Imperfect Knowledge Retirement And Saving

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Imperfect Knowledge, Retirement and Saving

Author : Alan L. Gustman
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Imperfect Knowledge, Retirement and Saving by : Alan L. Gustman

Download or read book Imperfect Knowledge, Retirement and Saving written by Alan L. Gustman and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from the Health and Retirement Study, this paper creates variables measuring knowledge about future social security and pension benefits by comparing respondent reports of their expected benefits with benefits calculated from social security earnings records and employer provided descriptions of pension plans. The knowledge measures suggest that misinformation, imprecision and lack of information about retirement benefits is the norm. Those who are most dependent on social security are the least well informed about their social security benefits, while those who are most dependent on pensions are best informed about their pension benefits. Women and minorities are less well informed about both types of retirement benefits. Having documented the extent of misinformation, we turn to questions about the production of information, and the consequences of misinformation for real outcomes. Relating measures of information to planning activities, we find that those who plan are somewhat better informed than those who do not, but with the exception of having requested a social security earnings record, the effects of planning activities on knowledge are modest. In descriptive and reduced form equations for planned and actual retirement and saving, there is at best a modest relation of knowledge measures to planned and actual retirement and to nonpension, nonsocial security wealth as a share of lifetime earnings. Individuals who overestimate their benefits are likely to retire sooner than they planned, but the measured effects are relatively modest. Coefficients of measures of the increase in reward from postponed retirement are barely affected by the addition of measures of respondent knowledge of their retirement benefits to standard reduced form retirement and wealth equations.

Imperfect Knowledge of Pension Plan Type

Author : Alan L. Gustman
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Imperfect Knowledge of Pension Plan Type by : Alan L. Gustman

Download or read book Imperfect Knowledge of Pension Plan Type written by Alan L. Gustman and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper investigates the reasons for discrepancies between the pension plan type reported by respondents to the Health and Retirement Study (HRS) and pension plan type obtained from documents produced by their employers, called Summary Plan Descriptions (SPDs). The analysis suggests the discrepancies are sizable and are mainly due to misreports by respondents. Discrepancies between respondent and firm reports of plan type are first documented for different years and from different data sources. Changes over time in respondent and firm reports are analyzed for those who say their plans did not change. Plan type from payroll data produced by Watson Wyatt, a pension consulting company, is examined and compared to respondent reports for employees covered by Watson Wyatt plans. The Watson Wyatt payroll data report plan type without error, and yet we find the patterns of discrepancies between respondent and firm provided data are the same as for the HRS employer and respondent data. We also explore other evidence gathered by the HRS in the course of interviews and various experiments. Our findings that errors are mainly the result of misreporting by respondents, together with findings from experiments, suggest a number of changes in survey design that can help to reduce reporting error. They also suggest that models of retirement and saving behavior should allow for imperfect knowledge by decision makers"--Abstract.

Growing Older in America

Author :
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.:/5 (891 download)

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Book Synopsis Growing Older in America by :

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:

Working Longer

Author : Alicia H. Munnell
Publisher : Rowman & Littlefield
ISBN 13 : 0815701454
Total Pages : 218 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Working Longer by : Alicia H. Munnell

Download or read book Working Longer written by Alicia H. Munnell and published by Rowman & Littlefield. This book was released on 2009-10-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Daily headlines warn American workers that their retirement years may be far from golden. The main components of the retirement income system—Social Security and employer-provided pensions and health insurance—are in decline while the amount of income needed for a comfortable retirement continues to rise. In Working Longer, Alicia Munnell and Steven Sass suggest a simple solution to this problem: postponing retirement by two to four years. By following their advice, the average worker retiring in 2030 can be as well off as today's retirees. Implementing this solution on a national scale, however, may not be simple. Working Longer investigates the prospects for moving the average retirement age from 63, the current figure, to 66. Munnell and Sass ask whether future generations will be healthy enough to work beyond the current retirement age and whether older men and women want to work. They examine companies' incentives to employ older works and ask what government can do to promote continued participation in the workforce. Finally, they consider the challenge of ensuring a secure retirement for low-wage workers and those who are unable to continue to work. The retirement system faces very real challenges. But together, workers, employers, and the government can keep this vital piece of the American dream alive.

