The Economics Of Bequests In Pensions And Social Security
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The Economics Of Bequests In Pensions And Social Security
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Author : Martin S. Feldstein
language : en
Publisher:
Release Date : 1999
The Economics Of Bequests In Pensions And Social Security 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 1999 with Inheritance and succession categories.
Experience in private pension plans and recent policy discussions about investment-based reforms of Social Security suggest that some form of bequest is likely to be part of any such reform that is enacted. This paper provides a first examination of the potential magnitudes of such bequests and of their effect on retirement annuities and asset accumulation. The most likely form of bequest, the preretirement bequest' made when employees die before normal retirement age, reduces the funds available for post-retirement annuities by about 16 percent or, equivalently, requires a one-sixth increase in the Personal Retirement Account saving rate to maintain the same level of post-retirement annuities. We also analyze a variety of post-retirement bequest options. The least costly option that we consider is adding a ten-year-certain' feature to the life annuity, thereby providing a bequest whenever the retiree dies before age 77. This would reduce annuities, relative to providing only preretirement bequests, by about 6 percent. The most costly option that we consider would provide a bequest equal to the remaining actuarial value of the PRA annuity at the time of death and would require reducing all annuities by about 23 percent unless the PRA saving rate is raised. We analyze the size distribution of bequests that would result under different bequest rules and consider the implications for aggregate capital accumulation.
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.
Retirement Income Bequests And Insurance
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Author : Jeffrey Robert Brown
language : en
Publisher:
Release Date : 1999
Retirement Income Bequests And Insurance written by Jeffrey Robert Brown and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
The Effects Of Social Security On Income And The Capital Stock
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Author : Michael R. Darby
language : en
Publisher:
Release Date : 1979
The Effects Of Social Security On Income And The Capital Stock written by Michael R. Darby and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
Monograph on effects of social security on aggregate savings-income ratio in the USA - uses an economic model to estimate relationships between capital stock, labour supply and social security, etc., and finds that a regression run for 1947-1974 shows no effect of social security on saving. Bibliography pp. 85 to 88, graphs, references and statistical tables.
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.
Preparing For An Aging World
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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 2001-06-26
Preparing For An Aging World written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-26 with Social Science categories.
Aging is a process that encompasses virtually all aspects of life. Because the speed of population aging is accelerating, and because the data needed to study the aging process are complex and expensive to obtain, it is imperative that countries coordinate their research efforts to reap the most benefits from this important information. Preparing for an Aging World looks at the behavioral and socioeconomic aspects of aging, and focuses on work, retirement, and pensions; wealth and savings behavior; health and disability; intergenerational transfers; and concepts of well-being. It makes recommendations for a collection of new, cross-national data on aging populationsâ€"data that will allow nations to develop policies and programs for addressing the major shifts in population age structure now occurring. These efforts, if made internationally, would advance our understanding of the aging process around the world.
Issues In Pension Economics
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Author : Zvi Bodie
language : en
Publisher: University of Chicago Press
Release Date : 1987-03-01
Issues In Pension Economics written by Zvi Bodie 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 1987-03-01 with Business & Economics categories.
In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.
Handbook Of The Economics Of Giving Altruism And Reciprocity
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Author : Serge-Christophe Kolm
language : en
Publisher: Elsevier
Release Date : 2006-07-19
Handbook Of The Economics Of Giving Altruism And Reciprocity written by Serge-Christophe Kolm and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-19 with Business & Economics categories.
The Handbook on the Economics of Giving, Reciprocity and Altruism provides a comprehensive set of reviews of literature on the economics of nonmarket voluntary transfers. The foundations of the field are reviewed first, with a sequence of chapters that present the hard core of the theoretical and empirical analyses of giving, reciprocity and altruism in economics, examining their relations with the viewpoints of moral philosophy, psychology, sociobiology, sociology and economic anthropology. Secondly, a comprehensive set of applications are considered of all the aspects of society where nonmarket voluntary transfers are significant: family and intergenerational transfers; charity and charitable institutions; the nonprofit economy; interpersonal relations in the workplace; the Welfare State; and international aid. *Every volume contains contributions from leading researchers *Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys
The Economics Of Individual And Population Aging
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Author : Robert L. Clark
language : en
Publisher: CUP Archive
Release Date : 1980-04-30
The Economics Of Individual And Population Aging written by Robert L. Clark and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980-04-30 with Business & Economics categories.
This study aims to identify and describe the principle economic issues associated with individual and population ageing. In addition, the study surveys and assess the existing knowledge - including research by scholars of many countries and different fields in the social sciences - of the economic and social problems associated with ageing. Although the study covers a wide range of issues, it focuses primarily on the economic complexities of individual ageing and the macro-economic problems that arise from age-structure changes in the population. The authors, giving examples from many countries, trace the development of concern for population ageing and examine theoretical concepts and changing demographic conditions. Cross-national econometric studies are cited along with time series and cross-sectional research on individual countries. In assessing the state of the literature on the economic problems of ageing, the authors have attempted to indicate fruitful avenues for further research.
Issues In Pension Economics
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Author : Zvi Bodie
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Issues In Pension Economics written by Zvi Bodie 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 2007-12-01 with Business & Economics categories.
In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.