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Cohort Changes In Social Security Benefits And Pension Wealth
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Book Synopsis Cohort Changes in Social Security Benefits and Pension Wealth by : Chichun Fang
Download or read book Cohort Changes in Social Security Benefits and Pension Wealth written by Chichun Fang and published by . This book was released on 2017 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: We utilize three sets of data resources -- the Health and Retirement Study (HRS), linked Social Security earnings records of the HRS respondents, and publicly available pension plan descriptions -- to study pension wealth accumulations among the recent HRS cohorts. We document the trends in pension wealth over time and across cohorts during a period in which the economic consequences of the Great Recession were significant. However, given that pension wealth of many respondents were imputed in earlier waves due to the lack of information about pension plan provisions, there is the question of how much of the changes in pension wealth should be attributed to errors in imputation. The recently available pension plan descriptions from private employers' Form 5500 filings and public employers' websites, which improve the respondent-plan linkage over what was available in previous waves, allow us to examine this exact question. In particular, we show that the newly available sets of information not only reduce the need for imputation, but also enable us to identify the plans not reported by HRS respondents in the survey and the retirement wealth associated with these plans. Finally, we also test the validity of the earnings projection methods used to produce Social Security and pension wealth estimates in the HRS, and we end our report with a discussion over the pros and cons among the projection methods.
Book Synopsis Retirement Wealth Across Cohorts by : Ann Huff Stevens
Download or read book Retirement Wealth Across Cohorts written by Ann Huff Stevens and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in labor markets over the past 30 years suggest upcoming changes in the distribution of wealth at retirement. Baby boom cohorts have spent the majority of their prime earnings years in a labor market with increased earnings inequality. This paper investigates how changes in lifetime earnings distributions affect the distribution of retirement wealth among cohorts retiring over the next decade. I use data from the Health and Retirement Study from 1992 to 2004 to estimate the relationship between lifetime earnings, pre-retirement private wealth and Social Security wealth. I show that changes in the lower half of the male earnings distribution explain a substantial portion of changes in the distribution of pre-retirement wealth. Growth in women's earnings across the cohorts do not offset these declines in wealth associated with male earnings. When pensions are added to the measure of wealth, the role of earnings is even larger, reflecting a strong correlation between changes in earnings across these cohorts and changes in the values of their employer-provided pensions. These pension changes do not appear to operate via changes in pension structures (defined benefit versus defined contribution). The present value of wealth from future Social Security benefits, in contrast, grows in real terms throughout most of the distribution. At the bottom of the male distribution of Social Security wealth, reductions in lifetime earnings limit this growth in real benefits, while at the top of the distribution earnings growth amplifies expected growth in Social Security wealth.
Book Synopsis Social Security As a Retirement Resource for Near-Retirees by : Benjamin Bridges
Download or read book Social Security As a Retirement Resource for Near-Retirees written by Benjamin Bridges and published by BiblioGov. This book was released on 2013-06 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes Social Security benefits as a retirement resource for near-retirees. It looks at how the average values of several measures of benefits such as Social Security wealth and earnings replacement rates have changed from earlier cohorts to today's near-retiree cohort, examines differences among demographic and socioeconomic groups within cohorts, and discusses reasons for these changes and differences. The paper uses greatly improved data (actual earnings histories) to produce more accurate measures of benefits; it also uses some new benefit measures. Key findings include the following: (1) average real Social Security wealth increases markedly for successive age cohorts, primarily because of increases in average real earnings; (2) replacement rates fall for recent cohorts, primarily because of the phase-in of increases in the age of eligibility for full benefits; and (3) median Social Security wealth is much higher for women than for men because women live longer.
