The Social Security Trustees project that the Social Security program faces longterm financing difficulties. Several proposals that have been offered to shore-up the finances of the Social Security program would create individual retirement accounts funded with part of the payroll tax. The...

When it comes to retirement income policy, there is a general perception that workers have full 40-year working careers before retiring. Further, it is generally assumed that workers with low lifetime earnings have low earnings in each year during a normal working career. The basic research...

This study examines income dynamics during individuals' first 12 years of retirement. Two questions are asked: (1) Are the economic experiences of the elderly in the United States unique, or are they similar to those of the elderly in Germany? and (2) What is the role of Social Security in...

This paper focuses on the persistence of hardship from middle age to old age. Proposed status maintenance models suggest that stratification of economic status occurs over the life course (e.g., little mobility is seen within the income distribution). Some studies have found evidence to support...

Two issues may have a tremendous impact on the adequacy of retirement income for today's workers: the growth of 401(k) pension plans and the possible privatization of Social Security. Workers are becoming increasingly responsible for the adequacy of their retirement income by determining how...