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The Use of Global Savings Accounts to Enhance Retirement Security Worldwide

RESEARCH Working Paper by Kathryn Reilly
A wall of safety deposit boxes in a bank
Jason Pofahl

This paper calls for a reimagined global retirement account that's tailored to bolster retirement security for today's global workforce.

Over the past 50 years, trends in employer-sponsored benefits, personal savings rates, and robustness of government retirement benefits have changed the outlook on retirement for millions of people around the globe. Given today’s typically shorter periods of employment with any one employer, and the corresponding patchwork of benefits attendant to such movement within the workforce, the standard of living for the next wave of retirees could be dramatically different from the lifestyle enjoyed by previous generations.

The traditional model of retirement security must evolve to meet the ever-increasing demands of the modern world, as well as the needs of a constantly changing workforce. Significantly greater employee mobility, longer lifespans, and increased financial flexibility all require a more nimble retirement security framework.

Such a new model of retirement security must include tools to ensure adequate savings and access to financial resources worldwide. This paper calls for a new, global retirement account to achieve these and other goals. Such an account, specifically tailored to bolster retirement security for today’s global workforce, could reach across borders to enhance the quality of life on an international scale.

About the Author
Kathryn Reilly
Director, Public Affairs, Aon
Kathryn Reilly works to connect the worlds of commerce and public policy, shape business-related public policy, and create impactful communication campaigns. With more than 15 years of corporate experience, Reilly has led public affairs efforts at two Fortune 500 manufacturing and services enterprises.