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The Impact of Investment Restrictions on Pension Participants: A Case Study of Nigeria 投资限制对养老金参与人的影响——以尼日利亚为例
Journal of Retirement Pub Date : 2023-11-10 DOI: 10.3905/jor.2023.1.148
Shamsuddeen A. Nassarawa
{"title":"The Impact of Investment Restrictions on Pension Participants: A Case Study of Nigeria","authors":"Shamsuddeen A. Nassarawa","doi":"10.3905/jor.2023.1.148","DOIUrl":"https://doi.org/10.3905/jor.2023.1.148","url":null,"abstract":"What is the impact of investment restrictions on pension participants? Defined benefit public pensions are often susceptible to political pressures to direct some of their investments toward generating domestic economic growth rather than maximizing returns for participants. Defined contribution pensions, however, may also face similar pressures in the form of investment restrictions. Investment restrictions can include regulations on investing in foreign securities to encourage investment in domestic securities; and requirements for investing in domestic public debt to promote the government’s fiscal capacity. This article provides a case study of the effects of restricting pension investments in foreign securities in Nigeria following the transition to a defined contribution model in 2004. This article argues that restrictions on foreign investment in Nigeria ultimately harm pension participants by denying them access to high-performing securities. Through various analyses, this article establishes the need to allow Nigerian pension funds to diversify their investments beyond the domestic market.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"112 16","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135137468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Editor’s Letter 编辑的信
Journal of Retirement Pub Date : 2023-10-31 DOI: 10.3905/jor.2023.11.2.001
Brett Hammond, Anthony Webb
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引用次数: 0
The Role of Annuities in Managing Sequence of Returns Risk Approaching and in Retirement 年金在管理收益序列、风险逼近及退休中的作用
Journal of Retirement Pub Date : 2023-10-27 DOI: 10.3905/jor.2023.1.147
Amit Soni
{"title":"The Role of Annuities in Managing Sequence of Returns Risk Approaching and in Retirement","authors":"Amit Soni","doi":"10.3905/jor.2023.1.147","DOIUrl":"https://doi.org/10.3905/jor.2023.1.147","url":null,"abstract":"","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"12 Supplement 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136318130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
guest commentary Valuation of Financial Decision-Making 财务决策的价值评估
Journal of Retirement Pub Date : 2023-10-23 DOI: 10.3905/jor.2023.1.146
Pamela Hess, Naomi Fink, Bailey Epperson, James H. Watt
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引用次数: 0
Retirement Planning, Retirement Insecurity, and Financial Satisfaction 退休计划、退休不安全感和财务满意度
Journal of Retirement Pub Date : 2023-10-20 DOI: 10.3905/jor.2023.1.145
Blain Pearson, Thomas Korankye, Yi Liu
{"title":"Retirement Planning, Retirement Insecurity, and Financial Satisfaction","authors":"Blain Pearson, Thomas Korankye, Yi Liu","doi":"10.3905/jor.2023.1.145","DOIUrl":"https://doi.org/10.3905/jor.2023.1.145","url":null,"abstract":"This study examines retirement planning prior to retirement and its association with retirement insecurity and financial satisfaction using a fully retired sample from the U.S. National Financial Capability Study. The findings suggest that, when compared to retirees who did not complete a retirement plan prior to retirement, retirees who completed a retirement plan are less likely to experience retirement insecurity and are more likely to experience higher levels of financial satisfaction during retirement. The ensuing discussion highlights the need for retirement planning engagement prior to retirement and outlines useful interventions for policymakers, retirement planning stakeholders, and financial planning professionals.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135570226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Old-Age Labor Exit Rates and the Impact of Social Security Programs in Iran 伊朗老年劳动力退出率及社会保障计划的影响
Journal of Retirement Pub Date : 2023-10-18 DOI: 10.3905/jor.2023.1.144
Abbas Khandan
