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developing countries. This paper presents a theoretical model which integrates micro-level decision making about fertility and …
Persistent link: https://www.econbiz.de/10012478776
This is the introduction and summary to the sixth phase of an ongoing project on Social Security Programs and Retirement Around the World. The first phase described the retirement incentives inherent in plan provisions and documented the strong relationship across countries between social...
Persistent link: https://www.econbiz.de/10012458544
Among our findings: About 3.5 percent of households are subject to either WEP or to GPO. The present value of their Social Security benefits is reduced by roughly one fifth. This amounts to five to six percent of the total wealth they accumulate before retirement. Households affected by both WEP...
Persistent link: https://www.econbiz.de/10012458939
-equilibrium overlapping generations model to incorporate realistic patterns of fertility and mortality and shocks to productivity, fertility … fertility and mortality shocks, but that this is not the case for productivity shocks, for which the pension systems actually …
Persistent link: https://www.econbiz.de/10012459525
Governments around the world are reacting to extended lifespans and troubled pension finances by increasing the age of retirement benefit entitlement. One concern that arises is how those who are not working before reaching entitlement age are able to bridge their consumption to the age of...
Persistent link: https://www.econbiz.de/10012460608
Social Security benefits may be commenced at any time between age 62 and age 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit amount to reflect the age at which benefits are claimed. We...
Persistent link: https://www.econbiz.de/10012460793
This paper seeks to explain the key two stylized facts of fundamental reforms to social security systems worldwide: Why have so many countries reformed when traditional systems seem, at first glance, to have a higher probability of delivering a secure retirement income? Why have these reforms...
Persistent link: https://www.econbiz.de/10012461643
This paper provides an overview of an economics-based perspective on the financial aspects of state and local public pensions in the U.S. Drawing on the research commissioned for an NBER research program on this topic, we discuss the large degree to which public pension liabilities exceed the...
Persistent link: https://www.econbiz.de/10012461865
We calculate the present value of state pension liabilities under existing policies, and separately under policy changes that would affect pension payouts including cost of living adjustments (COLAs), retirement ages, and buyout schedules for early retirement. Liabilities if plans were frozen as...
Persistent link: https://www.econbiz.de/10012462204
Retirement benefit guarantees can ensure a minimum standard of living in retirement. I propose a framework to discuss the design of such guarantees. The model features a standard life-cycle setting, in which individual agents' choices can have negative external effects on public finances,...
Persistent link: https://www.econbiz.de/10012462845