Several basic types of pension systems have been formed in the world: PAYG (when pensions are paid to the current generation of pensioners from the taxes of people currently working), Defined Contribution (when people take care of their future pensions themselves and make contributions to pension funds on their own when they start working) and Combined, which is based on various combinations of the two previous systems. The latter operates in Kazakhstan, which has been originally built on the basis of the Chilean model. It includes state pension with seniority before the reform, basic pension and mandatory funded pension. The reform of the pension savings system was announced last year, and the citizens got access to the use of funds accumulated in the UAPF for various needs. Now, according to experts, Kazakhstan's pension system has begun to migrate from the Chilean model to the Singaporean one. The UAPF executive Zhanat Kurmanov has told the LIFE INSURANCE portal how true such statements are, in which direction the domestic pension coverage is moving, and how reliable this system is.

Preparing for a secure financial future starts with creating a financial plan that helps you build a diversified portfolio. The government plans 401 (k), 403 (b), or 457 (b) can maximize worker retirement plans. Insuring your financial future makes a huge contribution to your financial independence.

The older generation of millennials, born between 1980 and 1990 are now aged 30 and 40 years. This age group has been historically a great market for life insurance. The reason is simple: life insurance is suitable for any adult who has mortgaged real estate, credit cards, and children. However, these people are in no hurry to buy life insurance policies so far.

Fidelity has analyzed national data on retirees’ spending and found that most people need 55% to 80% of their pre-retirement income to maintain their post-retirement lifestyle, according to Entrepreneur magazine.

The Russian insurance market has surpassed the numbers the Covid 2020 and pre-Covid 2019 in the first half of 2021. The material in Izvestia covers the issue of life insurance development in Russia.

Insurance, investment, and emergency savings are three pillars of any sound financial plan. People who do not understand the stock market opt for Unit Linked Insurance Plans (ULIPs).

Americans are overconfident and not saving enough for retirement, according to a recent USAA poll of more than 2,000 respondents. For example, less than half (46%) of Americans have term life insurance, Fox Business reports.

According to the UN forecasts, Kazakhstan's population will be growing old over the next several decades and reaching about 24 million people by 2050. It has exceeded 19 million for the current year, according to RANKING.KZ.

As of early September 2021, life insurance premiums exceeded 110 billion tenge.

More than 70% of American respondents prefer to work for companies that give them access to guaranteed lifetime income upon retirement, according to the TIAA 2021 Lifetime Income Survey.

The US pension system is multi-layered. One part of pension is paid by the state, and the other one is accumulative. The latter, in its turn, consists of what the employer company pays (the so-called 401K), from government funds, if it is a civil servant, as well as from the pensioner's own savings, which can be accumulated in his account or invested in securities and managed by funds. Both of these categories of retirement savings are tax-free, writes Medical Economics.

Life insurance is a financial security of the insured person, his family members in unforeseen situations. There are various programs that protect against different risks presented on the insurance market.

Despite the fact that almost every American citizen over the age of 62 today receives stable payments from the social security fund after retirement, these funds are often enough only for food and paying bills. And those among the private sector workers in America who, having retired, can rely only on the government are almost half toady. They have to work to extreme age without their own savings and social benefits. The Yahoo Finance editors have prepared a material about signs that indicate that future retirees will quickly run out of money.

The European Commission's initiative to reduce capital requirements for insurers Solvency II could lead to increased investment in environmental projects and assets that comply with environmental, social and corporate governance (ESG) principles. To this conclusion the international rating agency Fitch Ratings came in its report, UkrStrakhovanie informed.