Essays In Retirement Security
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Essays In Retirement Security
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Author : Hungyee Fong
language : en
Publisher:
Release Date : 2011
Essays In Retirement Security written by Hungyee Fong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Annuities categories.
The first chapter "Investment Patterns in Singapore's Central Provident Fund System" investigates how plan participants in a national defined contribution system invest their pension accumulations. I find that only a small fraction of participants elects to invest in outside investment products like professionally-managed mutual funds. Simulation results using cost data from over 200 funds demonstrate that the minimum hurdle rate of return a fund must generate is about five percent a year. Accordingly, more policy attention can be devoted to lowering fund commission charges and rationalizing the investment menu offered to participants. In the second chapter "Longevity Risk Management in Singapore's National Pension System", I evaluate the money's worth of life annuities and discuss the implications of the government entering the insurance market as a public-sector provider for annuities. I find that commercial insurers offer competitively-priced annuities with money's worth ratios averaging 0.95, which are on par with those in other developed countries. On the other hand, the new annuities launched by government under an annuitization mandate are estimated to provide money's worth ratios exceeding unity. This will benefit annuitants on average but implies that the annuity mandate will be expensive for the government if current pricing continues. The third chapter "Beyond Age and Sex: Enhancing Annuity Pricing" assesses how adopting more detailed pricing schemes may help reduce adverse selection in annuity markets. Prices of standard annuity products in the United States do not currently reflect buyers' personal characteristics other than age and sex. I show that several readily-measurable risk factors can significantly increase explained variability in mortality outcomes in a proportional hazards framework and use them to construct alternative pricing schemes. Simulation results show that more detailed pricing may help reduce adverse selection in annuity markets because shorter-lived groups are made much better off (and thus enter the market) while longer-lived groups are made only slightly worse off (and thus remain in the market).
Essays In The Economics Of Retirement Income Security And Household Decision Making
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Author : Saku P. Aura
language : en
Publisher:
Release Date : 2001
Essays In The Economics Of Retirement Income Security And Household Decision Making written by Saku P. Aura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
The first essay of this thesis studies within-family decision making regarding investment in income protection for surviving spouses using a simple and tractable Nash-bargaining model. A change in US pension law (the Retirement Equity Act of 1984) is used as an instrument to derive predictions from the bargaining model and to contrast these with the predictions of the classical single-utility-function model of the household. In the empirical part of the essay, the predictions of the classical model are rejected in favor of the predictions of the Nash-bargaining model. Second essay studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are characterized. Efficiency properties of different divorce asset division regimes are examined. The effect of inability to commit across time on the savings level is examined under a tractable special case of the model. Third essay is coauthored with Professor Peter Diamond and Professor John Geanakoplos. In this essay we extend Arrow's analysis of portfolio choice in a one-period model to savings and portfolio choice in a two-period model.
Invisible Social Security Revisited
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Author : Hans Peeters
language : en
Publisher: Lannoo Publishers
Release Date : 2014
Invisible Social Security Revisited written by Hans Peeters and has been published by Lannoo Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Social security categories.
'Invisible social security' is a term coined by Jos Berghman in his early work to draw attention to those aspects of social security that easily tend to be neglected in an instrumental perspective that conceives of social security merely as a particular set of instruments that national welfare states deploy to guarantee basic living standards to their citizens. Among others, Berghman emphasized that social security should rather be conceptualized in a situational sense, that is, as a state of being in which citizens feel confident about themselves and about their future lives. This book, Invisible Social Security Revisited, is a collection of essays published at the occasion of the retirement of Jos Berghman as Professor of Social Policy at KU Leuven - University of Leuven. Taking the notion of 'invisible social security' as a point of reference, nearly thirty years after it was coined, the authors address a series of contemporary issues in social security research and policy-making. One can read about social protection in the past and in the future, about prevention and activation, about European and local policies, about poverty and social exclusion, about feelings of insecurity and failing protection of informal workers, about social values in relation to social policies, and so on. The wide range of issues that are thus covered goes to show that over the years the concept of 'invisible social security' has retained its academic appeal, as well as its significance for the conceptual and empirical understanding of social security policies and realities. Taken together, the essays provide the reader with up-to-date and innovative ideas and information on important questions regarding the social protection of citizens. This Liber Amicorum for Jos Berghman is published at the occasion of his retirement as Professor of Social Policy at the Centre for Sociological Research of the KU Leuven - University of Leuven, 1 October 2014.