Book Synopsis The Wealth of Cohorts by : Steven F. Venti
Download or read book The Wealth of Cohorts written by Steven F. Venti and published by . This book was released on 1993 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Personal retirement accounts are becoming an increasingly important form of retirement saving. Using data from the Survey of Income and Program Participation, the paper considers the effect of this change on the assets of recent retirees and persons who are approaching retirement. Much of the analysis is based on comparison of younger and older cohorts with different lengths of exposure to personal retirement saving programs. The findings suggest that personal retirement saving has already added substantially to the personal financial assets of older families. Projections imply that the personal financial assets of the cohort that will attain age 76 in 28 years will be almost twice as large as the personal financial assets of the cohort that attained age 76 in 1991. The results indicate also that to date there has been little replacement of employer-provided pension saving with personal retirement saving. Together with evidence that personal financial saving is unrelated to changes in home equity, the results suggest that personal retirement saving will lead to an important increase in the overall wealth of the elderly.
Book Synopsis Social Security Benefits as a Retirement Resource for U.S. Near-Retirees by : Benjamin Bridges
Download or read book Social Security Benefits as a Retirement Resource for U.S. Near-Retirees written by Benjamin Bridges and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes Social Security benefits as a retirement resource (wealth and income) for U.S. near-retirees. We look at how the average values of several measures of benefits such as Social Security wealth and earnings replacement rates have changed from earlier cohorts to today's near-retirement cohort, examine differences among demographic and socioeconomic groups within cohorts, and discuss reasons for these changes and differences. We use improved data (actual earnings history data) to produce more accurate measures of benefits. The paper also uses some new benefit measures. Three key findings are: (1) average real Social Security wealth increases markedly as we move to later cohorts primarily because of increases in average real lifetime earnings; (2) replacement rates fall as we move from the cohorts of persons reaching 61 in 1993-97 to later cohorts primarily because of the phase-in of increases in the age of eligibility for full benefits and the increasing labor market activity of women; and (3) median Social Security wealth is much higher for women than for men because women live longer.
Book Synopsis Social Security Programs and Retirement around the World by : Axel Börsch-Supan
Download or read book Social Security Programs and Retirement around the World written by Axel Börsch-Supan and published by University of Chicago Press. This book was released on 2021-03-05 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: This ninth phase of the International Social Security project, which studies the experiences of twelve developed countries, examines the effects of public pension reform on employment at older ages. In the past two decades, men’s labor force participation at older ages has increased, reversing a long-term pattern of decline; participation rates for older women have increased dramatically as well. While better health, more education, and changes in labor-supply behavior of married couples may have affected this trend, these factors alone cannot explain the magnitude of the employment increase or its large variation across countries. The studies in this volume explore how financial incentives to work at older ages have evolved as a result of public pension reforms since 1980 and how these changes have affected retirement behavior. Utilizing a common template to analyze the developments across countries, the findings suggest that social security reforms have strengthened the financial returns to working at older ages and that these enhanced financial incentives have contributed to the rise in late-life employment.
Book Synopsis The Effect of Social Security on Labor Supply by : Alan B. Krueger
Download or read book The Effect of Social Security on Labor Supply written by Alan B. Krueger and published by . This book was released on 1989 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security Programs and Retirement around the World by : Jonathan Gruber
Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The future of Social Security is troubled, both in the United States and in most other developed countries with aging populations. As improvements in health care and changes in life styles enable retirees to live longer than ever before, the stress on national budgets will increase substantially. In Social Security Programs and Retirement around the World, Jonathan Gruber, David A. Wise, and experts in many countries examine the consequences of reforming retirement benefits in a dozen nations. Drawing on the work of an international group of noted economists, the editors argue that social security programs provide strong incentives for workers to leave the labor force by retiring and taking the benefits to which they are entitled. By penalizing work, social security systems magnify the increased financial burden caused by aging populations, thus contributing to the insolvency of the system. This book is a model of comparative analysis that evaluates the effects of illustrative policies for countries facing the impending rapid growth of social security benefits. Its insights will help inform one of the most pressing debates.
Book Synopsis Social Security Programs and Retirement around the World by : Jonathan Gruber
Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Programs and Retirement around the World represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work. In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.
