FINANCIAL SECURITY
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NEWS
- 5/15/2013 - In U.S., Average Retirement Age Up to 61 (Gallup)
- 5/15/2013 - 4% Rule for Retirement Withdrawals Is Golden No More (NY Times)
- 5/14/2013 - How They Do It Elsewhere (NY Times)
- 5/12/2013 - Market rebounds, but retirement confidence doesn't (Philly.com)
- 5/12/2013 - Annuities regain a bit of luster as retirements get longer (Boston Globe)
Faculty Advisors: Jay Bhattacharya, MD, PhD, Gopi Shah Goda, PhD, Hazel Markus, PhD, William F. Sharpe, PhD, John Shoven, PhD
In an age of unprecedented longevity, a focus on lifelong individual financial security has never been more crucial. The mission of the Financial Security Division is to bring a unique interdisciplinary perspective to financial security issues facing our society by rethinking the perceived problems around an aging population, especially retirement planning and the need to work longer. By understanding the role that research, education and policy can play in solving these issues and by looking at the problems from multiple perspectives, we will drive the dialogue forward in order to facilitate a healthier state of long-term financial security for the individual and society.
In August, 2012, the Stanford Center on Longevity announced a partnership with Marsh and McLennan Companies that will focus on the issues of financial security. Together, we will combine our expertise and capabilities to bring together the best thinkers, policymakers, and business leaders to drive innovation and change around financial security issues. Over the past few months, we’ve already begun to see the fruits of our collaboration. In May of 2012, the Stanford Center on Longevity, with the sponsorship of The New Retirement Forum™ and additional support provided by Marsh and McLennan Companies, convened a conference to discuss the increasingly complex arena of retirement planning and education in an age of increased longevity. We are using the outcomes from this conference to build our agenda and recommendations for future policy and research.
As we begin our work, we will focus our efforts on three topic areas: financial capability; the new career lifecycle; and common financial pitfalls such as fraud. For each of these areas, we will identify key research and policy issues, catalyze research around practical solutions, disseminate information to key stakeholders and thought leaders, and discuss ways to encourage evidence-based policy decision. More specifically, for financial capability, we will explore how to help individuals become wise consumers of financial information and prepare for financial milestones such as retirement. For the new career lifecycle, we will redefine the concepts of “work” and “retirement” in order to reflect the reality of increased longevity. Finally, our work on common financial pitfalls such as fraud will consolidate research from a range of disciplines to form a unified understanding of fraud and effective fraud prevention.
With a little creativity, we could craft work lives that are more satisfying and far less conflicted than the ones we have today. Rather than hold on tightly to the way things are, or just nibble around the edges of change, let’s redesign work. For once, time is on our side.”
- Laura L. Carstensen, A Long Bright Future
