There are two broad categories of explanations for why people leave bequests. Bequests may be intentional, for a variety of reasons including altruism, “joy of giving,” or strategic considerations. Or they may simply be accidental, because people hold wealth for various reasons and life...

In this paper, we compare the total size of intertemporal public liabilities (IPLs) of several European countries and the United States. We utilize the machinery of generational accounting in order to calculate the composition of the countries IPLs, that is the sum of the explicit and implicit...

Government spending on the elderly is projected to increase rapidly as the American population becomes older. As a result, many policymakers and budget analysts are concerned about the continued viability of entitlement programs such as Social Security. The Social Security trustees' economic...

Retirees are one of the wealthiest segments of the U.S. population, and today's retirees have more wealth than any previous generation. Some have conjectured that bequests out of this wealth will significantly boost the resources of the baby boomers-the next generation of retirees-bridging the...

Americans are saving less than they used to. At the same time, they are spending more years in retirement, and Social Security still has long-term financial shortfalls. The author finds that most American households must raise their saving rates considerably if they are to maintain their current...

An examination of the decline in the net national saving rate since the early 1980s, which identifies an ongoing, fiscally induced wealth redistribution toward older generations and a sizable gain in annuitized forms of saving as underlying reasons.

An examination of the rationale for public pension programs, a look at how the current U.S. Social Security system evolved, and an analysis of the issues surrounding privatization.

Gaps between the rich and poor grow once people hit retirement. Some say privatizing Social Security will increase wealth inequality among retirees. This Commentary argues it won't and suggests that the current system may be reducing wealth mobility from one generation to the next. This...

A look at how four trends in the U.S. economy -- high taxes, low savings rates, an aging population, and astronomically high health care costs -- could constrain Americans' living standards over the next few decades.

Social Security's tax treatment of distinct groups varies widely among postwar generations: Women, whites, and the college educated have lower lifetime net tax rates than do men, non-whites, and those without a college education. Among income groups, the middle class faces the highest lifetime...