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Demographic Change, Social Security Systems, and Savings
Bloom, David E. - 2010
little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent … retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing … a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in …
Persistent link: https://www.econbiz.de/10012760611
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A Theory of Retirement
Bloom, David E. - 2007
We construct a life-cycle model in which retirement occurs at the end of life as a result of declining health. We show that improvements in life expectancy, coupled with a delay in the onset of disability, increases both the optimal consumption level and the proportion of life spent in leisure....
Persistent link: https://www.econbiz.de/10012775556
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Notional Defined Contribution Pension Systems in a Stochastic Context : Design and Stability
Auerbach, Alan J. - 2010
traditional PAYGO pensions.) We find that the basic NDC scheme is effective at preventing excessive debt accumulation, but does …
Persistent link: https://www.econbiz.de/10012760480
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The Effect of Subjective Survival Probabilities on Retirement and Wealth in the United States
Bloom, David E. - 2010
We explore the proposition that expected longevity affects retirement decisions and accumulated wealth using micro data drawn from the Health and Retirement Study for the United States. We use data on a person's subjective probability of survival to age 75 as a proxy for their prospective...
Persistent link: https://www.econbiz.de/10012760540
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Redistributive Effects of Different Pension Systems When Longevity Varies by Socioeconomic Status
Sánchez-Romero, Miguel - 2019
We propose a general analytical framework to model the redistributive features of alternative pension systems when individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many...
Persistent link: https://www.econbiz.de/10012868200
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Redistributive Effects of Different Pension Systems When Longevity Varies by Socioeconomic Status
Sánchez-Romero, Miguel - 2019
We propose a general analytical framework to model the redistributive features of alternative pension systems when individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many...
Persistent link: https://www.econbiz.de/10012868359
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Propagation and Smoothing of Shocks in Alternative Social Security Systems
Auerbach, Alan J. - 2013
Even with well-developed capital markets, there is no private market mechanism for trading between current and future generations, so a potential role for public old-age pension systems is to spread economic and demographic shocks among different generations. This paper evaluates the smoothing...
Persistent link: https://www.econbiz.de/10013080219