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24-05-2014, 11:00 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
Larry Fink runs BlackRock Inc., the world’s biggest money manager. His New York-based company oversees assets greater than 20 times those of the mammoth Canada Pension Plan Investment Board.
On why having strong pensions has been a boon for Canada’s economy:
“If you have confidence in your retirement, then you can consume more too. … In Canada, you have some [pension] plans that have done very well and … I think one of the fundamental reasons why Canada has fared better than the United States …[is] there is such a larger component of the Canadian population that, as they near retirement, they don’t have the stresses of having enough money for retirement, because your retirement plans are far stronger than some of the U.S. retirement plans.”
On mandatory pension plans, :
“I am a big fan of mandatory savings plans. I’ve been saying that in the United States. I love what they did in Australia. You turn 16, you get a card. Even if you are working part-time, you are building up a pension plan. … In Australia, when they go into retirement, they are going to have far better certainty. It’s that certainty that allows people to say, ‘You know what, that car is nine years old, it’s time to buy a new car. … I need a new dishwasher, I want to buy a new dress,’ whatever. I have more certainty.”
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?182293-Sinkapore-needs-a-pension-plan&goto=newpost).
Larry Fink runs BlackRock Inc., the world’s biggest money manager. His New York-based company oversees assets greater than 20 times those of the mammoth Canada Pension Plan Investment Board.
On why having strong pensions has been a boon for Canada’s economy:
“If you have confidence in your retirement, then you can consume more too. … In Canada, you have some [pension] plans that have done very well and … I think one of the fundamental reasons why Canada has fared better than the United States …[is] there is such a larger component of the Canadian population that, as they near retirement, they don’t have the stresses of having enough money for retirement, because your retirement plans are far stronger than some of the U.S. retirement plans.”
On mandatory pension plans, :
“I am a big fan of mandatory savings plans. I’ve been saying that in the United States. I love what they did in Australia. You turn 16, you get a card. Even if you are working part-time, you are building up a pension plan. … In Australia, when they go into retirement, they are going to have far better certainty. It’s that certainty that allows people to say, ‘You know what, that car is nine years old, it’s time to buy a new car. … I need a new dishwasher, I want to buy a new dress,’ whatever. I have more certainty.”
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?182293-Sinkapore-needs-a-pension-plan&goto=newpost).