考研英語(yǔ)外報(bào)閱讀6

Passage1:HowtoTakeAdvantageofaWeakDollar

Whenthedollargoesdown,whereshouldyourdollarsgo?

ByMEGHANDLEY

Posted:December14,2010

Althoughthedollarhasexperiencedwhatsomeexpertscalla

"confounding"rallylately,ifyou'restillworriedaboutthegreenback

takingadownwarddive,you'renotalone.Attheveryleast,financial

analystsexpecttheU.S.economytogrowslowlyfortheforeseeable

future.Mixinthelong-termimpactoflarge-scalestimulusspendingand

mountingdeficits,andyourdollar-centricinvestmentsmightbeless

securethanyouthink.

"Weareinanenvironmentwherethereisnosuchthinganymoreasa

'safeasset,"'saysAxelMerk,founderofMerkInvestmentsandauthorof

SustainableWealth."Investorsneedtothinkbeyondthetraditionalasset

allocationmodelwhereyouhaveasafehaven,anddiversifytheirassets

inaworldthat'severlessstable."

Thegoodnewsisthatthereareplentyofwaystohedgeagainsta

lacklusterdomesticeconomyandadecliningdollar,whetherit'ssimply

increasingyourexposuretoU.S.companieswithlargeglobalfootprints

orinvestinginthelocalcurrenciesofgrowingeconomies.U.S.News

talkedwithsomeexpertsabouthowtodulltheeffectsofaweakdollaron

yourportfolio.

Beefupyourexposuretobluechips.Ifyouhavebignameslike

McDonald's,Pepsi,andGeneralMotorsinyourportfolio,youalready

havesomeindirectexposuretonon-dollardenominatedassets.Most

companiesintheS&P500havesignificantforeignoperations,which

meanstheyhavestakesinforeigncurrencies."Sincethedollarhas

weakenedandmanyexpectittocontinuetoweaken,companieswith

incomeoverseaswillseeabenefitwhentheytranslatethatincomeback

intoU.S.dollars,"MorningstaranalystMikeRawsonsaidinanE-mail.

Ifyoudon'talreadyownsomelarge-capU.S.stocks,Rawson

recommendsiSharesS&P500Index(symbolWV),anexchange-traded

fundthatoffersbroad-basedexposuretobigfirmswithglobalreach.

AsidefrombeingoneofthecheapestETFsavailablewitha0.09percent

expenseratio,about45percentoftheunderlyingcompanies'

asset-weightedrevenuescomefromoutsidetheUnitedStates,giving

investorssubstantialsecondaryexposuretointernationalcurrencies.

Don'tignoreemergingmarkets.Forthoselookingtogrowtheir

investmentswithafive-yearorlongertimehorizon,"itwouldbe

dangeroustoignoreemergingmarkets,"saysOliverPursche,presidentof

NewYork-basedGaryGoldbergFinancialServices."That'swherethe

growthishappening—AsiaandLatinAmerica.It'snotEuropeorthe

UnitedStates."

PurscheandRawsonrecommendWisdomTreeEmergingMarketsSmall

CapDividend(DGS),anETFthatgivesinvestorsconcentratedaccessto

agroupofrapidlygrowingeconomiesincludingChinaandBrazil."We

liketolookatsmall-capemergingmarketcompaniesbecausewethink

they'reclosertothoseemergingmarketconsumers,sothey'reprobably

goingtoexperiencegrowthmoresimilartothegrowthofthose

underlyingeconomies,"Rawsonsays.Andbecausetherevenueandcosts

ofthoseeconomiesstaylocal,investorscanexpectcompaniesinthe

portfoliotohavefarlessexposuretofluctuationsintheU.S.dollar.

Becauseinternationalmarketscanbemorecomplicatedandless

transparentthanU.S.markets,Rawsonrecommendsstickingtoactively

managedfundsorfundamentally-weightedETFslikeWisdomTree

EmergingMarketsSmallCapDividend.Thefundweightscompanies

basedonthedividendtheypaytoinvestorsratherthanthetraditional

methodofweightingbasedonmarketcap."Whatyou'redoingistrying

toshifttowardqualitycompaniesthathavethewherewithaltobeableto

payadividend.It'salittlebitofatilttohigher-qualityfirmsanditgets

youalittlebitclosertosomelevelofsafetyandcomfort."

