The Distributional Impact Of Social Security
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The Distributional Impact Of Social Security
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Author : Michael D. Hurd
language : en
Publisher:
Release Date : 1983
The Distributional Impact Of Social Security written by Michael D. Hurd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Age groups categories.
In the first part of the paper we report estimated transfers in the Social Security system for the Retirement History Survey sample.We define transfers to be the difference between the expected presentvalue of benefits less the present value of taxes paid in, where the latter is adjusted for the probability of living to reach retirement age.Unlike previous researchers we, therefore, account for the taxes paid by people who died before retirement, and it turns out this adjustment is important for some groups. The Retirement History Survey cohort will receive large transfers: roughly benefits will be about four times taxes,and the real internal rate of return will be about eight percent. We study how transfers vary by a comprehensive measure of wealth. People in the highest wealth quartile have the largest absolute transfers, and their internal rate of return is as high as that of any wealth quartile.In the second part of the paper we study transfers forsix synthetic cohorts, the heads of which are age 65 in the ten-year intervals 1970 through 2020. Within each cohort 12 families are defined according to earnings levels.We find that transfers are positive and large for the 1970 cohort, and that they decline steadily until they are negative for most groups in the 2020 cohort. Although high earners initially have the largest transfers in the 1970 cohort, they have the largest negative transfers in the 2020 cohort.
The Distributional Effects Of An Investment Based Social Security System
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Author : Martin S. Feldstein
language : en
Publisher:
Release Date : 2000
The Distributional Effects Of An Investment Based Social Security System written by Martin S. Feldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Income distribution categories.
In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of low-paid workers or of surviving spouses relative to what they would get from Social Security, and might therefore increase the extent of poverty among the aged. Our analysis in this paper shows that this is generally not the case, even in plans that make no special effort to maintain or increase redistribution. Our principal finding is that virtually all of the demographic groups that we examine would receive higher average benefits under a mixed system with an investment-based component than the benefits that they would receive under current Social Security rules. There would also be a smaller share of individuals with benefits below the poverty line even though the total cost of funding the mixed system -- a three percent saving contribution rather than a six percent rise in the tax rate -- is substantially lower than that of funding the pay-as-you-go system. Our individual-level data permit us to go beyond comparing group means to analyze the full distribution of the benefits that individuals would receive under the two different systems. These comparisons show that the overwhelming majority of individuals would have higher benefits with the investment-based system than with the pure pay-as-you-go system. The relatively small number of individuals who would receive less from the investment-based system is further reduced when the effects of the Supplementary Security Income program is taken into account. These basic conclusions remain true even if the future rate of return in the investment-based component of the mixed system is substantially less than past experience implies.
The Distributional Aspects Of Social Security And Social Security Reform
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Author : Martin Feldstein
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
The Distributional Aspects Of Social Security And Social Security Reform 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 2007-11-01 with Political Science categories.
Social security is the largest and perhaps the most popular program run by the federal government. Given the projected increase in both individual life expectancy and sheer number of retirees, however, the current system faces an eventual overload. Alternative proposals have emerged, ranging from reductions in future benefits to a rise in taxrevenue to various forms of investment-based personal retirement accounts. As this volume suggests, the distributional consequences of these proposals are substantially different and may disproportionately affect those groups who depend on social security to avoid poverty in old age. Together, these studies persuasively show that appropriately designed investment-based social security reforms can effectively reduce the long-term burden of an aging society on future taxpayers, increase the expected future income of retirees, and mitigate poverty rates among the elderly.
On The Distributional Effects Of Social Security Reform
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Author : Mark Huggett
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1998
On The Distributional Effects Of Social Security Reform written by Mark Huggett and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Social security categories.
The Distributional Effects Of Government Spending And Taxation
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Author : D. Papadimitriou
language : en
Publisher: Springer
Release Date : 2006-05-26
The Distributional Effects Of Government Spending And Taxation written by D. Papadimitriou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-26 with Political Science categories.
This book focuses on the distributional consequences of the public sector and examines and documents, theoretically and empirically, the effects of government spending and taxation on personal distribution, and includes chapters investigating the relationship between the public sector and functional distribution of national income.
The Distributional Impacts Of Public Policies
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Author : Sheldon H. Danziger
language : en
Publisher: Springer
Release Date : 1988-06-18
The Distributional Impacts Of Public Policies written by Sheldon H. Danziger and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-06-18 with Social Science categories.
Economic Effects Of Social Security
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Author : Henry Aaron
language : en
Publisher: Brookings Institution Press
Release Date : 2010-12-01
Economic Effects Of Social Security written by Henry Aaron 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 2010-12-01 with Business & Economics categories.
The social security system affects people throughout most of their lives, at work and in retirement. The supposed effects of social security on saving, labor supply, and the distribution of income figure prominently in current debates about whether and how to change the system. Theorists have developed alternative analytical frameworks for studying social security, but all involve extreme assumptions introduced for the sake of analytical tractability. Each study seems to describe the behavior of some, but not all or even most people. The shortcomings of available data have created additional roadblocks. As a result, the effects of social security on saving and labor supply are difficult to measure, and how such a complex system influences behavior is not at all well understood. Yet decisions on social security cannot be avoided. If analysts cannot agree, policymakers are likely to increase the weight they attach to perceptions of equity, adequacy of benefits, fairness of taxes, and similar qualitative considerations. Hence it is desirable for lay observers to understand the framework that analysts use and the reasons why there is so much uncertainty. This book sheds light on social security issues by examining evidence from economic studies about how the system affects saving, labor supply, and income distribution. It shows that these studies provide little evidence to support or refute assertions that social security has reduced saving, but they do indicate that it has contributed to the trend toward early retirement. The author finds that the aged are now about as well off on the average as the general population and that social security has played a considerable role in bringing about this equality. This volume is the sixteenth in the second series of Brookings Studies of Government Finance.
Simulating Aggregate And Distributional Effects Of Various Plans For Modifying The Retirement Earnings Test
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Author : David Pattison (Writer on old age pensions)
language : en
Publisher:
Release Date : 1990
Simulating Aggregate And Distributional Effects Of Various Plans For Modifying The Retirement Earnings Test written by David Pattison (Writer on old age pensions) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Old age pensions categories.
Social Security
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Author :
language : en
Publisher:
Release Date : 2004
Social Security written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Income distribution categories.
Simulating Aggregate And Distributional Effects Of Various Plans For Modifying The Retirement Earnings Test
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Author : David Pattison
language : en
Publisher: BiblioGov
Release Date : 2013-06
Simulating Aggregate And Distributional Effects Of Various Plans For Modifying The Retirement Earnings Test written by David Pattison and has been published by BiblioGov this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06 with categories.
Social Security's retirement test continues to receive considerable attention among policymakers. During the past several years a variety of proposals have been advanced that would modify or eliminate the test for persons aged 65-69. In January 1989, we completed a study report, prepared for SSA internal use, that examined several of these proposals, analyzing their effect on earnings, taxes, and benefits in the first year of implementation, assumed to be 1990. The analysis included both aggregate estimates and estimates for selected population subgroups. Although the specific proposals for modifying the retirement test have changed somewhat during the past 2 years, continued congressional interest has prompted the release of this initial version of our research for public discussion. Because we are in the process of revising the report for final publication, readers are cautioned that numbers and interpretations contained in this paper are subject to change.