US - The number of US citizens aged 65 and over is expected to double within 25 years, but the number of US males over 65 in the workforce has declined from 46% in 1950 to just 19% in 2003, according to a US Census Bureau report.
That ageing population is likely to place a heavy burden on the government as social security remained the largest provider of income for many older Americans, according to the ‘65+ in the US: 2005’ report.
The PBGC, the US federal pension insurer, already has a deficit of around US$23bn, a figure that had more than doubled in recent years. The report found the US population aged 65 and over was likely to account for almost 20% of the total population by 2030, while the 85 and older age group was now the fastest growing segment.
The financial circumstances of older people had also improved dramatically, with the proportion of people aged 65 and older in poverty dropping from 35% in 1959 to only 10% in 2003, mostly attributed to the support of social security, said Census Bureau director Louis Kincannon.
“The social and economic implications of an ageing population — and of the baby boom in particular — are likely to be profound for both individuals and society,” he said.
“The 65+ in the United States report helps us to understand these dramatic changes so we can examine how they may impact families and society.”
By Damian Clarkson
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.