GCOA Commends Transamerica and Aegon for Groundbreaking Retirement Report Focusing on the Self-Employed

NEW YORK (January 31, 2017) – The Global Coalition on Aging (GCOA) congratulates the Transamerica Center for Retirement Studies® (TCRS) and the Aegon Center for Longevity and Retirement (ACLR) for the release of their groundbreaking new report, Retirement Preparations in a New Age of Self-Employment. The first-of-its-kind report assesses the retirement outlook of self-employed workers around the world.

The traditional labor market has evolved in recent years, with self-employed workers comprising an ever-increasing percentage of the workforce. This group faces unique challenges when planning for retirement, in particular irregular income streams and a lack of access to employer retirement benefits. Understanding the challenges, attitudes, and retirement goals of this growing group presents an increasingly important opportunity for both the private and public sectors. By better understanding the needs of self-employed workers, financial institutions, and policymakers can develop new product offerings, programs and policies to help them plan for successful retirement.

Key findings of the new report include:

Retirement Outlook – The self-employed have a flexible vision of retirement. Many expect to retire after the age 65 or never (40 percent globally, 56 percent in the U.S.). More than two-thirds (69 percent globally and in the U.S.) envision a flexible transition to retirement, including:

  • 26 percent globally (29 percent U.S.) expect to change the way that they work (e.g., working part-time or on temporary contracts) before they eventually fully retire;
  • 20 percent globally (17 percent U.S.) will change the way they work and will continue paid work throughout their retirement; and,
  • 23 percent globally and in the U.S. will keep working as they currently do and retirement age won’t make a difference.

Retirement Savings Challenges – The self-employed have unique challenges in terms of retirement planning such as irregular income and a lack of access to employer benefits. For the self-employed, saving, and preparing for retirement requires a do-it-yourself approach, which most are not taking:

  • Only about one-in-three (34 percent globally, 36 percent U.S.) always make sure they are saving for retirement; and,
  • Few have a written retirement planning strategy (13 percent globally, 20 percent U.S.).

Based on a survey of 1,600 people across 15 countries, this new report offers a portrait of the self-employed and country-specific fact sheets. Countries featured in the survey include: Australia, Brazil, Canada, China, France, Germany, Hungary, India, Japan, The Netherlands, Poland, Spain, Turkey, United Kingdom, and the United States.

Latest Developments

We keep our members and partners in touch with the most recent updates and opinions in the worldwide dialogue on population longevity and related issues.

Joint Statement on COVID-19 Vaccines & Older Adults

As WHO, CEPI, and Gavi meet and consider how best to manage the planning and deployment of a COVID-19 vaccine, we feel the voice of older adults, one of the most vulnerable, important, and essential groups should feature prominently in the COVAX process.

2020 Silver Economy Forum-China Kick-Off Event

The Global Coalition on Aging (GCOA) is pleased to announce that the 2020 Silver Economy Forum will kick off on July 29, followed by a series of virtual events in September. The special preview event, Silver Economy Sustainability in China and Globally: Lessons from COVID-19, will take place on July 29, at 8:00 AM EDT / 2:00 PM CEST / 8:00 PM CST.

New Report From the American Federation for Aging Research and the Global Coalition on Aging Highlights Adult Vaccination as Critical Lever for Healthy Aging

New York, NEW YORK (July 14, 2020) – The American Federation for Aging Research (AFAR) and the Global Coalition on Aging today released a report, Adult Vaccinations: Opportunities for Action, Barriers to Engagement, Paths to Healthier Aging. The new report shares insights from an expert symposium hosted by the two organizations in late 2019 on the urgency of vaccinations for adults to promote healthy aging.

Canary in the Coal Mine: Learnings from COVID-19 for Health Ecosystems in an Ageing World

In this webinar, expert speakers from ILC-UK, Johns Hopkins University, and the Global Coalition on Aging will explore what we are learning from the experience of older adults in COVID-19 about how health ecosystems – from the central healthcare system to care settings, caregivers, employers, and individuals – all must adapt to the needs of an ageing society, both during the pandemic and beyond.

Reflections on Empowerment: The COVID-19 Pandemic Reinforces the Need for Solidarity and a Focus on our Life Priorities

The New Social Contract: Empowering individuals in a transitioning world, a global survey report published by Aegon in 2019, identifies people’s top four current life priorities as: being healthy and fit (62%), enjoying life (59%), planning for their financial future (49%), and focusing on family (45%). Since the end of last year, the entire world has been upended by COVID-19.

Financial Times Letter to the Editor

Brenden Greeley’s “The economy is king in Donald Trump’s re-election bid” (Opinion, December 20) accurately and optimistically concludes that our US economy will “get [another] massive wave of hiring around mid-year”. But in his earlier, also accurate assessment that “working age adults continue to join the workforce” he misses another, equally powerful piece of the puzzle: for employers and policymakers in any growth economy to take the necessary 21st-century step of opening jobs to those of us over the quaint 20th-century retirement age of 60 or so.