Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The realities of mounting government debt, tax burdens, and an aging population raise serious concerns about the financial legacy confronting future generations. How great a fiscal burden will current policies leave to subsequent generations, and how might changes in those policies alter the intergenerational distribution of public welfare? Generational accounting has recently emerged as a robust new method of fiscal analysis and planning designed to assess the long-term sustainability of fiscal policy and to measure the extent of the financial load ultimately borne by present and future generations. A seminal contribution to public economics, generational accounting has already been adopted by 23 nations around the world. Combining the latest and most extensive country-by-country generational analyses with a comprehensive review of generational accounting's innovative methodology, these papers are a consummate resource for economists, political scientists, and policy makers concerned with fiscal health and responsibility.

Generational accounting --- Bejaardenproblematiek 312-053.8 --- Sociale zekerheid 368.4 --- #SBIB:33H16 --- #SBIB:35H435 --- #SBIB:35H437 --- AA / International- internationaal --- 305.93 --- 336.61 --- 311.94 --- 339.5 --- Generational accounts --- Finance, Public --- Publieke financiën --- Beleidssectoren: economisch en werkgelegenheidsbeleid --- Beleidssectoren: sociale zekerheid --- Econometrie van het gedrag van de overheid, van de uitgaven en ontvangsten van de overheid, van de begroting. Econometrie van de belastingen. --- Financieel beleid. --- Verdeling van de bevolking naar leeftijd. Veroudering van de bevolking. --- Accounting --- Generational accounting. --- Accounting. --- Government accounting --- Governmental accounting --- Public accounting --- Econometrie van het gedrag van de overheid, van de uitgaven en ontvangsten van de overheid, van de begroting. Econometrie van de belastingen --- Verdeling van de bevolking naar leeftijd. Veroudering van de bevolking --- Financieel beleid --- accountant, finance, financial, money, wealth, income, economy, economics, career, worldwide, international, global, debt, government, tax, taxes, population, aging, growing old, legacy, future, generations, fiscal, policies, welfare, intergenerational, millennial, gen z, analysis, planning, savings, sustainability, academic, scholarly, research, higher ed, college, university, textbook.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Zonder onderwerpscode

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The conventional approach to retirement and life insurance planning, which is used throughout the financial planning industry, differs markedly from the economic approach. The conventional approach asks households to specify how much they want to spend before retirement, after retirement, and in the event of an untimely death of the head or spouse. It then determines the amounts of saving and life insurance needed to achieve these targets. The economic approach is based on the life-cycle model of saving. Its goal is to smooth households' living standards over their life cycles and to ensure comparable living standards for potential survivors. In the economic approach, spending targets are endogenous. They are derived by calculating the most the household can afford to consume in the present given that it wants to preserve that living standard in the future. Although spending targets under the conventional approach can be adjusted in an iterative process to approximate those derived under the economic approach, there are practical limits to doing so. This is particularly the case for households experiencing changing demographics or facing borrowing constraints. This paper illustrates the different saving and insurance recommendations provided by economic financial planning software and the practical application of traditional financial planning software. The two software programs are Economic Security Planner (ESPlanner), developed by Economic Security Planning, Inc., and Quicken Financial Planner (QFP), developed by Intuit. Each program is run on 24 cases, 20 of which are stylized and 4 of which are actual households. The two software programs recommend dramatically different levels of saving or life insurance in each of the 24 cases. The different saving recommendations primarily reflect ESPlanner's adjustment for household demographics and borrowing constraints. The different life insurance recommendations reflect these same factors as well as ESPlanner's accounting for contingent household plans and for Social Security's survivor benefits. The less detailed tax and Social Security retirement benefit calculations used in our implementation of QFP also explain some of the differences between the two programs.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper develops, calibrates, and simulates a dynamic 88-period OLG model to study the intergenerational transmission of U.S. wealth inequality via bequests. The model features marriage, realistic fertility patterns, random death, assortative mating based on skills, heterogeneous skill endowments, heterogeneous rates of return, skill inheritability, progressive income taxation, and resource annuitization via social security. All bequests arise from imperfect annuitization. Nonetheless, the model generates a realistic ration of aggregate wealth to aggregate labor income, a realistic bequest flow relative to the stock of wealth, and a realistic wealth distribution at retirement. Skill differences, assortative mating, social security, and the time preference are the primary determinants of wealth inequality. Bequests do propagate wealth inequality, but only in the presence of social security, which disproportionately disinherits the lifetime poor. Intergenerational wealth immobility, also considered here, is primarily determined by the inheritance of skills from one's parents and the magnification of the impact of this inheritance by marital sorting.