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Book
The Economic Status of the Elderly
Authors: --- ---
Year: 1982 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Abstract

In the first part of the paper using official data sources, we estimate the real income of the elderly and of the rest of the population during the 1570s. We find that income per household of the elderly has increased more rapidly than income per household of the rest of the population, even though the elderly's fraction of income from work decreased greatly. In the rest of the paper we use the 1969 and 1975 Retirement History Surveys to estimate income, wealth and inflation vulnerability of households whose heads were ages 58 through 63 in 1969. The income data verified the results from the official data. The 1969 wealth data show that a representative person on the eve of retirement has small holdings of financial assets: most of the assets are in housing, Social Security and Medicare. Between 1969 and 1975 real wealth increased slightly on average. There was some tendency for the distribution to tighten. We found that contrary to popular opinion, on average the elderly are not especially vulnerable to a sudden increase in either prices or the rate of inflation. Most of their assets are inflation protected. The wealthy are most vulnerable to inflation.


Book
Pensions and the Retirement Decision
Authors: --- ---
Year: 1984 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Pensions influence retirement decisions. The analysis provides a framework for assessing the phenomenon. The qualitative features of most defined benefit pension plans in the United States, as the first section demonstrates, can be used to induce optimal retirement choices. Pensions are viewed as a form of forced savings; their purposeis to enable the worker to "commit himself" by making it in his own self-interest to retire at an appropriate age. The remaining sections examine the use of pensions in populations that are heterogeneous with respect to such features as disutility of work or expected lifespan.Given heterogeneity, a major policy concern is whether pensions are actuarially fair to different groups, retirement cohorts,etc. It is proven that optimal pension plans cannot be actuarially more than fair, in the sense that someone who retires later must impose a smaller cost on the pension pool than he would were he to retire earlier. However, there are differences in life expectancy among cohorts defined by retirement age: late retirees generallyl ive longer. Late retirees may thus impose a greater expected cost on the pension fund under an optimal plan; interestingly, they do impose a higher cost than those retiring earlier under most common pension funds.In a first-best world, a separate pension plan would be designed for each group of workers. But, government-mandated retirement programs and legislation regulating private pensions require common treatment of different workers. Such homogenization is shown to work to the possible detriment of workers as a whole. Pensions are a workhorse compensation mechanism. They provide an additional instrument beyond wages for attracting, motivating, sorting, and retaining workers, while facilitating appropriate retirement decisions.


Book
An Assessment of the Proposals of the President's Commission to Strengthen Social Security
Authors: --- ---
Year: 2002 Publisher: Cambridge, Mass. National Bureau of Economic Research

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The President's Commission to Strengthen Social Security proposed three reform plans. Two, analyzed here, restore actuarial balance in the absence of individual accounts. One achieves this balance solely through benefit reductions. The other uses new dedicated revenue to cover one-third of the actuarial deficit, reducing benefits to close the rest. Both plans cut disability and young survivor benefits in step with retirement benefits, while bolstering benefits for long-career low earners and surviving spouses with low benefits. The plans both include voluntary individual accounts that replace part of the scaled-back Social Security system. Payroll taxes are diverted to the accounts and one of the plans also requires a (subsidized) add-on contribution for those choosing accounts. Under both models, any payroll tax deposited in an individual account is also recorded in a 'liability account' for the worker. The liability account tracks the diverted payroll revenue (with interest) and is paid off by reducing traditional benefits. The individual accounts are subsidized through a sub-market interest rate on the liability accounts. This subsidy worsens the financial position of the Trust Fund. The accounts also create a cash-flow problem. Consequently, by themselves, the individual accounts make Social Security's solvency problems worse both in the short run and over the long run. To offset the adverse impact of the accounts, the plans call for large transfers of general revenues (despite substantial projected budget deficits). If all (two-thirds of) eligible workers opted for the accounts, the new revenues required over the next 75 years would amount to between 1.2 and 1.5 (0.8 and 1.1) percent of payroll. Holding the disabled harmless from the benefit reductions would raise the required transfers to between 1.5 and 1.7 (1.1 and 1.3) percent of payroll (compared to a projected actuarial deficit of 1.9 percent of payroll under current law). Despite requiring this much general revenue relative to paying scheduled benefits, the plans would produce significant reductions in expected combined benefits. At the end of 75 years, however, assets in the accounts would amount to between 53 and 66 (35 and 44) percent of GDP, and the value to Social Security of the accumulated liabilities that reduce later benefits would amount to more than 20 (15) percent of GDP.


