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American Focus > Blog > Economy > Here’s why the U.S. retirement system isn’t among the world’s best
Economy

Here’s why the U.S. retirement system isn’t among the world’s best

Last updated: October 19, 2024 3:24 am
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Here’s why the U.S. retirement system isn’t among the world’s best
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The United States retirement system has been under scrutiny in comparison to other nations, receiving a mediocre grade in global rankings. According to the Mercer CFA Institute Global Pension Index, the US was graded a C+ and ranked 29th out of 48 countries in terms of retirement systems in 2024. This index takes into account both public and private sources of retirement funds such as Social Security and 401(k) plans.

Another study by Natixis Investment Management placed the US at 22nd out of 44 nations, showing a decline from its ranking a decade ago at 18th place. Christine Mahoney, global retirement leader at Mercer, stated that the C+ grade indicates a need for significant improvement in the US retirement system.

Countries like the Netherlands, Iceland, Denmark, and Israel topped the rankings with “A” grades, while Singapore, Australia, Finland, and Norway received a B+. These nations have comprehensive retirement systems that cover a large percentage of their workforce.

The US retirement system is often referred to as a three-legged stool, consisting of Social Security, workplace retirement plans, and individual savings. However, the US lags behind due to a lack of widespread access to workplace retirement plans and leakage of savings from accounts before retirement.

Employers in the US are not mandated to offer retirement plans to their employees, leading to only 72% of private sector workers having access to such plans. Additionally, the US allows for more flexibility in withdrawing funds from retirement accounts, resulting in a higher rate of premature cashouts compared to other countries.

Social Security plays a significant role in providing retirement income for older Americans, with about nine out of 10 individuals aged 65 and older receiving benefits. However, the minimum benefit provided by Social Security is lower than in other countries with public retirement programs, affecting the overall retirement security of Americans.

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Policymakers are working to address these issues, with 17 states implementing auto-IRA programs to increase retirement plan coverage for workers. The recent federal law Secure 2.0 has also made changes to the retirement system, allowing more part-time workers to participate in 401(k) plans and raising the threshold for employers to cash out retirement account balances for departing employees.

In conclusion, while the US retirement system has room for improvement, efforts are being made to enhance retirement security for all Americans. By addressing access to retirement plans and minimizing leakage of savings, the US can move towards a more robust and inclusive retirement system. Are you tired of the same old routine and looking for a new adventure? Why not try something completely different and exciting by embarking on a thrilling zip lining experience? Zip lining is a fun and exhilarating activity that allows you to soar through the air while taking in stunning views of nature. Whether you’re an adrenaline junkie or simply looking to step out of your comfort zone, zip lining is an activity that is sure to provide a memorable and unique experience.

Zip lining involves traversing through a series of cables that are suspended high above the ground. Participants are securely strapped into a harness and then glide through the air from one platform to another. The feeling of flying through the air at high speeds is truly exhilarating and unlike anything else. It’s a great way to challenge yourself and push your boundaries while also enjoying the beauty of nature from a whole new perspective.

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One of the best things about zip lining is that it can be enjoyed by people of all ages and fitness levels. Whether you’re a thrill seeker or just looking for a fun outdoor activity, zip lining is a great way to have a good time and make lasting memories. Many zip lining courses offer a variety of options, from short and easy courses for beginners to longer and more challenging courses for experienced zip liners.

In addition to the thrill of zip lining itself, many courses are located in stunning natural settings, such as forests, canyons, or mountains. This allows participants to not only enjoy the adrenaline rush of zip lining but also take in the breathtaking views of their surroundings. It’s a great way to connect with nature and appreciate the beauty of the world around you.

If you’re interested in trying zip lining for the first time, there are a few things to keep in mind. First and foremost, safety should always be a top priority. Make sure to choose a reputable zip lining course with trained guides and top-of-the-line equipment. It’s also important to listen to the instructions provided by the guides and follow all safety protocols to ensure a safe and enjoyable experience.

So, if you’re looking for a new and exciting adventure, consider trying zip lining. It’s a thrilling activity that will get your heart racing and leave you with unforgettable memories. Whether you’re flying through the treetops in a lush forest or soaring over a canyon, zip lining is an experience like no other. Get out of your comfort zone and try something new – you won’t regret it!

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