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We analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if...
Persistent link: https://www.econbiz.de/10011522240
The Social Security "full retirement age" (FRA) is the age at which retirement income benefits are available without reduction for early commencement. Presently, that age is 67 for those born in 1960 or later. This paper is about the unfair and unnecessary threat to reduce Social Security...
Persistent link: https://www.econbiz.de/10015371402
Since 1999, the Social Security Administration (SSA) has mailed an annual Social Security Statement to individuals aged 25 or older showing their reported earnings history. The Statement also provides workers with estimates of benefit amounts available under the Social Security programs. This...
Persistent link: https://www.econbiz.de/10013245362
We set up a lifecycle model of a retired scholar who chooses optimally the time devoted to different activities including physical activity, continued work and social engagement. While time spent in physical activity increases life expectancy, continued scientific publications increases the...
Persistent link: https://www.econbiz.de/10011992739
The paper examines the manner in which federal tax expenditure estimates are prepared by the Congressional Joint Committee on Taxation (JCT) and the Treasury Department’s Office of Tax Analysis (OTA). The paper finds that the current cash flow method does not measure the actual benefits of...
Persistent link: https://www.econbiz.de/10014179906
Nudges toward voluntary defined-contribution retirement savings have moved many non-savers into savings but have left many behind. I argue that it is time to switch from libertarian-paternalistic nudges to fully paternalistic shoves. I draw on evidence from the United States and other countries...
Persistent link: https://www.econbiz.de/10013085518
This Article examines post-1974 progressions in congressional and judicial thinking about asset protection as it relates specifically to the attainment of federal retirement policy goals. The Article first considers the link between historical trust protections and modern federal retirement...
Persistent link: https://www.econbiz.de/10014067357
This paper provides estimates of the implicit fiscal assets as well as of the evolution over time of fiscal costs and revenues related to tax-favoured retirement saving regimes in 17 OECD countries, taking into account current and future contributions, asset accumulation and withdrawals, all of...
Persistent link: https://www.econbiz.de/10012444648
Americans are rapidly losing their pensions — replaced by savings plans disguised as retirement plans.Many sponsors view defined contribution (DC) plans as the best option for retaining some of the features of a pension plan without bearing all of the costs and risks of DB. This paper explores...
Persistent link: https://www.econbiz.de/10013015652
Collectively, Americans are woefully unprepared financially for retirement. This retirement problem actually reflects a collection of diverse issues. This paper identifies the most important ones: longevity; access; contributions; portability; behavioral mistakes; funded status; expenses; and...
Persistent link: https://www.econbiz.de/10013010031