Findings from the Society of Actuaries Risks and Process of Retirement Survey and Other Consumer Research
Speaker: Anna Rappaport and Barbara Hogg
The newly released 2021 Retirement Risk Survey is designed to understand the current state of retirement in the United States from an individual’s perspective. An additional SOA study, Financial Perspectives on Aging and Retirement Across the Generations, provides insight on a broad range of financial security issues across the generations. These studies addresses Americans’ retirement and financial concerns and preparedness, their financial priorities, and how they plan for change in retirement, the impact of shocks and unexpected events, and their views on health and caregiving. Thsese online surveys of Americans were conducted in 2021 by Greenwald Research on behalf of the Society of Actuaries Research Institute (SOA). Both offer insights on the impact of COVID-19 and on differences by race and ethnicity. The presentation will discuss some key findings with a focus on the impact of COVID-19, and on how people are doing in the current environment.
About the Speakers:
Anna Rappaport is an actuary, consultant, author, and a nationally and internationally recognized expert and speaker on the impact of change on retirement systems and workforce issues. She is passionate about improving retirement security and opportunities for older Americans. She has focused on women’s security, disability and defined contribution plans, phased retirement, and improving individuals’ ability to plan. Anna is a past- President of the SOA and chairs the Committee on Post-Retirement Needs and Risks. She writes for the SOA Retirement Section News, The Conference Board’s Human Capital Exchange and Forbes. She formed Anna Rappaport Consulting in 2005 after retiring from 28 years at Mercer. She is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. She has an MBA from the University of Chicago Booth School of Business. Anna received the Lifetime Achievement Award in 2017 from the Plan Sponsor Council of America, the 2018 Lillywhite Award from EBRI, and the SOA Lifetime Volunteer Award in 2021. She serves on the Advisory Board of the Pension Research Council and the Board of the Women’s Institute for a Secure Retirement (WISER).
Barbara Hogg is a partner in Aon’s Lincolnshire, IL office. She chaired the Project Oversight Committee for the 2021 Society of Actuaries Retirement Risk Survey. With over 30 years experience, Barb is a retirement consultant focusing on a broad range of retirement issues including detailed plan design, retirement readiness, and participant communication. She is knowledgeable about both the plan sponsor and the participant perspective, about both Defined Benefit (DB) and Defined Contribution (DC) plans, and has extensive research experience.
Barb is involved in Aon’s retirement thought leadership efforts to identify trends in retirement program design, especially DC plans. Recently, she has helped develop and launch Aon’s Employee DC and Financial Wellbeing Employee Survey and Aon’s DC Employer Survey.
For several years, Barb led Aon’s retirement communication efforts—providing strategic leadership, working directly with clients to create retirement communication strategies, and developing participant communication materials to support administrative services. She continues to help guide communication and participant education related to retirement plans and pension settlement strategies.
Barb has a B.A. degree from the University of Iowa in Economics and Statistics and an M.S. from Northwestern in Statistics. She is a fellow of the Society of Actuaries.
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