Cashinonforeigncurrencies.Holdingaforeigncurrencyinan

overseassavingsaccountisn'tyourbestoptionforbettingoncurrencies,

Rawsonsays,becausethosetypesofinvestmentswon'tearnyoua

competitivereturncomparedwithinflation.Instead,herecommends

WisdomTreeEmergingMarketsLocalDebt(ELD),anETFthatholds

localcurrencybondsincountriessuchasIndonesia,Brazil,andMexico.

"Whatwelikeaboutthisfundisthatitisdiversified,[and]accesses

emergingmarketscurrencies,"Rawsonsays."Andsinceitinvestsin

medium-termbonds,[it]earnsmoreinterestthanadepositaccount."The

bottomline:Ifgrowthinemergingmarketscontinuesoutpacingthatof

theUnitedStates,emergingmarketscurrenciesshouldriseagainstthe

dollar,whichwillbepositiveforthefund.

Commoditiesarekey.JustbecausetheU.S.economyisinadaze

doesn'tmeanothercountrieshavestoppedtogape."Eventhoughwe've

hadthistremendousrecessionintheU.S.andaslowrecovery,foreign

economies—particularlydevelopingmarkets—aregoingtogrowfaster,"

Rawsonsays."ItaffectsU.S.investorsbecauseasthoseeconomiesgrow,

theirdemandforinternationallytradedcommoditiessuchaswheat,oil,

andpreciousmetals,isgoingtogrowalso."

Withitsexposuretoglobally-pricedcommoditiesandother

non-U.S.-dollarassets,VanguardEmergingMarketsStock(VWO)can

helpinvestorscapitalizeonthecommoditiesmarketsand

commodity-producingforeigncountries.Thefundhaslargestakesin

naturalresourcescompaniesintheoil,naturalgas,andsteel

industries—allofwhichareexpectedtoseemajorgrowthincoming

years."WhenyoulookatthecurrenciesofAustralia,Canada,andBrazil,

theyhaveonethingincommon—they'reallcommodityproducing

places,"saysMikeSavage,founderofSavageFinancialGroup."If

commoditypricesgoup,thosecommoditycurrenciesgoup."

Passage2:HowtoUsetheHolidaystoBoostYourCareer

ByKARENBURNS

Posted:December15,2010

Itmaysoundcalculatingtoleveragetheholidayseasontoyour

professionaladvantage,butit'ssmart,too.

Theholidaysareprimonetworkingtime.Mostpeopleareinamorejovial,

givingmood.Manyworkplacesslowdownalittlethistimeofyear,so

youmayhavemorementalspacetothinkaboutwaystopolishyour

resumeandevensetupinformationalinterviews.Andtheendoftheyear

isanaturaltimetoreevaluate,refocus,andthinkstrategicallyaboutyour

future.

Ifyoudecidetotakeadvantageofthisgoldenopportunity,whether

toadvanceinthejobyoualreadyhaveorfindanewone,herearea

fewguidelines:

Gotoyourannualworkplaceparty.Whereelsedoworkerbeesand

upper-upsminglesofreely?Thepowers-that-bewillbeattheirmost

kindlyandtheirmostaccessible,sodon'tmissthisopportunitytoget

yournameandfaceoutthere.Introduceyourself;makesmalltalk.And

don'tforgettosaythankyou.Yourcompanydroppedawadofcashon

thisevent,soconveyyourgratitude.

Haveamasterplan.Thinkstrategicallyaboutwhoyou'dliketomeetor

gettoknowbetterthisseason.Areyouinterestedintransferringtothe

salesdepartment?Gotothatworkplacepartyreadytointroduceyourself

tothesalesstaffand,ideally,thesalesmanager.Doyoudreamof

switchingcareersentirely?Mentionitatyourneighborhoodget-together,

yourchurchsocial,oryourkid'sschoolplay.Youneverknowwhoyou511

meet.

