How well prepared are we to support ourselves and future generations in old age? A new report from the World Economic Forum (WEF), in collaboration with Mercer, We’ll Live To 100 - How Can We Afford It? provides a disconcerting view.
According to the new WEF research, the current gap between aggregate savings and expected annual retirement income needs stands at $70T today. This is one and a half times the combined GDP of the eight countries studied - Australia, Canada, China, India, Japan, Netherlands, UK, and US. In the aggregate, these countries make up 44% of the world’s population and 57% of the world’s economic activity.
Even more troubling, the report finds that these eight countries are on course to face a combined shortfall of $400T by 2050 – a growth in the gap of $28B every day between now and 2050.
To address the issues facing governments, employers and individuals alike, Mercer is working together with industry experts to help redefine retirement. Click here to join the conversation.