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  • BREAKING NEWS
    • Jun 13, 2019

    Japanese government retracts report suggesting public pensions alone are insufficient

    A Financial Services Agency (FSA) council report showed a household with a 65-year-old husband and a 60-year-old wife would require an additional $184,000 in assets if they live another 30 years. The FSA's aim was to encourage people to start building nest eggs early, but instead ruling party and opposition lawmakers railed against the government for creating anxiety. Under pressure, the Finance Minister rejected the report, adding it caused "uncertainty and misunderstanding" among the population. more info

    • Jun 13, 2019

    Retirees from six major economies can expect to outlive their savings by years

    Women from Australia, Canada, Japan, the Netherlands, the U.K., or the U.S. won't be able to last through retirement on savings alone and should prepare for shortfalls. Women can expect to live more than 10 years without retirement savings due to their longer average lifespans. Though governments should act, the World Economic Forum report recommends they avoid implementing a one-size-fits-all retirement policy as individual retirement needs can vary from person to person. Instead, governments should change, or even roll back, regulations to allow individuals to make investments that will increase their long-term returns.
    Related:
    U.K. citizens will on average outlive savings by 10 years - Financial Times (sub. req.) more info

    • Jun 12, 2019

    Elderly women expected to fare worst following BBC decision to withdraw free licences for pensioners

    Deemed a regressive and potentially sexist tax, vulnerable elderly women will bear the brunt of the BBC's decision to revoke millions of pensioners of free television licenses, says license fee abolition campaigner Caroline Levesque-Bartlett. Women are two-and-a-half times more likely than men to be taken to court after failing to pay the nearly $200 annual charge. They're also far more likely to end up in jail. The BBC's research into license fee reform revealed the corporation knew elderly women, the disabled and dementia sufferers would be the worst hit by its decision.
    Related:
    More than 400,000 people sign petition to save free TV licence for over-75s - The Sun
    BBC stars turn on corporation over licence fee decision as Ben Fogle hands salary to Age UK to help pensioners - The Telegraph
    Report commissioned by the BBC told them that under their means-testing plan many of the poorest pensioners would still lose out - AgeUK more info

    • Jun 12, 2019

    Singapore survey finds 41% of retirees can't afford retirement

    A household budget study by the Lee Kuan Yew School of Public Policy and a follow-up survey commissioned by The Straits Times determined seniors need roughly $1,010 per month to meet basic needs. The researchers found 41% of retirees don't have such funds in retirement. Among this group, 28% say they fall short by at least half the recommended amount. Lim Sia Hoe, Executive Director of Centre for Seniors, recommends a national outreach program for Singaporeans turning 55 to undergo a holistic life-stage review. The review should help those approaching older adulthood take stock of their financial and career situation, advise them on the mindset and action plans for their next steps and the available support to help them get there.
    Related:
    Ageing well, my way - Singapore Management University more info

    • Jun 12, 2019

    By 2023, superannuation will cost New Zealand 53% of its core social assistance spending

    The New Zealand government revealed an expected a 17.8% increase in the number of people receiving pension benefits from the state by 2023. The outgoing Retirement Commissioner has been outspoken about the need to increase the pension age from 65. She noted 65 years of age isn't what it used to be, and people often complain about being called elderly in their late 60s, but are also claiming the old age pension. She said the country passed a tipping point where most people at 65 were healthy, fit and active and didn't see themselves as pensioners. more info

    • Jun 11, 2019

    Future-based investments should include goods, services that extend life, reduce signs of aging

    According to South Africa-based financial planner Trevor Lee, as the middle class in Asia becomes both older and richer, investment vehicles may include private hospitals, pharmaceuticals and home-based health-monitoring technology. The demand for non-invasive key-hole equipment, designed to minimize the after effects of cancer or heart surgery, is likely to increase, he adds, along with pharmaceuticals designed to prevent aging and disease. more info

    • Jun 11, 2019

    Snack bar in Japan caters exclusively to elderly customers aged over 65

    Sasaki Takaya wanted to make socializing more accessible to everyone, so he opened Ryūgūjō, a snack bar in Yokosuka, Kanagawa Prefecture, that caters exclusively to older customers. It provides the elderly in Japan with a break from the nursing care routine, allowing them to socialize with friends and loved ones. The venue features hand rails to make it easy to get around, the tables are bolted to the floor, wheelchairs can fit in the bathrooms and food comes in small bites. Nurses, licensed caregivers and physiotherapists are also available at the venue, and Sasaki's team will talk to family members and staff from the aged care facility to make sure the venue is appropriate for the customer and can cater to their needs. more info

    • Jun 11, 2019

    While older private renters in Australia are at high risk of loneliness, few in social housing feel alone

    Australians are renting more in later life and research (for purchase) suggests older private renters are at higher risk of loneliness and anxiety. The report showed many older private renters have little disposable income due to housing costs. They also live with the possibility they may be asked to leave their accommodation. In contrast, only a small proportion of the social housing tenants interviewed said they were lonely. Almost all said they didn't experience loneliness and felt they had strong social ties. Their affordable rent, security of tenure, long-term residence and having neighbors in a similar position meant they could socialize and weren't beset by anxiety. more info

    • Jun 11, 2019

    Program paired Spanish elderly with students to benefit both

    A program implemented in Barcelona is meant to reduce loneliness among old people by facilitating social bonds while providing students with an accommodation alternative. The average age of elderly participants was  87 years and more than 86% of them were women. The students were aged between 18 years and 23 years and 76% were female. The younger of two must be enrolled in a higher education institution outside their city of residence and be no older than 35 years. The senior participant had to be older than 65 years, living alone and capable of acting independently. more info

    • Jun 11, 2019

    Japan plans driver's license for seniors limiting them to cars equipped with safety features

    The Japanese government is considering issuing restricted licenses to limit the elderly to safety-enhanced vehicles following a surge in accidents attributed to the declining skills of senior drivers. The license would be issued on a voluntary basis to drivers aged 75 and older. Envisioned features include systems that automatically hit the brakes in an emergency if the operator fails to do so or accidentally steps on the gas pedal. Toyota will expand the range of models that can be retrofitted with a system to prevent or mitigate accidents caused by hitting the wrong pedal. In 2018, Toyota and Honda also launched a system that automatically detects collisions, analyzes the severity and automatically notifies relevant emergency services. Nissan, Subaru and Mazda joined the initiative in March. The government also plans to work with the private sector on adapting auto insurance for holders of senior licenses. Older drivers currently pay higher premiums, but insurers offer a 9% discount for vehicles with automatic emergency braking systems.
    Related:
    Tokyo to provide subsidy for elderly drivers - NHK
    Japan plans driver's license system for elderly as accidents surge - Japan Times more info

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