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Social Security Replacement Rates For Own Earnings Benchmarks
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Book Synopsis Social Security Replacement Rates for Own Earnings Benchmarks by : Olivia S. Mitchell
Download or read book Social Security Replacement Rates for Own Earnings Benchmarks written by Olivia S. Mitchell and published by . This book was released on 2011 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security reform proposals are often presented in terms of their differential impacts on hypothetical or example workers. Our work explores how different benchmarks produce different replacement rate outcomes. We use the Health and Retirement Study (HRS) to evaluate how Social Security benefit replacement rates differ for actual versus hypothetical earner profiles, and we examine whether these findings are sensitive to alternative definitions of replacement rates. We find that workers with the median HRS profile would be estimated to receive benefits worth 55% of lifetime average earnings, versus 48% for the SSA medium scaled profile. Since US policymakers tend to prefer a replacement rate measure tied to workers' own past earnings, using these metrics would yield higher replacement rates compared to commonly used scaled illustrative profiles. However, benchmarks that use population as opposed to individual earnings measures to compare individual worker benefits to pre-retirement consumption produce lower replacement rates for HRS versus hypothetical earners.
Book Synopsis Social Security Replacement Rates for Alternative Earnings Benchmarks by : Olivia S. Mitchell
Download or read book Social Security Replacement Rates for Alternative Earnings Benchmarks written by Olivia S. Mitchell and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security reform proposals are often presented in terms of their differential impacts on hypothetical or 'example' workers. Our work explores how different benchmarks produce different replacement rate outcomes. We use the Health and Retirement Study (HRS) to evaluate how Social Security benefit replacement rates differ for actual versus hypothetical earner profiles, and we examine whether these findings are sensitive to alternative definitions of replacement rates. We find that workers with the median HRS profile would be estimated to receive benefits worth 55% of lifetime average earnings, versus 48% for the SSA medium scaled profile. Since US policymakers tend to prefer a replacement rate measure tied to workers' own past earnings, using these metrics would yield higher replacement rates compared to commonly used scaled illustrative profiles. However, benchmarks that use population as opposed to individual earnings measures to compare individual worker benefits to pre-retirement consumption produce lower replacement rates for HRS versus hypothetical earners.
Book Synopsis Alternate Measures of Replacement Rates for Social Security Benefits and Retirement Income by : Glenn Springstead
Download or read book Alternate Measures of Replacement Rates for Social Security Benefits and Retirement Income written by Glenn Springstead and published by . This book was released on 2014 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussions of retirement planning and Social Security policy often focus on replacement rates, which represent retirement income or Social Security benefits relative to pre-retirement earnings. Replacement rates are a rule of thumb designed to simplify the process of smoothing consumption over individuals' lifetimes. Despite their widespread use, however, there is no common means of measuring replacement rates. Various measures of pre-retirement earnings mean that the denominators used in replacement rate calculations are often inconsistent and can lead to confusion.Whether a given replacement rate represents an adequate retirement income depends on whether the denominator in the replacement rate calculation is an appropriate measure of pre-retirement earnings. This article illustrates replacement rates using four measures of pre-retirement earnings: final earnings; the constant income payable from the present value (PV) of lifetime earnings (PV payment); the wage-indexed average of all earnings prior to claiming Social Security benefits; and the inflation-adjusted average of all earnings prior to claiming Social Security benefits (consumer price index (CPI) average).The article then measures replacement rates against a sample of the Social Security beneficiary population using the Social Security Administration's Modeling Income in the Near Term (MINT) microsimulation model. Replacement rates are shown based on Social Security benefits alone, to indicate the adequacy of the current benefit structure, as well as on total retirement income including defined benefit pensions and financial assets, to indicate total preparedness for retirement.The results show that replacement rates can vary considerably based on the definition of pre-retirement earnings used and whether replacement rates are measured on an individual or a shared basis. For current new retirees, replacement rates based on all sources of retirement income seem strong by most measures and are projected to remain so as these individuals age. For new retirees in 2040, replacement rates are projected to be lower, though still adequate on average based on most common benchmarks.