Rememberthatcompetitionforjobsisatitslowestduringthe

holidays.InDecember,manyjobhunterscallitquits,atleastuntil

January2nd.Thisisyourcuetorampupyourownsearch.It'snottrue

thatcompaniesdon'thireduringtheholidays.Theydo.Youmighteven

tryreachingoutbetweenChristmasandNewYear's,whenhiring

managersaremorelikelytobeansweringtheirownphones.

Sendcards.Thisisthetimeofyearwhenit'snaturaltoremindtheworld

ofyourexistence.WhetheryouoptforChristmascards,NewYear's

cards,printedholidayletters,orane-newsletter,nowistheperfecttime

toreconnectwithfriends,colleagues,formerbosses,former

professors-everyoneyouknoworusedtoknow.Keepittastefuland

sincere,andaddapersonalnotetoeachmessage.

Volunteer.Volunteering—toserveatthefoodbank,hangdecorations

downtown,orparticipateinanyactivitywherepeoplegatherandwork

together-isanotherstellarwaytoexpandyournetwork.Giveitatry.

Youreallycandowellforyourselfbydoinggoodforothers.Youmight

alsolearnanewskill,ordiscoveranewfield,orsimplymeetnew

friends.

Alwaysremainprofessional.Keepinmindthattoomuchholidaycheer

canworkagainstyou,too.Whatevereventsyouattend,bepleasantand

businesslike.Youaretryingtoimpress!Ifeggnogandrumballsturnyou

woozy,avoidthem.Rememberthataworkplaceholidaypartyisnot

reallya“party."It'sabusinessevent.Comportyourselfaccordingly.

Rechargeyourbatteries.Sure,usethoseextradaysoffforfamilyevents

andpartieswithfriends,butdon'tforgettocarveoutsomeyou-time.Get

thesleepyouneed.Lookforhealthywaystodealwithholidaystress.

Exercise.Takelongwalks,talkwithyourmentors,orreadinspirational

books.Thatwayyou511berelaxed,refreshed,andreadytohittheground

runningcomeJanuary.

Puttingalittleenergyintoyourcareer-whileeveryoneelseisfiguring

outhowtoleaveworkearlytogettothemall—mayjustbethebest

presentyoucangiveyourself.

Passage3:WhyaDouble-DipRecessionHasn'tHappened

ByRICKNEWMAN

Posted:December15,2010

Stepbacktolastsummerforamoment.Homesaleshad

plunged—again—afterabigfederalsubsidyforbuyersexpired.Stocks

wereinaswoon,asinvestorsworriedthatEurope'sdebtcrisiswould

contaminatetheworld'sfinancialsystem.Growthwasslowingas

stimulusspendingfrom2009hititspeakandbegantowinddown.

Ruinousdeflationseemedpossible,promptingcomparisonstoJapan's

"lostdecade."AndforallthejawboninginWashington,nothingmuch

washappeningtojolttheeconomy.

Nowonderadouble-dipseemedplausible,withsomeforecastersgiving

50-50odds,ormore,tothelikelihoodofasecondrecession.Butthose

concernshaveslowlyfaded,witheconomistsnowincreasinglyconvinced

thattherecovery,howeverweak,isheretostay.Here'swhytheoutlook

hasbrightened.

Nothingterriblehashappened.

Thefinancialpanicof2008wasasearingeventthatleftinvestorsand

businessleadersshaken.Now,they'reprimedfordisaster-andmore

likelytooverreactthantoshrugoffdanger.TheEuropeandebtcrisis

couldstillmushroomandoverwhelmtheresourcessetasidetohandleit.

Chinaandotheremergingmarketscouldsuccumbtorunawayinflationor

burstingassetbubbles.TheU.S.housingmarket,badasitis,couldsink

everfurther.Washington'sdebtloadmightfinallycomecrashingdown.

