Best Small Business Retirement Plans

Best Small Business Retirement Plans – But as the global population ages and the COVID-19 pandemic accelerates the already growing number of retirees, there remains a wide disparity in the quality of public pension plans around the world.

Because a country’s pension system is unique to its specific economic and historical context, it is difficult to make direct comparisons. However, there are certain elements that pension experts generally view as positive and that lead to better financial support for senior citizens.

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These three dimensions were used to rank the pension systems of 43 different countries, representing more than 65% of the world’s population. This year’s iteration of the index includes four new countries – Iceland, Taiwan, UAE and Uruguay.

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When it comes to the best pension plans in the world, Iceland, the Netherlands and Denmark have the top three systems.

The Icelandic system is high in all three sub-indices. The state provides a state pension that consists of two components: mandatory contributions from both employees and employers and optional contributions to state-approved pension products.

The contribution rate in this system is high, which ultimately results in a generous state pension that retirees in Iceland can enjoy. The country also has a relatively low gender pension gap, meaning that the average pension gap between women and men is relatively small, especially compared to other OECD countries.

At the other end of the spectrum, the Philippines, Argentina and Thailand ranked lowest.

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Thailand scores particularly low in the adequacy category at 35.2. To improve its score, Thailand could raise minimum payments for its poorest demographic and enroll more workers in occupational pension schemes.

According to the index, it appears that countries are constantly improving their pension systems. In 2020-2021, the average overall index score increased by 1.0.

With an average of 60.7, the index shows that most countries’ systems have good qualities, but also have significant shortcomings that can be addressed with the following recommendations:

Countries that implement even a few of these changes could reap big gains for their next generation of retirees, and those that don’t could find themselves in trouble for the foreseeable future.

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Personal Finance Charted: The Salary You Need to Buy a Home in 50 US Cities Is Home Ownership Still Realistic? This map shows the salary you need to buy a home in 50 different US metro areas.

Depending on where you live, owning a home can seem like a distant dream or quite realistic. For example, in New York you have to make at least six figures to buy a house, but in Cleveland you can do it for just over $45,000 a year.

Using data from Home Sweet Home, this visual maps the annual salary you’d need to own a home in 50 different US cities.

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Please note. The map above refers to entire metropolitan areas and uses Q1 2022 data on median home prices. The required salary was calculated by the source, taking into account the base cost of principal, interest, property taxes and home insurance.

San Jose is the most expensive city to buy a home. A person would have to earn more than $330,000 a year to pay off a mortgage with a monthly rate of $7,718.

Perhaps surprisingly, residents of Boston need a slightly higher income to buy a home than residents of New York. The same is true in Seattle and Los Angeles. Meanwhile, some of the cheaper cities to start buying real estate are Oklahoma City and Cleveland.

As of April, the home ownership rate in the US is 65%. This figure shows the percentage of homes that are owner-occupied, not rented or vacant.

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As of the release of this data (Q1 2022), the national annual fixed mortgage rate was 4% and the median home price was $368,200. That made the salary needed to buy a home nearly $76,000 — about the national average. household income falls nearly $9,000 below that.

But what kind of houses do people want to buy? Depending on where you live, the type and square footage of your home will vary greatly.

New York, for example, has quite a few detached single-family homes in the traditional sense—only about 4,000 are on the market. People who live in the Big Apple tend to buy condos or multi-family homes.

Plus, if you’re looking for luxury, even seven figures won’t get you much in big cities. In Miami, a million dollars will buy you just 833 square feet of prime real estate.

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One thing is certain: the typical American dream home of a house with a large yard and a white picket fence is more attainable in smaller metro areas with many suburbs.

The median household income in the US is $67,500, meaning that the typical family today can only afford a home in about 15 of the 50 metropolitan areas above, including New Orleans, Buffalo and Indianapolis.

As the income gap widens in the US, the rental market remains a more attractive option for many, especially as prices are finally falling. The national average rental price for two-bedroom apartments fell by almost 3% from June to July.

Ultimately, buying a home can be a significant investment and provide a sense of security, but it’s much easier to do in certain types of cities.

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Personal Finance What does it take to be rich in America? This infographic visualizes various net worth milestones to give you a better idea of ​​where you stand now.

For example, someone with a net worth of $1 million several decades ago would have been considered very wealthy. However, according to recent survey results, $1 million is just enough to feel “financially comfortable” today.

In this infographic, we’ve visualized various financial milestones to give you a better idea of ​​what it takes to get rich in America.

It includes data on what it takes to get into the top percentile of wealth in key states, as well as broader research findings on what net worth thresholds must be crossed to be considered “financially comfortable” or even “wealthy.”

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According to Charles Schwab’s Modern Wealth Study, a net worth of $774,000 is needed to feel financially comfortable, while $2.2 million is needed to consider yourself “wealthy.”

Both milestones are much higher than the average (median) wealth in America, which was $122,000 in 2019, according to the Federal Reserve.

Knight Frank research found that a net worth of $4.4 million is needed to become a member of America’s 1 percent. This is very high compared to other developed countries such as Japan ($1.5 million), United Kingdom ($1.8 million) and Australia ($2.8 million).

The disparity is partly because America has many ultra-rich people, including the country’s 724 billionaires. Below is a list of the top five countries by number of billionaires.

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Focusing again on the US, we can also see large differences at the individual state level. To enter California’s one percent requires a net worth of $6.8 million, which is 62% higher than the national average.

California is known as home to many of the world’s richest people, including Google co-founder Larry Page and Facebook founder Mark Zuckerberg.

In Mississippi, however, the one percent require $766,000. This is 83% below the national average and just short of the amount needed to be “financially comfortable” for the average American. That’s thanks in part to Mississippi’s 19.6% poverty rate, which is the highest in the nation, according to the U.S. Census Bureau.

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A survey of almost 2,000 small business owners conducted in 2017 revealed that more than a third (34%) do not have a pension plan. The main reason for this (37% of respondents) was that they could not earn enough to save. Another 18% of business owners without retirement savings are considering selling their businesses as a retirement plan.

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