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...

Proposals to shore up Social Security using future budget surpluses neglect to mention that Social Security itself produces these surpluses. Moreover, the projected budget surplus is dwarfed by Social Security's present shortfall of $7 trillion-$10 trillion, which consists of the benefits that...

An argument that any successful reform of the Social Security system must 1) result in more real investment, 2) restore individuals' incentives to work, and 3) reduce or eliminate the intergenerational redistribution that leads to low national saving.

The better stockholders' information about a firm's prospective finances, the better their decisions on investing their money productively. The same is true of lawmakers' decisions on how to allocate public funds. As the Enron-Andersen debacle has made abundantly clear, murky financial reporting...