Suchfearshavesentinvestorsfleeingforsafetyandforcedcorporations

tohunkerdown,depressingtheeconomymorethansomeeconomistsfeel

iswarranted.

Yetnoneofthosescaryscenarioshascometopass.Notyet,anyway.The

EuropeanshavebeenslowtoreacttotheproblemsinGreece,Ireland,

andelsewhere,yetthey'veshownjustenoughresolvetoreassurethe

markets.Chinaandotheremergingnationsaregrowingfarfasterthan

westerneconomies.Americanconsumersaremanagingtospendmoney

despitethehousingbust,andglobalinvestorsstillseemtohaveenough

faithinAmericatolendtoUncleSamatbargainrates.Acrisis(ortwo)

couldstillerupt,buteverymonthwithoutonemeansthatAmericanspay

offalittlemoredebt,companiesgetalittlemoreefficient,andthe

recoverygathersalittlemoresteam.

Corporateprofitshaveexploded.Formorethanayear,bigcompanies

havebeenperformingfarbetterthanmostanalystsexpected.Inthelatest

quarter,accordingtoinvestingfirmZacks,359ofthefirmsrepresentedin

theS&P500reportedearningshigherthanexpectations,withjust95

firmsunderperforming.Ayearago,companieswereturningin

surprisinglygoodearningsbecausetheywerecuttingcostsmuchdeeper

thanexpected,whileoverallrevenuesremainedflat.Now,revenueis

risingaswell,producingakindofperverseboomforcorporations:

Despitehighunemployment,profitsarenearrecordlevels,farhigherthan

mostanalystseverimaginedlessthantwoyearsafterafinancialpanic

andbrutalrecession.

That'sgoodnewsforanybodywithaninvestmentportfolio,sincestrong

corporateperformancehashelpedpushedstockpriceshigher,helping

Americansrebuildtheirretirementportfoliosandregainsomeofthe

wealthlostduringtherecession.Andthathashelpedconsumer

confidencestarttorecover.Thenextobviousquestion:Whenwillstrong

corporateperformancebegintolifttheoveralleconomyandreduce

joblessness?Soon,possibly.Corporationshavestreamlinedso

aggressivelythatthey'llhavelittlechoicebuttohireasdemandfortheir

stuffpicksup.Plus,they'vestockpiledloadsofcashthatcanbeusedto

financehiring.

Theprivatesectorhasstartedtorecover.The2009stimulusplanwas

obviouslyunpopular,butmosteconomistsagreethatitboostedgrowthby

apercentagepointormoreinboth2009and2010,andhelpedspeedthe

endoftherecession.Thestimuluswasmeanttobridgethegapas

private-sectordemandfellduringtherecession,whichmeansthat

private-sectoractivityneedstopickupagain,ortheendofthestimulus

willleaveabigholeintheeconomy.Andjustintime,theprivatesector

isstartingtoshowapulse.

Theprivatesectorhasaddednearly1.2millionjobsthisyear,withgains

everymonth.Thenumbersremaintoosmallforcomfort,buttheoverall

upwardtrendsignalsthatprivate-sectorunemploymenthasprobably

bottomedoutforgood.That'svital,becausetheprivatesectoristheheart

oftheeconomy(exceptinGreece),andotherbigsectorsarelikelyto

shrinkoverthenextcoupleofyears.Governmenthiringinparticularis

likelytoplateauatthefederallevel,anddeclineatthestateandlocal

level.Itwilltakemuchstrongerprivate-sectorhiringtoforcedown

unemployment,butthesituationisatleastgettingbetter.

Exportsarestrong.Withlittlenotice,U.S.exportshavebeenrisingall

year,astheweakdollarandstrongeconomiesinemergingmarketslike

ChinahasstokeddemandforstuffmadeinAmerica.NewsabouttheU.S.

tradebalanceusuallyfocusesonallthecheapgoodswebuyfrom

overseas,butwealsosendlotsofcars,airplanes,food,farmmachinery,

electroniccomponents,medicalequipmentandotherstuffabroad.Critics

scoffedearlierthisyearwhenPresidentObamasaidhisgoalwasto

doubleU.S.exportsinfiveyears.Butsofar,we'reonapacetodoit.That

hasproppedupemploymentinexport-relatedindustriesandbeenan

unexpectedbrightspotintheoveralleconomy.

