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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

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

Changing Progressivity as a Means of Risk Protection in Investment-Based Social Security

Samwick, Andrew A. - 2010

This paper analyzes changes in the progressivity of the Social Security benefit formula as a means of lessening the risk inherent in investment-based Social Security reform. Focusing on a single cohort of workers, it simulates the distribution of benefits subject to both earnings and financial...

Persistent link: https://www.econbiz.de/10012760111

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

The Economics of Prefunding Social Security and Medicare Benefits

Feldstein, Martin S.; Samwick, Andrew A. - 2021

This paper presents a detailed analysis of the economics of prefunding benefits for the aged, focusing on Social Security but indicating some of the analogous magnitudes for prefunding Medicare Benefits. We use detailed Census and Social Security information to model the transition to a fully...

Persistent link: https://www.econbiz.de/10013219183

Allocating Payroll Tax Revenue to Personal Retirement Accounts to Maintain Social Security Benefits and the Payroll Tax Rate

Feldstein, Martin S.; Samwick, Andrew A. - 2021

In an earlier paper we analyzed a method of combining traditional tax financed pay-as-you-go Social Security benefits with annuities financed by Personal Retirement Accounts. We showed that such a combination could maintain the level of retirement income projected in current Social Security law...

Persistent link: https://www.econbiz.de/10013237928

Pension and Social Security Wealth in the Health and Retirement Study

Gustman, Alan L.; Mitchell, Olivia S.; Samwick, Andrew A.; … - 2021

Together, pensions, social security and health insurance account for half of the wealth held by all households in the …

Persistent link: https://www.econbiz.de/10013245105

Maintaining Social Security Benefits and Tax Rates Through Personal Retirement Accounts : An Update Based on the 1998 Social Security Trustees Report

Feldstein, Martin S.; Samwick, Andrew A. - 2022

A program of Personal Retirement Accounts (PRAs) funded by deposits equal to 2.3 percent of earnings (up to the Social Security maximum) would permit retirees to receive more income in retirement than with the current Social Security program while at the same time making it unnecessary to...

Persistent link: https://www.econbiz.de/10013321591

New Evidence on Pensions, Social Security, and the Timing of Retirement

Samwick, Andrew A. - 2021

Using a unique dataset that links the economic and demographic information of households with the details of their pension formulas, I estimate the combined effect of Social Security and pension benefits on the probability of retirement in a cross-section of the population near retirement age....

Persistent link: https://www.econbiz.de/10013228978