If none of the above, answer here:
Retirement readiness and phased retirement.
Please describe if and how your stakeholders (cooperation partners, funders, users, etc.) have been participating in defining the problem and developing the solution.
With about 25 pension and research experts in participating countries, the research agency Cicero and the Transamerica for Retirement Studies we defined the 'problem' regarding retirement readiness and phased retirement, developed the questionnaire in October-November 2012, conducted the field work in January 2013, and analysed the results in February-April 2013.
Together with media experts in participating countries, the survey was launched on 14 May 2013. So far, more than 650 publications in national and international media have been published. In particular in China the survey generated a lot of media attention with more than 350 publications.
Has your solution been tested in trials, experimentations, or pilot projects? If yes, please describe the process and outcome.
We have discussed the key findings at several events such as a webinar on 14 May, a 'radio day' in Spain and the UK, the IBIS Academy 2013 in Prague on 13-17 May 2013, and the EU Summit on Active and Healthy Ageing in Dublin on 13 and 14 June 2013.
What barriers might hinder the success of your initiative? How do you plan to overcome them?
1. Widespread retirement illiteracy worsens retirement readiness.
Only 20% of respondents say they are 'very able' to understand financial matters related to retirement planning and only 9% considered their personal retirement planning process to be 'very well developed'. Employers can play a greater role in offering retirement preparation services to their employees.
2. Delaying retirement offers an obvious solution, but obstacles remain.
The majority of today’s employees envision a transition into retirement that involves working – either changing work patterns, such as moving to part-time or less demanding work, or continuing to work. Yet this practical solution may not be realistic for many. Nearly half of the retirees retired sooner than expected and the majority did so for negative reasons such health issues or job loss.
Delaying retirement is a terrific way to generate income. However, few employers have yet made provisions to accommodate this vision by offering flexible arrangements to work beyond the normal retirement age. Public policy and incentives for employers to provide more options for older employees can help ease their transition into retirement.