Washingtonhasdonethebareminimum.TheFederalReservehas

becomethenation'spunchingbag,yetformuchofthelastyearit'sbeen

theonlyinstitutiontakingaggressivestepstoshaketheeconomyoutof

thedoldrums.Itslatest"quantitativeeasing"program,whichstartedin

November,maynotdomuchtogeneratejobs,whichispartofthe

purpose.ButithascertainlysignaledtoinvestorsthattheFedwilldo

something-anything!—untilitfeelsbetterabouttheeconomy.Andby

coincidenceornot,astockmarketthatwasmostlyflatoverthesummer

hassurgedbyabout18percentsincelateAugust,whenFedChairman

BenBernankefirstannouncedtheneweasingprogram.

PresidentObamatrumpedtheFedwiththenearly$900billiontaxand

stimulusbillherecentlynegotiatedwithCongressionalRepublicans.By

manyestimates,thatpackagecouldboosteconomicgrowthbyafull

percentagepointoverthenexttwoyears.Itcameatthelastminute,while

businessesandconsumerswerestartingtosweatoverwhattodoifthe

Bush-erataxcutsexpiredandtheirtaxrateseffectivelywentup.Andit

doesn'tevenpaylipservicetoworriesaboutthenationaldebt,sinceit

willbefinancedentirelywithborrowedmoney.Butthedealcould

providejustenoughofaneconomicpushtomakeadoubledipadistant

worry.Nowwecanworryaboutthenextsetofproblems.

Passage4:HowRisingMortgageRatesCouldBoostHomeSales

ByRICKNEWMAN

Posted:December13,2010

Ifyou'reinthemarketforahome,you'reprobablyfeelingprettycalm:

Pricesarefalling,interestratesarelow,andtherearefewotherbuyersto

competewith.Youcanprobablyjusthangoutforawhileandwaitfor

pricestofallsomemore.

Buthowlongwillthebuyer'smarketlast?Conventionalwisdomholds

thatpriceswillfallanother5to10percent,mostlikelybottomingout

sometimein2011.Asthehousingmarketstabilizes,saleswillslowly

pickup,whilethehugebacklogofforeclosedandbank-ownedhomes

getsworkedoff.Inhealthiermarkets-likemanyintheMidwest,where

therewasnevermuchofabubbletostartwith—thehousingmarket

mightevenstarttofeelnormalagainin2011or2012.

Thatoutlookisbasedonthepremisethatinterestrateswillstaylow,

whichhasseemedlikelybecausetheFederalReserveispullingallthe

leversitcantodoexactlythat.Butnowsomethingsurprisingis

happening:Long-termratesareactuallygoingup,indefianceoftheFed's

actions.DatafromfederalmortgageagencyFreddieMacshowsthat

30-yearmortgageratesreachedaonce-unthinkablelowof4.17percentin

earlyNovember,shortlyaftertheFedlaunchedQE2,itssecond

quantitativeeasingprogram.That'showthescriptwassupposedtoplay

out.TheFed'splantopurchase$600billioninTreasurysecurities

throughthemiddleofnextyearwillintensifydemandforTreasuries,

whichintheoryshoulddriveratesdownoneverythinglinkedtothem,

includingmortgages.BytheFed'sreasoning,thatoughttomakehomes

moreaffordable,getbuyersoffthesidelines,andputmoneyintothe

pocketsofhomeownersabletorefinance.

Butsuddenly,interestratesaren'tcooperating.Fromthatlowpointin

earlyNovember,rateshaverisenseveralweeksinarow,with30-year

mortgageratesnowatabout4.6percent.That'sstillextremelylow,but

economistsarenowaskingifratesarefinallybeginninganupwardclimb

thatcouldbepermanent-andnotbecauseoftheFed.