Pension Design and Structure

Author : Olivia S. Mitchell
Publisher : Oxford University Press
ISBN 13 : 0199273391
Total Pages : 315 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Pension Design and Structure by : Olivia S. Mitchell

Download or read book Pension Design and Structure written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2004-07-15 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employees are being given more and more decisions to make with regards to their pension and healthcare plans. Yet increasing research in the social sciences shows that the decisions 'real' people make are not those of the thoughtful and well-informed economic agent often portrayed in economic research, but are often based on flawed information and made without a full understanding of their financial implications. The contributors to Pension Design and Structure explore theassumptions behind commonly-held theories of retirement decision-making, and the consequences of the growing volume of research in behavioural finance and economics for the field of pension research. Contributors are drawn from a variety of disciplines, and include leading pensions experts.

Pensions in the Health and Retirement Study

Author : Alan L. Gustman
Publisher : Harvard University Press
ISBN 13 : 9780674048669
Total Pages : 404 pages
Book Rating : 4.0/5 (486 download)

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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.

Overcoming the Saving Slump

Author : Annamaria Lusardi
Publisher : University of Chicago Press
ISBN 13 : 0226497100
Total Pages : 406 pages
Book Rating : 4.2/5 (264 download)

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Book Synopsis Overcoming the Saving Slump by : Annamaria Lusardi

Download or read book Overcoming the Saving Slump written by Annamaria Lusardi and published by University of Chicago Press. This book was released on 2009-10-15 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: The great majority of working Americans are unprepared to face the difficult task of planning for retirement. In fact, the personal savings rate has been holding steady at zero for several years, down from 8 percent in the mid-1980s. Overcoming the Saving Slump explores the many challenges facing workers in the transition from a traditional defined benefit pension system to one that requires more individual responsibility, analyzing the considerable impediments to saving and evaluating financial literacy programs devised by employers and the government. Mapping the changing landscape of pensions and the rise of defined contribution plans, Annamaria Lusardi and others investigate new methods for stimulating saving and promoting financial education drawing on the experience of the United States as well as countries that have privatized their welfare systems, including Sweden and Chile. This timely volume pinpoints where human resources departments, the financial industry, and government officials have succeeded—or failed—in bridging the way to a new retirement system. As the workforce ages and more pensions disappear each second, Lusardi’s findings will be invaluable for economists and anyone facing retirement.

Pension Reform

Author : Robert Holzmann
Publisher : World Bank Publications
ISBN 13 : 082136166X
Total Pages : 692 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Pension Reform by : Robert Holzmann

Download or read book Pension Reform written by Robert Holzmann and published by World Bank Publications. This book was released on 2006 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.

Working Paper Series

Author :
Publisher :
ISBN 13 :
Total Pages : 604 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 2002 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Retirement, expectations and realizations

Author : Mauro Mastrogiacomo
Publisher : Rozenberg Publishers
ISBN 13 : 9051707886
Total Pages : 175 pages
Book Rating : 4.0/5 (517 download)

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Book Synopsis Retirement, expectations and realizations by : Mauro Mastrogiacomo

Download or read book Retirement, expectations and realizations written by Mauro Mastrogiacomo and published by Rozenberg Publishers. This book was released on 2004 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Gerontological Practice for the Twenty-first Century

Author : Virginia E. Richardson
Publisher : Columbia University Press
ISBN 13 : 9780231107488
Total Pages : 524 pages
Book Rating : 4.1/5 (74 download)

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Book Synopsis Gerontological Practice for the Twenty-first Century by : Virginia E. Richardson

Download or read book Gerontological Practice for the Twenty-first Century written by Virginia E. Richardson and published by Columbia University Press. This book was released on 2006 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gerontological Practice for the Twenty-first Century provides state-of-the-art information on practice approaches with older patients that are age-specific and empirically based. Part 1 reviews current and classic theories of aging and proposes an original framework to practice that incorporates both individual and policy-level interventions. Part 2 covers such psychological problems as anxiety, depression, suicide, substance abuse, and dementia, and describes appropriate, evidence-based interventions. Part 3 discusses working with older families, end-of-life care, bereavement, and work and retirement, and part 4 focuses on core sociopolitical issues in the lives of older people, such as economic policy, poverty, health policy, quality-of-life concerns, and social services. Designed as a text for students and as a professional resource for practitioners, this book is a comprehensive review of the current literature and contains authoritative information on issues relating to a vulnerable population in need of sophisticated care.