Book Synopsis Prospects for Social Security Reform by : Olivia S. Mitchell
Download or read book Prospects for Social Security Reform written by Olivia S. Mitchell and published by University of Pennsylvania Press. This book was released on 1999-01-29 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States social security system is the nation's largest social insurance program. As such, it has a far-reaching impact throughout the economy, influencing not only old-age economic security but also many behaviors, including corporate employment policy, retirement patterns, and personal saving. In the past, the system's universal coverage and generous benefits ensured popular support to a degree enjoyed by no other form of "big government" social spending. Yet over two-thirds of all Americans today believe that the social security system will face bankruptcy by the time they retire. The question of social security reform—how to reform the system or whether the system needs reform at all—is the subject of heated debate at all levels of government, in the media, and among workers, pensioners, and employers. Prospects for Social Security Reform informs the debate by exploring why the system is at a crossroads today and what to do about it. Contributors detail the size and nature of the problem, explain views of key "stakeholders" regarding reform options, and report new evidence on how reform might affect the economy. Research findings and public opinion polls are analyzed, as are lessons from other countries experimenting with new ways to deliver old-age benefit promises. No other volume includes as diverse and expert a set of perspectives on reform and privatization as those gathered here from economists, actuaries, employers, investment managers, and representatives of organized labor. Among its chapters is the path-breaking study "Social Security Money's Worth," the 1999 winner of the TIAA-CREF's Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.
Book Synopsis Cohort Differences in Wealth and Pension Participation of Near-Retirees by : Irena Dushi
Download or read book Cohort Differences in Wealth and Pension Participation of Near-Retirees written by Irena Dushi and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The approaching retirement of the baby boom generation has attracted both research and public policy attention. Many changes occurred during the second half of the twentieth century, changes likely to affect the retirement economic security of recent cohorts. Using data from the Health and Retirement Study, we compare pension participation and nonpension net worth of two cohorts of near retirees, those born in1933 through 1939 who were ages 55-61 in 1994, and the more recent cohort consisting of people of the same age in 2004 who were born in 1943 through 1949. We find that the recent cohort of near-retirees has a higher lifetime pension participation rate compared to the earlier cohort, but the gap in the participation rate between the highest and the lowest wealth quintiles has widened. Pension holders have much higher levels of total net worth than nonpension holders, and the degree of wealth inequality has increased over time.
Book Synopsis Pensions in the Health and Retirement Study by : Alan L. Gustman
Download or read book Pensions in the Health and Retirement Study written by Alan L. Gustman and published by Harvard University Press. This book was released on 2010-05 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals’ work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.
Book Synopsis Cohort Based Analysis of Income Shocks Over the Life Cycle by : Jeremy Grant Moulton
Download or read book Cohort Based Analysis of Income Shocks Over the Life Cycle written by Jeremy Grant Moulton and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The following three chapters investigate the first job, retirement decisions, and bequests of birth cohorts born between 1908 and 1926. I employ cohort based natural experiments using the Great Depression and Social Security Amendments of 1972 and 1977 to estimate the effect of entering the labor market during a recession, choice of retirement age in response to a retirement benefit shock, and financial transfers with children when facing a late life income shock. The first chapter uses a regression discontinuity framework to show that less educated workers entering the labor market during the Great Depression experienced 7 to 10% lower earnings roughly ten years after the onset of the Great Depression, in 1940. These effects fade substantially ten more years later in the 1950 Census. More educated workers entering the labor market experienced no loss to earnings in 1940 and positive earnings in the 1950 census, but these results may be driven by the effects of World War II or a more favorable job market for educated laborers during the Great Depression. Using the same regression discontinuity framework, I also show that young workers did not significantly delay their entry into the labor market during the Great Depression by prolonging their stay in high school. The second chapter reinvestigates and helps explain the findings of Krueger and Pischke (1992), who find no significant response of retirees in response to the Social Security Notch (Amendments of 1972 and 