TherecenttaxdealnegotiatedbytheWhiteHouseandCongressional

Republicansincludesavarietyoftaxcutsandspendingmeasuresthatgo

alotfurtherthanseemedlikelywhentheFedstarteditslatesteasing

program.That'sdrivinginterestratesup,fortworeasons.One,a

surprisinglylargefiscalstimulusplanmakestheFed'sactionsless

necessary,sotheFedcouldcurtailitseasingprogramearlierthan

expected.Andbyaddingnearly$900billiontothenationaldebt,thetax

dealcreatesabitmoreuncertaintyaboutUncleSam'sabilitytopayoffits

debt.Higherriskmeansthatinvestorsdemandahigherinterestrate.And

higherratesonTreasuriestypicallymeanhigherratesonmortgages,too.

Risingmortgagerateswillscareoffsomebuyers,suchasbottomfishers

orthosewhocanonlymarginallyaffordtobuy.Buttheycouldmotivate

otherswhomightfeelanewfoundsenseofurgencytolockinratesthat

arestillremarkablylow."Highermortgageratescouldparadoxicallygive

housingatemporaryboostbypushingbuyersoffthefence,"Moody's

Analyticsadvisedinarecentcommentaryonthetaxdeal.Interestrates,

infact,cansurgewithlittlewarning,sendingunhurriedbuyersintoa

scrambletofindtherightpropertyandlockinrates.

Afewtidbitsofdatamightevensuggestthatwe'renearthebeginningof

arecoveryinthehousingmarket.Applicationsfornewmortgageshave

beenrising.Buildershavebeenincreasingtheirproductionofnewhomes.

Ameasureofhomebuilderconfidencehasbeendriftingupward.And

economicnewsingeneralisbecomingmorepositive.Thestockmarkets

survivedtheIrishdebtcrisisandrecentlyhitahighfortheyear.

Corporateprofitsarestrong,andcompaniesmaybeginhiringagainif

CEOsstarttobelievethattherecoveryisdeeplyrooted.Onceconsumers

starttofeelmoresecureintheirjobs,spendingonhomesandmanyother

thingsoughttopickup.

Theoverallhousingmarketremainsdepressed,withactivitystillfar

belowtheboomlevelsof2006.Andsomemarketsremaingluttedwith

overbuiltdevelopmentsandforeclosures.Butrecoveriesusuallystart

withtiny,evenimperceptible,improvements.Andtheydon'talways

comefromthesamedirectionthatpolicymakersexpect.

Passage5:WorkersFallShortofRetirementSavingsGoals

ByEMILYBRANDON

Posted:December16,2010

ThetypicalAmericanestimatesthattheywillneedtosaveamedianof

$300,000toretirecomfortably.Butmostretirementinvestorssaytheir

nesteggiscurrentlycomprisedofamedianofjust$20,000,orabout6.7

percentoftheirretirementgoal,accordingtoarecentWellsFargosurvey

of1,756middleclasshouseholdsearninglessthan$100,000annually.

Workersintheir50ssetthelowestretirementgoalforthemselvesofany

agegroupinthesurvey:$200,000.Theycurrentlyhaveamedianof

$29,000saved,orabout14.5percentoftheirgoal.Thetypical

50-somethingexpectstheirretirementtolastnearlytwodecades(19

years).Theamountofsavingstheseinvestorscurrentlyhavewillprovide

themwitharetirementincomeofabout$190amonthover20years,

assuminga5percentrateofreturnannually.

Individualsintheir60shaveamedianretirementgoalof$300,000,but

saytheycurrentlyhavejust10percentor$30,000tuckedawayfor

retirement.Employeesintheir30ssetthehighestretirementsavingsgoal

ofanyagegroup:$400,000.Theycurrentlyhave5percentofthator

$20,000saved.

