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Individual Risk in an Investment-Based Social Security System

Feldstein, Martin S.; Ranguelova, Elena - 2022

risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA … payroll, only one-sixth of the pay-as-you-go tax needed for the benchmark benefits. Saving a higher share of wages provides a … percent of wages reduces the probability that the benefits are less than the benchmark to 0.17 and the probability that they …

Persistent link: https://www.econbiz.de/10014138416

Maintaining Social Security Benefits and Tax Rates Through Personal Retirement Accounts : An Update Based on the 1998 Social Security Trustees Report

Feldstein, Martin S.; Samwick, Andrew A. - 2022

A program of Personal Retirement Accounts (PRAs) funded by deposits equal to 2.3 percent of earnings (up to the Social Security maximum) would permit retirees to receive more income in retirement than with the current Social Security program while at the same time making it unnecessary to...

Persistent link: https://www.econbiz.de/10013321591

International Differences in Social Security and Saving

Feldstein, Martin S. - 2021

The U.S. Social Security Administration, in cooperation with similar agencies in other countries, recently developed estimates of social security benefits for twelve major industrial countries. The present paper uses these data to estimate the effects of social security benefits on saving and...

Persistent link: https://www.econbiz.de/10013222663

The Effect of Social Security on Saving

Feldstein, Martin S. - 2021

This paper, which was presented as the 1979 Frank Paish Lecture to the British Association of University Teachers of Economics, provides a non-technical summary of the recent studies of the effects of social security on private saving. The first section discusses the theoretical indeterminacy of...

Persistent link: https://www.econbiz.de/10013225599

Structural Reform of Social Security

Feldstein, Martin S. - 2021

Governments around the world have enacted or are currently considering fundamental structural reforms of their Social Security pension programs. The key feature in these reforms is a shift from a pure pay-as-you-go tax-financed system, in which taxes on current workers are primarily distributed...

Persistent link: https://www.econbiz.de/10013230826

The Welfare Cost of Social Security'S Impact on Private Saving

Feldstein, Martin S. - 2021

Although there have been several studies of the effect of social security on private saving, there has been no attempt to measure the welfare cost of this distortion. The present paper develops an analytic framework for this evaluation and presents numerical calculations

Persistent link: https://www.econbiz.de/10013245545

Social Security

Feldstein, Martin S.; Liebman, Jeffrey B. - 2021

This paper, a forthcoming chapter in the Handbook of Public Economics, reviews the theoretical and empirical issues dealing with Social Security pensions. The first part of the paper discusses pure pay-as-you-go plans. It considers the effects of introducing such a plan on the present value of...

Persistent link: https://www.econbiz.de/10013248675

Social Security Wealth : The Impact of Alternative Inflation Adjustments

Feldstein, Martin S.; Pellechio, Anthony J. - 2021

The distribution of wealth is one of the most important and least studied features of our economic life. A lack of good data on household wealth is the primary reason for the inadequate attention to this subject. Moreover, the evidence that is available from household surveys and estate records...

Persistent link: https://www.econbiz.de/10013249253

Social Security, Induced Retirement, and Aggregate Capital Accumulation : A Correction and Updating

Feldstein, Martin S. - 2021

In a 1974 paper in the Journal of Political Economy I discussed the theoretical ambiguity of the effect of social security on private saving and presented statistical evidence that social security does on balance depress saving. Recently, an error was detected in the computer program that was...

Persistent link: https://www.econbiz.de/10013217619

Social Security Pension Reform in China

Feldstein, Martin S. - 2021

China has legislated a mixed social security pension system with a defined benefit pay-as-you-go portion and an investment-based defined contribution portion. This paper analyses the economics of these two types of systems in the Chinese context and calculates the advantage to China of using an...

Persistent link: https://www.econbiz.de/10013218314