Essays On Retirement Education And Private Pensions
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Author : Leslie Ann Muller
language : en
Publisher:
Release Date : 2000
Essays On Retirement Education And Private Pensions written by Leslie Ann Muller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Individual retirement accounts categories.
Aging Gracefully
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Author : Peter R. Orszag
language : en
Publisher:
Release Date : 2006
Aging Gracefully written by Peter R. Orszag and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Aging Gracefully gathers a collection of essays that highlight policy ideas for promoting greater retirement savings among Americans. The essays were written as part of the Retirement Security Project, which is dedicated to promoting common sense solutions to improve the retirement income prospects of millions of American workers. The project is supported by The Pew Charitable Trusts, in partnership with Georgetown University's Public Policy Institute and the Brookings Institution. The essays included in this volume address issues such as: How an automatic 401(k) would encourage greater savings. How better structured 401(k) investments can reduce risks and increase growth. What impact the preferential tax treatment given IRAs and 401(k) plans has on low-income families. How IRA-contribution matching by employers can encourage low- and middle-income families to save more.
Comparing How Various Nations Administer Retirement Income
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Author : Mark Hyde
language : en
Publisher:
Release Date : 2010
Comparing How Various Nations Administer Retirement Income written by Mark Hyde and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Pensions categories.
This book makes an innovative contribution to the field of retirement income security in three distinctive ways. First, it seeks to develop a sophisticated philosophical rationale for the social dimension, in the context of retirement. Such a rationale is frequently implicit in much of the relevant literature, and where explicit, is often crudely developed. Second, it seeks to identify robustly the ways in which specific forms of privatisation promote outcomes that are consistent with the social dimension, whilst acknowledging the possibility of market failure. Third, it seeks to provide an agenda for reform, based on robustly developed normative arguments, and a careful appraisal of the evidence.
Social Security And The Golden Age
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Author : George Stanley McGovern
language : en
Publisher: Fulcrum Publishing
Release Date : 2005
Social Security And The Golden Age written by George Stanley McGovern and has been published by Fulcrum Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Privatization categories.
An American legend looks at Social Security and the promise of our oldest citizens.
Social Security Pension Reform In Europe
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Social Security Pension Reform In Europe written by Martin Feldstein and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Political Science categories.
Social Security in the United States and in Europe is at a critical juncture. Through the essays assembled in Social Security Pension Reform in Europe, Martin Feldstein and Horst Siebert, along with a number of distinguished contributors, discuss the challenges facing Social Security reform in the aging societies of Europe. A remarkable range of European nations—Germany, France, Finland, the Netherlands, Poland, Romania, Italy, Sweden, the United Kingdom, and Hungary—have implemented or are about to implement mixed Social Security systems that combine a traditional defined benefit of the pay-as-you-go system with an individual retirement account defined contribution of a capital-funded system. The essays here highlight the problems that the European pension reform process faces and how it differs from that of the United States. This timely volume will significantly enrich the debate on pension reform worldwide.
Wealth After Work
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Author : William G. Gale
language : en
Publisher: Brookings Institution Press
Release Date : 2021-07-27
Wealth After Work written by William G. Gale and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-27 with Business & Economics categories.
Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans.
Essays On Saving Bequests Altruism And Life Cycle Planning
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Author : Laurence J. Kotlikoff
language : en
Publisher: MIT Press
Release Date : 2001-06-22
Essays On Saving Bequests Altruism And Life Cycle Planning written by Laurence J. Kotlikoff and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-22 with Business & Economics categories.
This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.