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Age-Friendly Employers Are Integral to the New Social Contract for Retirement


LOS ANGELES, June 24, 2020 /PRNewswire/ -- Workers globally and in the U.S. expect they will need on average 67 percent of their current income in retirement, yet relatively few believe they are on course to meet these needs (25 percent globally, 39 percent U.S.), according to research released today. The New Social Contract: Age-Friendly Employers explores the vital role of employers in helping workers prepare financially for retirement, a role that has become even more crucial albeit precarious amid the coronavirus pandemic.

The report is based on findings from the 9th annual global survey of 15 countries spanning the Americas, Europe, Asia, and Australia that was conducted in 2020 at the early stages of the pandemic. It is a collaboration among Aegon Center for Longevity and Retirement (ACLR) and nonprofits Transamerica Center for Retirement Studies® (TCRS) and Instituto de Longevidade Mongeral Aegon.

"Retirement systems around the world are undergoing severe strain due to increases in longevity, population aging, globalization, and evolving employment trends," said Catherine Collinson, CEO and president of nonprofit Transamerica Institute® and TCRS, and executive director of ACLR. "The coronavirus pandemic and economic downturn are intensifying existing risks to retirement security ? and creating an even greater urgency for a new social contract among governments, employers, individuals, and other stakeholders."

Age-Friendly Employers and How They Can Influence Retirement Security

Age-friendly employers embody an inclusive, diverse, and multigenerational workforce and they foster an environment in which workers of all ages can succeed. "Age-friendly employers are integral to a new social contract for retirement. By collaborating with other social partners, employers can help mitigate the retirement-related risks workers currently face and pave the way for a better, stronger retirement system for future generations," Collinson said.

The survey findings identify ways employers can support their employees to extend their working lives and financially prepare for retirement. The following are options to consider now and in the future, as the broader economic picture improves:

"The role of the employer in helping workers prepare for retirement transcends the offering of a job with a paycheck," Collinson said. "Employers tremendously influence retirement preparedness among workers by providing retirement and other health and welfare benefits, offering flexible work arrangements, and enabling pre-retirees to work as long as they want."

The New Social Contract: Age-Friendly Employers contains in-depth analysis, country comparisons, case studies, and detailed recommendations. It is based on findings from the 9th Annual Aegon Retirement Readiness survey series calling for a new social contract and it builds on The New Social Contract: Achieving retirement equality for women (2020), The New Social Contract: Empowering individuals in a transitioning world (2019), and The New Social Contract: A blueprint for retirement in the 21st century (2018).

Please visit www.transamericacenter.org for the report and other information about the research. Follow TCRS on Twitter @TCRStudies.

Transamerica Center for Retirement Studies®
Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica Institute®, a nonprofit, private foundation. TCRS is dedicated to conducting research and educating the American public on trends, issues, and opportunities related to saving, planning for, and achieving financial security in retirement. Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCRS and its representatives cannot give ERISA, tax, investment or legal advice. www.transamericacenter.org

Aegon Center for Longevity and Retirement
Aegon Center for Longevity and Retirement (ACLR) is a collaboration of experts assembled by Aegon with representation from Europe, the Americas, and Asia. ACLR's mission is to conduct research, educate the public, and inform a global dialogue on trends, issues, and opportunities surrounding longevity, population aging, and retirement security. www.aegon.com/thecenter

Instituto de Longevidade Mongeral Aegon
Instituto de Longevidade Mongeral Aegon is a champion in the theme of longevity and its social economic impacts in Brazil. With its initiatives, the nonprofit organization tackles the challenges of living longer by integrating governments, companies, schools, and people through activities towards income, work, health, and behavior. The Instituto is part of the Mongeral Aegon Group and provides complimentary services to create opportunities for individuals of all ages.
www.institutomongeralaegon.org

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Transamerica Center for Retirement Studies®
660 South Figueroa Street, Suite 1980
Los Angeles, CA 90017
Contact: Kristin Elia
[email protected] 
213-293-8586

SOURCE Transamerica Center for Retirement Studies


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