World Pension Cup Is About Half Full
The people of the Earth have set aside about half of the assets they need to provide a comfortable retirement income for all, according to the Global Federation of Insurance Associations, which includes the American Council of Life Insurers.
That estimate is part of the federation’s look at major world risk protection gaps. Risks covered by the analysts include health, cybersecurity and natural catastrophes, as well as longevity.
About 780 million of the world’s 8 billion people were over the age of 65 in 2020. In 30 years, the population could rise to about 9.8 billion, with 1.5 billion being over the age of 65, according to projections cited by the analysts.
Today, the average number of years of life expectancy at the typical retirement age is 20 for men globally and 24 for women.
The world has a total gross domestic product, or income, of about $95 tillion, with a total of about $56 trillion to $58 trillion in public and private retirement assets, and $9 trillion to $10 trillion in annual public and private retirement benefits payments per year.
