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The commitment value of prefunded pensions
Garon, Jean-Denis - 2015
This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces … temptation to over-redistribute later and to misuse revealed private information. Prefunding may be preferable even if the …
Persistent link: https://www.econbiz.de/10011405644
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Lessons of the financial crisis for the design of national pension systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10003872221
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Population aging, social security and fiscal limits
Heer, Burkhard; Polito, Vito; Wickens, Michael R. - 2018
We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper limit to the real value of tax revenues. This limit implies an endogenous threshold dependency ratio, i.e. a point in the cross-section distribution of the population beyond...
Persistent link: https://www.econbiz.de/10011864671
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Quantifying and Explaining the Decline in Public-School Teacher Retirement Benefits
Abashidze, Nino; Clark, Robert L.; Craig, Lee A. - National Bureau of Economic Research - 2022
In recent decades, many states have reduced future retirement benefits for newly hired teachers. We estimate that in 2020 the average initial monthly retirement benefit, for teachers retiring with 30 years of service, is 11.2 percent lower than that of teachers retiring in the same plan with the...
Persistent link: https://www.econbiz.de/10013388828
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Two Decades of Social Security Claiming
Slavov, Sita N. - National Bureau of Economic Research - 2023
Twenty years ago, the adjustment to monthly Social Security benefits for early or delayed claiming was, on average, roughly actuarially fair, although some subsets of individuals could gain from delay. Since then, delaying claiming has become much more attractive thanks to three factors: a more...
Persistent link: https://www.econbiz.de/10013537737
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Household Finance and the Welfare State : A Case Study of the United States, 1980-2010
Gerba, Eddie - 2014
The sharp rise in household finance, both in debt and in assets, is one of the striking empirical facts about the US economy of the last two decades. But it is still not clear what caused it. Economists, both mainstream and heterodox, seek an explanation in financial market innovation and...
Persistent link: https://www.econbiz.de/10013062352
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The power of social pensions
Huang, Wei; Zhang, Chuanchuan - 2016
This paper examines the impacts of social pension provision among people of different ages. Utilizing the county-by-county rollout of the New Rural Pension Scheme in rural China, we find that, among the age-eligible people, the scheme provision leads to higher household income (18 percent) and...
Persistent link: https://www.econbiz.de/10011595168
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Means testing and Social Security in the United States
Bagchi, Shantanu - In: International studies of economics 19 (2024) 1, pp. 68-91
This paper uses a heterogeneous-agent overlapping-generations model to examine the fiscal and distributional consequences of introducing a means test in US Social Security. I find that a means test, that is, conditioning benefit payments on a household's earnings or assets, leads to a higher...
Persistent link: https://www.econbiz.de/10014513264
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Do Older Adults Accurately Forecast Their Social Security Benefits?
Seiter, Grant M.; Slavov, Sita N. - National Bureau of Economic Research - 2023
How accurate are older people's expectations about their future Social Security benefits? Using panel data from the Health and Retirement Study, we compare respondents' observed Social Security claiming ages and benefits with subjective expectations provided during their 50s and early 60s. We...
Persistent link: https://www.econbiz.de/10014247944
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El ahorro privado de las familias y las pensiones públicas en Alemania y Estados Unidos:¿cumplimiento de la hipótesis del ciclo vital?
Hernandez Martinez, Fernando - Volkswirtschaftliche Fakultät, … - 2007
This paper details how ageing is affecting to private saving and public pensions. In this way, it analyses if Life-Cycle Hypothesis is carrying out for individuals about their saving behaviours and if Pension Public Systems can make them to vary. For this reason, it establishes a specifically...
Persistent link: https://www.econbiz.de/10008578285