Retirement Readiness - A Comparative Analysis of Australia, the United Kingdom & the United States

The Actuaries Institute, American Academy of Actuaries and the Institute and Faculty of Actuaries in the United Kingdom, released its paper, Retirement Readiness - A Comparative Analysis of Australia, the United Kingdom & the United States. 

The three associations commissioned a survey of working-age individuals to assess their preparation for various retirement risks, including longevity risk. The survey aimed to determine the level of expectation individuals have in each country.

As a result of this research and analysis, the paper draws several conclusions, suggesting possible policy directions for each country. Some of these findings include:

• 58% of respondents expect to live a poor or modest life in retirement;
• a third of all respondents do not plan to retire at all; and
• many have no idea how long their money will last, and fear outliving their savings.

The paper delves into the factors that affect these conclusions, comparing the three countries taking into consideration the relative policies.