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After presenting the Gruber-Wise analysis showing a strong effect on retirement of implicit taxes from pension rules …, with particular attention to increasing "the retirement age." Calculations are presented showing the decreases in benefits … for an increase in the normal retirement age in the US and the years of service for a full benefit in France …
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implications: there is no single best pension design; earlier retirement does not reduce unemployment; unsustainable pension …
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This essay describes the current debate on reforming Social Security in the US, along with a brief description of how the program works. Along the way it comments on the quality of some proposed reform proposals as well as their political standing. Where issues are similar, some inferences are...
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Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness that are substantially less restrictive than those used by Yaari (1965). We examine demand with market incompleteness, finding that positive annuitization remains...
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of the interaction between the SS system and retirement behavior. We begin by documenting historical trends in labor … the relationship between SS and retirement. Finally, we present results of a simulation model which measures the implicit …
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