1977). Using a hazard model and data from the AHEAD cohort of the Health and Retirement Study, we find that using a long-term incentive measures, of the form found in Coile and Gruber (2000), provides a better estimate of retirement decision making than single year accrual measures. We find that individuals respond to both the long-term incentive measure (decreases the hazard of retiring) and the present value of their Social Security wealth (increases hazard). However, using the exogenous variation caused by the Social Security Notch results in opposite signed effects for the incentive measure. We show that this odd result and the reason that Krueger and Pischke do not find a significant change in retirement is that the Social Security Notch is one experiment, but has two offsetting, but correlated treatments. The Social Security amendments increased both the incentive measure and Social Security wealth for the cohorts subject to the 1972 amendments (Pre-Notch cohort) and the opposite for those subject to the 1977 amendments (Notch cohort). We show that the lack of retirement response is not due to no response, but to large offsetting effects. The last chapter investigates intergenerational wealth transmission between fathers and children using the 1972 and 1977 Amendments to the Social Security Act. As shown in chapter 2, individuals did not change their retirement age in response to these amendments, so those affected by the 1972 amendments experienced increased growth in Social Security benefits while those subject to the 1977 amendments experienced a negative shock (the "Notch Generation''). Using the Health and Retirement Study, I find that sons with fathers born in the Notch Generation have significantly lower wealth levels than those with fathers born in surrounding cohorts, most notably the cohort born just prior. Further evidence suggests that the wealth difference is likely due to a higher probability of providing financial support to parents and a lower probability of receiving an inheritance and financial assistance from parents.
Book Synopsis Social Security Policy in a Changing Environment by : Jeffrey R. Brown
Download or read book Social Security Policy in a Changing Environment written by Jeffrey R. Brown and published by University of Chicago Press. This book was released on 2009-12-15 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
Download or read book Growing Older in America written by and published by . This book was released on 2007 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Retirement Prospects of the Baby Boom Generation by : Daniel B. Radner
Download or read book The Retirement Prospects of the Baby Boom Generation written by Daniel B. Radner and published by . This book was released on 1998 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summarizes the results of a research on the economic status of the baby boomers and compares their financial prospects with their parents' generation. Presents projections of the income and consumption of the baby boomers at the age of 65.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :030931710X Total Pages :243 pages Book Rating :4.3/5 (93 download)
Book Synopsis The Growing Gap in Life Expectancy by Income by : National Academies of Sciences, Engineering, and Medicine
Download or read book The Growing Gap in Life Expectancy by Income written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-09-17 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. population is aging. Social Security projections suggest that between 2013 and 2050, the population aged 65 and over will almost double, from 45 million to 86 million. One key driver of population aging is ongoing increases in life expectancy. Average U.S. life expectancy was 67 years for males and 73 years for females five decades ago; the averages are now 76 and 81, respectively. It has long been the case that better-educated, higher-income people enjoy longer life expectancies than less-educated, lower-income people. The causes include early life conditions, behavioral factors (such as nutrition, exercise, and smoking behaviors), stress, and access to health care services, all of which can vary across education and income. Our major entitlement programs - Medicare, Medicaid, Social Security, and Supplemental Security Income - have come to deliver disproportionately larger lifetime benefits to higher-income people because, on average, they are increasingly collecting those benefits over more years than others. This report studies the impact the growing gap in life expectancy has on the present value of lifetime benefits that people with higher or lower earnings will receive from major entitlement programs. The analysis presented in The Growing Gap in Life Expectancy by Income goes beyond an examination of the existing literature by providing the first comprehensive estimates of how lifetime benefits are affected by the changing distribution of life expectancy. The report also explores, from a lifetime benefit perspective, how the growing gap in longevity affects traditional policy analyses of reforms to the nation's leading entitlement programs. This in-depth analysis of the economic impacts of the longevity gap will inform debate and assist decision makers, economists, and researchers.
