Low Returns and Optimal Retirement Savings

Lifetime financial outcomes relate closely to the sequence of investment returns earned over the lifecycle. Higher return assumptions allow individuals to save at a lower rate, withdraw at a higher rate, retire with a lower wealth accumulation, and enjoy a higher standard of living throughout their lifetimes. Often analysis of this topic is based on the investment performance found in historical market returns. However, at the present bond yields are historically lower and equity prices are quite high, suggesting that individuals will likely experience lower returns in the future. Increases in life expectancy, especially among higher-income workers who must also rely more heavily on their private savings to smooth spending, further increases the cost of funding retirement income today. The implications are higher savings rates, lower withdrawal rates, the need for a larger nest egg at retirement, and a lower lifetime standard of living. We demonstrate this using a basic life cycle framework, and provide a more complex analysis of optimal savings rates that incorporates Social Security, tax rates before and after retirement, actual retirement spending patterns, and differences in expected longevity by income. We find that lower-income workers will need to save about 50 percent more if low rates of return persist in the future, and higher-income workers will need to save nearly twice as much in a low return environment compared to the optimal savings using historical returns

Does News Platform Matter? Comparing Online Journalistic Role Performance to Newspaper, Radio, and Television

The shifting role of journalism in a digital age has affected long-standing journalistic norms across media platforms. This has reinvigorated discussion on how work in online newsrooms compares to other platforms that differ in media affordances and forms. Still, more studies are needed on whether those differences translate into distinct practices, especially when examining cross-national studies. Based on a content analysis of 148,474 stories produced by 365 media organizations from 37 countries, this article compares the performance of journalistic roles in online newsrooms to three other types of media—TV, radio, and print. The paper analyzes if journalistic roles present themselves differently across platforms, and if these differences are constant or they vary across countries. Results show that there are measurable differences in role performance in online journalism compared to other platforms. Platform had a significant impact, particularly in terms of service and infotainment orientation, while the implementation of roles oriented toward public service was more similar. Additionally, country differences in the relationship between role performance and platforms mainly emerged for roles that enable political influence on news coverage, with differences in the relationship between online vs. traditional platforms appearing to be distinct features of the specific political system. © 2023 Informa UK Limited, trading as Taylor & Francis Group