{"title":"Old-Age Labor Exit Rates and the Impact of Social Security Programs in Iran","authors":"Abbas Khandan","doi":"10.3905/jor.2023.1.144","DOIUrl":"https://doi.org/10.3905/jor.2023.1.144","url":null,"abstract":"Like people in most countries, Iranians today work for shorter employment durations despite having higher life expectancies. To investigate how social security benefits in Iran affect this phenomenon, this study first calculated specific relative exit rates for the 45–49, 50–54, 55–59, 60–64 and 65+ age cohorts from 2002 to 2020. It was shown that exit rates were higher among older age cohorts and, in addition, Iran experienced an increasing time trend in exit rates up to 2011, although this has ended and reversed afterwards. The computed exit rates data were then used in a pooled cross-section FGLS regression to explain the effect of pull and push factors. The results show that sanctions, high unemployment rates, and inflation significantly pushed workers out of the labor force. The effects of inflation were non-linear, however, indicating that at extremely high inflation rates of above 22.7 percent people would in fact need to work longer. Though unemployment insurance is helpful in inducing early retirement, the results show that disability pensions are not used in Iran as a pathway for that purpose. In addition to these push factors that explain the changes in exit rates in Iran during time, the results show that the pull factors of social security programs have also an important role and explain differences in exit rates observed among age groups and genders. The statutory retirement age stipulations have been institutionalized to become the normal age for inactivity. Nonetheless, generous pension arrangements have also been impactful. The implicit tax on work continuation, estimated at around 2.4 on average, has had a positive impact on exit rates as well.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"176 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135883486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
BOOK REVIEW: The Trouble with Insurance Markets 书评:保险市场的麻烦
Journal of Retirement Pub Date : 2023-09-18 DOI: 10.3905/jor.2023.1.143
Kerry Pechter
{"title":"BOOK REVIEW: The Trouble with Insurance Markets","authors":"Kerry Pechter","doi":"10.3905/jor.2023.1.143","DOIUrl":"https://doi.org/10.3905/jor.2023.1.143","url":null,"abstract":"","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135203258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Editor’s Letter 编辑的信
Journal of Retirement Pub Date : 2023-07-31 DOI: 10.3905/jor.2023.11.1.001
Brett Hammond, A. Webb
{"title":"Editor’s Letter","authors":"Brett Hammond, A. Webb","doi":"10.3905/jor.2023.11.1.001","DOIUrl":"https://doi.org/10.3905/jor.2023.11.1.001","url":null,"abstract":"","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"11 1","pages":"1 - 2"},"PeriodicalIF":0.0,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46341609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
guest commentary What Do Windfalls Tell Us about Personal Financial Wellness? 嘉宾评论Windfalls如何告诉我们个人财务健康？
Journal of Retirement Pub Date : 2023-07-21 DOI: 10.3905/jor.2023.1.142
P. Hess, Joshua Dietch, Bailey Epperson
{"title":"guest commentary What Do Windfalls Tell Us about Personal Financial Wellness?","authors":"P. Hess, Joshua Dietch, Bailey Epperson","doi":"10.3905/jor.2023.1.142","DOIUrl":"https://doi.org/10.3905/jor.2023.1.142","url":null,"abstract":"","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"11 1","pages":"31 - 33"},"PeriodicalIF":0.0,"publicationDate":"2023-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47712504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Quantifying the Long-Term Impact of Asset Under Management Fees on Retiree Income and Inheritances 量化资产管理费对退休人员收入和遗产的长期影响
Journal of Retirement Pub Date : 2023-06-14 DOI: 10.3905/jor.2023.1.141
J. Mahaney
{"title":"Quantifying the Long-Term Impact of Asset Under Management Fees on Retiree Income and Inheritances","authors":"J. Mahaney","doi":"10.3905/jor.2023.1.141","DOIUrl":"https://doi.org/10.3905/jor.2023.1.141","url":null,"abstract":"The shift from defined benefit plans to defined contribution plans in the private sector has shifted the cost of generating income in retirement from plan sponsors to individuals. As they seek to turn their savings into retirement income, it’s common for retiring plan participants to consider utilizing a financial advisor. Notably, the financial advisor compensation model has changed over time, with many advisors having transitioned from a commission-based practice to an asset under management (AUM) fee-based practice. With Prohibited Transaction Exemption 2020-02, the US Department of Labor has indicated that all financial advisors are acting as fiduciaries when they encourage retiring participants to roll out of their DC plan into an IRA. Fiduciaries are required to act in the best interests of their clients, and they must consider the fees associated with their recommendations as part of the fiduciary process. In this article, I use popular financial planning software to model the impact of AUM fees on retirement income amounts and inheritances. The results indicate that, on average, a 1% fee results in a 15.38% reduction in annual income and a 23.4% reduction in inheritance amounts.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48799908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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