“ToomanyAmericanshavetheirheadsinthesandinthefaceof

obvioussavingsdeficits,,5saysLaurieNordquist,directorofWellsFargo

InstitutionalRetirementandTrust."Peoplearenotevenclosetowhere

theyneedtobeintotalsavings.Barringamiracle,awinninglottery

ticket,orabiginheritance,they'regoingtobeforcedtodramaticallycut

backtheirlifestylesafterretirement.^^

Thesurveyrespondentswerealsoaskedtoestimatehowmuchthey

wouldspendonhealthcarethroughoutretirement.Themedian

anticipatedout-of-pockethealthcarespendingwas$32,300,whichis

significantlymorethanthetypicalworkerhassavedforretirement.Allof

theagegroupsqueriedsayhealthcareislikelytocostmorethanthey

currentlyhavesavedexceptfor60-somethings,whohavesavedbarely

enoughtocovertheirexpectedhealthcarecosts.

Unsurprisingly,mostoftheemployeessurveyed(72percent)planto

continuetoworkinretirement,eitherbecausetheyneedthemoney(39

percent)orbecausetheywantto(33percent),thesurveyfound.Most

middleclassAmericans(63percent)alsosaytheyareplanningtorelyon

SocialSecurityasamajorsourceofretirementincome.

Passage6:WhytheRetirementAgeIsIncreasing

Inmanyplaces,anolderretirementageisjustareversalofearlier

declines

ByEMILYBRANDON

Posted:November15,2010

Manycountriesarecontemplatingorarealreadyintheprocessofraising

theretirementagefortheirnationalpensionsystems.However,inmany

places,thisissimplyareversalofearlierdeclinesintheretirementage.

Manygovernmentsrelaxedretirement-agerulesinthe1970sand1980s,

andarenowrestoringretirementagestotheirformerlevels.

Theaverageglobalretirementagewas64.3formenin1949,but

graduallyfelltoalowof62.5in1993,accordingtoanOrganisationfor

EconomicCo-operationandDevelopmentanalysisofretirementagesin

30countrieswithnationalretirementplans.Nowtheageatwhich

private-sectorworkerswithafullcareercanfirstdrawretirementbenefits

fromthemainnationalpensionschemewithoutanyreductionsis63.

Legislationalreadyinplacewillincreasetheaverageretirementageto

64.6by2050."Earlierpensionagesmeanhighertaxesandcontributions

topayforbenefits.Votersinsomecountriesmaysimplyhaveagreater

preferenceforleisuretimeoverworkonaverage,"saysEdward

Whitehouse,co-authorofthereport."Insomecases,lowerpensionages

havebeenintroducedormaintainedinthemistakenbeliefthatgetting

olderworkersoutofjobsmeansmorejobsforyoungerworkers."

Lifeexpectancy,however,increasedcontinuouslyoverthepastfew

decades.Theperiodoftimethatseniorsliveafterreachingretirementage

grewfrom13.4yearsformenin1958to18.5in2010.TheOECD

analysisofUnitedNationsdataprojectslifeexpectancytobe20.3years

inretirement,evenafterthehigherretirementagesarephasedin.

"Retirementisnowsomethingthateverybodylooksforwardto,along

periodofleisureattheendofthelife,"saysRichardJackson,directorof

theGlobalAgingInitiativeattheCenterforStrategicandInternational

Studies,"Retirementbefore1950hadanegativeconnotation.Itwas

somethingthatyoudidtoaworn-outmachine."

Countrieswiththelowestretirementages.Themoststrikinglylow

retirementageisinTurkey.Theformerretirementageof60was

abolishedandreplacedwitharequirementofabout25yearsof

contributionstoreceiveafullpension.TheOECDcalculatedthatmany

workerswhobeginworkingbyage20willbeabletoretirearoundage45.

Thenextlowestretirementageis57inGreece,upfrom55in1959.In

Italy,theretirementagedeclinedfrom60in1949toalowof55inthe

1980sand1990s,andthenclimbedbackto59today.Undercurrentlaw,

theretirementagewillincreaseto65inItalyby2030.Afewcountries

nowhaveanationalretirementageof60,includingBelgium,Hungary,

Korea,andLuxembourg.France'scurrentretirementageis60.5.

Placeswiththehighestretirementages.Thecountrieswiththeoldest

2010retir