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Investing In Your Future, Should Retirement Savings Be Compulsory? - Online Essay

Investing In Your Future, Should Retirement Savings Be Compulsory?

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At the time of the 1996 Census, 12% of New Zealanders were aged 65 or over. This proportion is forecasted to increase dramatically when the “Baby Boom” generation reaches retirement age, with the prospect of superannuitant numbers and the cost of income maintenance doubling in the next 30 years. In the foreseeable future, women and pakeha people will be over-represented among the older population and a large population will live alone or only with a spouse.
Retirement is a period in ones life that has eventuated after a lifetime of hardwork and therefore should be a time of relaxation and enjoyment without the worries of having too little money. To provide for this retirement period a ...

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Pensions
2.) Private and Occupational Pensions
3.) Private Investment and Savings.

Until 1898 New Zealand had no public pensions. The expectation was that immigrants would provide for themselves and their families was outlined in the Destitute Persons Ordinance Act of 1846 and subsequent Acts in 1877, 1883 and 1894. New Zealand was seen as a land of opportunity and the government focus was on getting individuals and families to be self-supporting through developing land, setting up businesses, or obtaining waged and salaried work. Currently New Zealand has a universal pension with no form of targeting.

Occupational Pensions or (Job based) pensions are very common in New Zealand. Some schemes provide for pensions only, while others may have lump sum and pension options.

Providing for retirement income through investing in other income-earning assets is more common than private pensions. The wide range of investment approaches includes shares, rental ...

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Investing In Your Future, Should Retirement Savings Be Compulsory?. (2007, August 27). Retrieved April 24, 2024, from http://www.essayworld.com/essays/Investing-Your-Future-Should-Retirement-Savings/70236

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PAPER DETAILS

Added: 8/27/2007 12:55:51 PM
Category: Economics
Type: Premium Paper
Words: 602
Pages: 3

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