Date Posted: Oct 24, 2024

GRS 2024 Special Feature The North American Group Savings Market Different but Converging

The group retirement business varies in size and structure between the United States and Canada. Across both regions, the demographic tailwinds from the baby boomer generation in the accumulation phase of these plans is nearing an end.The group retirement business varies in size and structure between the United States and Canada. Across both regions, the demographic tailwinds from the baby boomer generation in the accumulation phase of these plans is nearing an end. Despite the rising population of retirees (65+ years) putting pressure on accumulated assets as they shift to the payout phase, the ongoing individualization of retirement assets away from defined benefit (DB) plans provides a solid basis for growth into the future. In the U.S. nearly 12,000 people are turning 65 every day.

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