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.

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.

Global Coalition on Aging and Pfizer Global Medical Grants Partner to Launch Grant Program to Increase Vaccine Usage Among Older Adults in Japan

(NEW YORK – November 19, 2019) – The Global Coalition on Aging (GCOA) and Pfizer Global Medical Grants today officially launched a partnership to improve uptake of vaccines among Japanese older adults. Through $1 million USD in grant awards, the Vaccines for All: Longevity Unleashed for Everyone (VALUE) initiative will support, advance, and validate quality improvement strategies that measurably increase the number of older adults in Japan who are immunized against at least one targeted vaccine-preventable disease.

United Nations Ambassadors and Global NGOs Dine in the Dark at the UN, Calling for Action as New WHO Vision Report Predicts Skyrocketing Vision Loss Tied to 21st Century Population Aging

New York, NEW YORK (October 25, 2019) – On Wednesday night, the Global Coalition on Aging (GCOA), the United Nations Department for Economic and Social Affairs (UN DESA), and the Permanent Mission of Antigua and Barbuda to the United Nations, along with three leading organizations addressing vision loss, brought together more than 60 United Nations (UN) ambassadors and leaders from global nongovernmental organizations for an immersive dining experience directly connecting the growing numbers of people who are visually impaired with the 21st century megatrend of aging.

Is an Aging Population Hurting the U.S. Economy?

U.S. economic growth has been underwhelming for some time, averaging around 2% these days. In recent months, economic commentators have intensified their search for the underlying reason why the economy can’t kick into higher gear. They’ve landed on this highly disputable explanation: Too many old people.