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To Save or Save Not: Intergenerational Neutrality and the Expansion of New Zealand Superannuation

Coleman, Andrew - 2014

Increases in longevity mean the size of New Zealand's public retirement income programme, New Zealand Superannuation, will automatically expand unless the age of eligibility is increased. This paper analyses the consequences of expanding New Zealand Superannuation on a save-as-you-go basis...

Persistent link: https://www.econbiz.de/10012115669

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/10011431188

Intergenerational Risk Sharing with Market Liquidity Risk

Dimitrov, Daniel - 2022

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in the form of uncertain trading costs. We use a stylised two-period OLG framework, where each generation makes a portfolio allocation decision for retirement, and show that...

Persistent link: https://www.econbiz.de/10013356484

Pension funds in sub-Saharan Africa

Nyang'oro, Owen; Njenga, Githinji - 2022

The population structure the world over is going through a demographic shift, and the elderly proportion is projected to increase with population growth. This change is a matter of concern for sub-Saharan African (SSA) countries, where the majority of the people are young and the rates of both...

Persistent link: https://www.econbiz.de/10013472622

Social security pension generosity and the effect on household saving

Halvorsen, Elin; Jia, Zhiyang; Kruse, Herman; Vigtel, … - 2022

This paper examines the substitution between pension wealth and household saving by studying Norway's 2011 pension reform. The analysis identifies the effect of reductions in social security pension generosity on household saving using cohort, time and sector variation in pension wealth induced...

Persistent link: https://www.econbiz.de/10013480210

The Effects of Collecting Income Taxes on Social Security Benefits

Jones, John Bailey; Li, Yue - 2017

Since 1983, Social Security benefits have been subject to income taxation, a provision that can significantly increase the marginal income tax rate for older individuals. To assess the impact of this tax, we construct and calibrate a detailed life-cycle model of labor supply, saving, and Social...

Persistent link: https://www.econbiz.de/10014000541

Pension reform and wealth inequality: Evidence from Denmark

Andersen, Torben M.; Bhattacharya, Joydeep; … - 2022

A growing literature explores reasons for rising wealth inequality, but disregards the role of pension systems despite their well-understood infiuence on life-cycle saving. In theory and according to available evidence, both pay-as-you-go (PAYG) and fully-funded (FF) pension schemes crowd out...

Persistent link: https://www.econbiz.de/10014303039

Do individuals accept fluctuations in pension income?

Bucher-Koenen, Tabea; Knebel, Caroline; Weber, Martin - 2023

How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the choice between phased withdrawal plans with...

Persistent link: https://www.econbiz.de/10014313929

Social Insurance against a Short Life: Ante-Mortem versus Post-Mortem Policies

Ponthiere, Gregory - 2023

Welfare States do not insure citizens against the risk of premature death, i.e., the risk of having a short life. Using a dynamic OLG model with risky lifetime, this paper compares two insurance devices reducing well-being volatility due to the risk of early death: (i) an ante-mortem age-based...

Persistent link: https://www.econbiz.de/10014417640

New figures on unfunded public pension entitlements across Europe: Concept, results and applications

Kaier, Klaus; Müller, Christoph - 2013

A major aim of the recent updates of National Accounting standards (SNA2008 and ESA2010) is to provide a more complete picture of households' wealth. In this course it will become mandatory for European countries to publish annual estimates of unfunded public pension entitlements (UPPE) from...

Persistent link: https://www.econbiz.de/10010311999