Adequacy of Pension Systems in Europe: An analysis based on comprehensive replacement rates

Author : Elsa Fornero
Publisher : CEPS
ISBN 13 : 9290798793
Total Pages : 60 pages
Book Rating : 4.2/5 (97 download)

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Book Synopsis Adequacy of Pension Systems in Europe: An analysis based on comprehensive replacement rates by : Elsa Fornero

Download or read book Adequacy of Pension Systems in Europe: An analysis based on comprehensive replacement rates written by Elsa Fornero and published by CEPS. This book was released on 2012 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to develop indicators to highlight the ability of different national pension systems to enable individuals to maintain their living standards at retirement. Authors Margherita Borella and Elsa Fornero of the University of Turin and CeRP, perform the analysis using data and projections on different European countries and propose the use of a 'COmprehensive Replacement' (CORE) rate. Their aim is to compute, for a set of countries representative of the different European welfare and pension systems, both an actual (data-based) version of CORE, based on ECHP data, and to project its evolution into the future. The paper is organised as follows. Section 1 provides a theoretical framework as well as a review of the literature on the topic. Section 2 contains the computation of replacement rates based on ECHP data. In Section 3 CeRPSAM projections are used to compute COREs over time. Section 4 concludes.

Fundamentals of Private Pensions

Author : Dan Mays McGill
Publisher : Oxford University Press, USA
ISBN 13 : 9780199269501
Total Pages : 916 pages
Book Rating : 4.2/5 (695 download)

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Book Synopsis Fundamentals of Private Pensions by : Dan Mays McGill

Download or read book Fundamentals of Private Pensions written by Dan Mays McGill and published by Oxford University Press, USA. This book was released on 2005 with total page 916 pages. Available in PDF, EPUB and Kindle. Book excerpt: For almost five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on private pensions in the world. The revised and updated Eighth Edition adds to past knowledge while providing exciting new perspectives on the provision of retirement income. This new edition is organized into six main sections dealing with a variety of separable pension issues. Section I provides an introductory discussion on the historical evolution of the pension movement and how pensions fit into the patchwork of the whole retirement income security system in the United States. It includes a discussion about the economics of the tax incentives that have played a role in stimulating pension offerings and in the structure of the benefits provided. Section 2 lays out the regulatory environment in which private pension plans operate. Section 3 investigates the various forms of retirement plans that are available to workers to determine how they are structured in practical terms. Section 4 focuses on the economics of pensions. Several of the chapters in this section update and refine material from the prior. New chapters in this volume describe the conversion of some traditional pensions to new hybrid forms, including cash balance and pension equity plans, and the growing phenomenon of phased retirement and the issues raised for employer-sponsored pensions. Section 5 explores the funding and accounting environments in which private employer-sponsored retirement plans operate. The concluding section investigates the handling of assets in employer-sponsored plans and their valuation as well as the insurance provision behind the benefit promises implied by the plans. This latest edition of Fundamentals of Private Pensions will prove invaluable reading for both academics and professionals working in the area of pensions and pension management.

Knowledge, Information, and Expectations in Modern Macroeconomics

Author : Philippe Aghion
Publisher : Princeton University Press
ISBN 13 : 0691223939
Total Pages : pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Knowledge, Information, and Expectations in Modern Macroeconomics by : Philippe Aghion

Download or read book Knowledge, Information, and Expectations in Modern Macroeconomics written by Philippe Aghion and published by Princeton University Press. This book was released on 2021-01-12 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics would not be what it is today without Edmund Phelps. This book assembles the field's leading figures to highlight the continuing influence of his ideas from the past four decades. Addressing the most important current debates in macroeconomic theory, it focuses on the rates at which new technologies arise and information about markets is dispersed, information imperfections, and the heterogeneity of beliefs as determinants of an economy's performance. The contributions, which represent a breadth of contemporary theoretical approaches, cover topics including the real effects of monetary disturbances, difficulties in expectations formation, structural factors in unemployment, and sources of technical progress. Based on an October 2001 conference honoring Phelps, this incomparable volume provides the most comprehensive and authoritative account in years of the present state of macroeconomics while also pointing to its future. The fifteen chapters are by the editors and by Daron Acemoglu, Jess Benhabib, Guillermo A. Calvo, Oya Celasun, Michael D. Goldberg, Bruce Greenwald, James J. Heckman, Bart Hobijn, Peter Howitt, Hehui Jin, Charles I. Jones, Michael Kumhof, Mordecai Kurz, David Laibson, Lars Ljungqvist, N. Gregory Mankiw, Dale T. Mortensen, Maurizio Motolese, Stephen Nickell, Luca Nunziata, Wolfgang Ochel, Christopher A. Pissarides, Glenda Quintini, Ricardo Reis, Andrea Repetto, Thomas J. Sargent, Jeremy Tobacman, and Gianluca Violante. Commenting are Olivier J. Blanchard, Jean-Paul Fitoussi, Mark Gertler, Robert E. Hall, Robert E. Lucas, Jr., David H. Papell, Robert A. Pollak, Robert M. Solow, Nancy L. Stokey, and Lars E. O. Svensson. Also included are reflections by Phelps, a preface by Paul A. Samuelson, and the editors' introduction.