Book
Early Retirement Pension Benefits
Authors: ---
Year: 1981 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Abstract

Early retirement options alter the accrual of pension benefits, increasing the fraction of total benefits accrued in the early years of work. This is true regardless of whether de facto no worker exercises the early retirement option. No currently used actuarial method correctly calculates the cost of an early retirement option. Early retirement options must be considered in calculating age/compensation profiles. Furthermore, the early retirement option can effectively be used to encourage less productive older workers to retire, without the firm having to reduce the nominal salary of such workers.


Book
Recalibrating retirement spending and saving.
Authors: ---
ISBN: 0199549109 9780199549108 Year: 2009 Publisher: Oxford Oxford university press

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Book
OECD Pensions Outlook 2020.
Authors: ---
ISBN: 9264899537 9264680160 Year: 2020 Publisher: Paris : OECD Publishing,

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The 2020 edition of the OECD Pensions Outlook examines a series of policy options to help governments improve the sustainability and resilience of pension systems.


Book
International comparison of pension systems : an investigation from consumers' viewpoint
Authors: --- ---
ISBN: 9811964467 9811964459 Year: 2022 Publisher: Singapore : Springer,

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This book is about retirement income security. This income security is provided by national public pensions, corporate pensions, and individual and reverse mortgages. However, these systems vary greatly from country to country and, in many countries, do not provide sufficient coverage. Ensuring income security in old age is an important issue that must be resolved in the rapidly aging environment of the world. From the perspective of financial consumers, this book cross-sectionally surveys public pensions, corporate pensions, individual pensions and reverse mortgages and compares them among many important nations. This gives many implications from the perspective of designing an overall income security for each individual. In addition, it presents many of the issues needed for these sustainable and comprehensive income security.


Book
Rescuing retirement : a plan to guarantee retirement security for all Americans
Authors: --- ---
ISBN: 0231546270 Year: 2018 Publisher: New York, NY : Columbia University Press,

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Everyone deserves to be able to retire with dignity, but this core feature of the social contract is in jeopardy. Companies have swerved away from pensions, and most of the workforce has woefully inadequate retirement savings. If we don't act to fix this broken system, rates of impoverishment for senior citizens threaten to skyrocket, and tens of millions of Americans reaching retirement age in the coming decades will be forced to delay retirement and will experience a dramatic drop in their standard of living.In Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. Built on people's own money in individual Guaranteed Retirement Accounts, the plan requires no new taxes, no more bureaucracy, and no increase in the deficit. Speaking to Americans' growing anxiety about their ability to retire, Rescuing Retirement provides answers to anyone wanting to understand the growing movement to protect a period of life once considered a deserved time of rest and creativity and offers a practical guide to the future of secure retirement.


Book
CBO's online guide to tax incentives for retirement saving
Author:
Year: 2006 Publisher: [Washington, D.C.] : [Congressional Budget Office],

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Book
Retirement savings and security
Author:
ISBN: 1629481343 9781629481340 1629481327 9781629481326 Year: 2013 Publisher: New York

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This book provides an overview of select elements and considerations of retirement savings and security with a focus on Social Security financing and benefits under current law; eligibility requirements, contribution limits, tax deductibility of contributions, and rules for withdrawing funds from traditional and Roth Individual Retirement accounts (IRAs); 401(k) plans and retirement savings; Federal Employees' Retirement System benefits and financing and the role of the Thrift Savings Plan; and the benefits, risks and regulations of annuities with guaranteed lifetime withdrawals.

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