has been increasing, but nations, employers, local governments, and individuals have not put aside enough to meet their commitments and a crisis is coming. Indeed, it is arriving now.
To read the full publication please follow this link: THE COMING PENSIONS CRISIS: Recommendations for Keeping the Global Pensions System Afloat