When I'm Sixty-Four

Author : Teresa Ghilarducci
Publisher : Princeton University Press
ISBN 13 : 069117802X
Total Pages : 386 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis When I'm Sixty-Four by : Teresa Ghilarducci

Download or read book When I'm Sixty-Four written by Teresa Ghilarducci and published by Princeton University Press. This book was released on 2017-10-31 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crisis is looming for baby boomers and anyone else who hopes to retire in the coming years. In When I'm Sixty-Four, Teresa Ghilarducci, the nation's leading authority on the economics of retirement, explains how to confront this crisis head-on, revealing the causes behind the increasingly precarious economics of old age in America and proposing a bold plan to guarantee retirement security for every working citizen. Retirement is one of the hallmarks of a prosperous, civilized market economy. Yet in America today Social Security is on the ropes. Government and employers are dismantling pension security, forcing older people to work longer. The federal government spends billions in exemptions for 401(k)s and other voluntary retirement accounts, yet retirement savings for most workers is falling. Ghilarducci takes an unflinching look at the eroding economic structure of retirement in America--and what she finds is alarming. She exposes the failures of pension regulators and the false hopes of privatized Social Security. She tells the ugly truth about risky 401(k) plans, do-it-yourself retirement schemes, and companies like Enron that have left employees without any retirement savings. Ghilarducci puts forward a sweeping plan to revive the retirement-income system, a plan that will ensure that, after forty years of work, every American will receive 70 percent of their preretirement earnings, guaranteed for life. No other book makes such a persuasive case for overhauling the pension and Social Security system in order to provide older Americans with the financial stability they have earned and deserve.

The Inverting Pyramid

Author : Anita M. Schwarz
Publisher : World Bank Publications
ISBN 13 : 0821399098
Total Pages : 304 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis The Inverting Pyramid by : Anita M. Schwarz

Download or read book The Inverting Pyramid written by Anita M. Schwarz and published by World Bank Publications. This book was released on 2014-02-21 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s pension systems –among the most celebrated features of its social welfare model— face tremendous challenges. With only 11 percent of the world’s population, Europe spends about 60 percent of global outlays on social protection, largely in pensions. In many countries, pension rules have encouraged people to retire sooner, while enjoying longer lives. Payroll taxes on a continuously expanding contributory base have financed these benefits. This model of pension provision is now being severely tested as pension systems reach maturity, while the population is aging and the labor force is starting to shrink. Measures to enable a continued tradition of providing old age security will include • raising retirement ages such that pensions are provided in the last 15 years of life, when work capacity traditionally diminishes • encouraging immigration to help fill the declining work force • rationalizing pension spending, putting priority on preventing old age poverty, and • encouraging savings to help provide the more comfortable retirement that individuals have come to expect. Some measures may be more appropriate in particular countries than others, yet undertaking all of them will likely require less drastic changes in any one of them. The specific choices will need to be discussed and agreed among each country’s own population, and be accompanied by enabling changes in pension policy, tax policy, financial markets policy, and labor policy. The fundamental issue is that, with these changes, the important achievements of European social policy can withstand the demographic onslaught and continue to provide old age security for generations to come.

Fundamental Tax Reform

Author : John W. Diamond
Publisher : MIT Press
ISBN 13 : 0262042479
Total Pages : 567 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Fundamental Tax Reform by : John W. Diamond

Download or read book Fundamental Tax Reform written by John W. Diamond and published by MIT Press. This book was released on 2008 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers presented at a conference held at the James A. Baker III Institute for Public Policy at Rice University, in Apr. 2006.