Book Synopsis Measuring and Communicating Social Security Earnings Replacement Rates by : Andrew G. Biggs
Download or read book Measuring and Communicating Social Security Earnings Replacement Rates written by Andrew G. Biggs and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial advisors commonly use earnings replacement rates to assist workers in their retirement planning. Policymakers and analysts use them to gauge the adequacy of Social Security benefits and other retirement income in allowing retirees to maintain preretirement living standards. In recent years, the Social Security trustees regularly published replacement rates that have been widely interpreted as the extent to which Social Security benefits replace earnings of workers at various points in the lifetime earnings distribution. However, the trustees' replacement rates are calculated differently than those generally used for retirement planning purposes possibly leading to confusion among policymakers and others regarding how much of workers' earnings are replaced by Social Security and how much those workers need to save on their own for retirement. Financial planners calculate replacement rates by comparing an individual's retirement income to that same individual's pre-retirement earnings, generally earnings in the years immediately preceding retirement. The Social Security Administration, by contrast, effectively calculates replacement rates by comparing retiree incomes to the incomes of contemporaneous workers. This latter measure is often used in other countries, but differs both qualitatively and quantitatively from the more common replacement rate calculations used for financial planning purposes. We find that replacement rates calculated on a financial planning basis are generally higher than those published by the Social Security trustees and that Social Security benefits generally replace somewhat more of individual workers' earnings than the trustees' rates suggest.
Book Synopsis Report of the National Commission on Social Security Reform by : United States. National Commission on Social Security Reform
Download or read book Report of the National Commission on Social Security Reform written by United States. National Commission on Social Security Reform and published by . This book was released on 1983 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Finance and Public Policy by : Jonathan Gruber
Download or read book Public Finance and Public Policy written by Jonathan Gruber and published by Macmillan. This book was released on 2005 with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapters include: "Income distribution and welfare programs", "State and local government expenditures" and "Health economics and private health insurance".
Book Synopsis Understanding SSI (Supplemental Security Income) by :
Download or read book Understanding SSI (Supplemental Security Income) written by and published by DIANE Publishing. This book was released on 1998-03 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication informs advocates & others in interested agencies & organizations about supplemental security income (SSI) eligibility requirements & processes. It will assist you in helping people apply for, establish eligibility for, & continue to receive SSI benefits for as long as they remain eligible. This publication can also be used as a training manual & as a reference tool. Discusses those who are blind or disabled, living arrangements, overpayments, the appeals process, application process, eligibility requirements, SSI resources, documents you will need when you apply, work incentives, & much more.
Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura
Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Book Synopsis Social Security, a Guide for Representative Payees by :
Download or read book Social Security, a Guide for Representative Payees written by and published by . This book was released on 1997 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Privatizing Social Security by : Martin Feldstein
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Book Synopsis Retooling Social Security for the 21st Century by : C. Eugene Steuerle
Download or read book Retooling Social Security for the 21st Century written by C. Eugene Steuerle and published by The Urban Insitute. This book was released on 1994 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.
Book Synopsis Improving the Social Security Representative Payee Program by : National Research Council
Download or read book Improving the Social Security Representative Payee Program written by National Research Council and published by National Academies Press. This book was released on 2007-10-17 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than 7 million recipients of Social Security benefits have a representative payee-a person or an organization-to receive or manage their benefits. These payees manage Old Age, Survivors and Disability Insurance funds for retirees, surviving spouses, children, and the disabled, and they manage Supplemental Security Income payments to disabled, blind, or elderly people with limited income and resources. More than half of the beneficiaries with a representative payee are minor children; the rest are adults, often elderly, whose mental or physical incapacity prevents them from acting on their own behalf, and people who have been deemed incapable under state guardianship laws. The funds are managed through the Representative Payee Program of the Social Security Administration (SSA). The funds total almost $4 billion a month, and there are more than 5.3 million representative payees. In 2004 Congress required the commissioner of the SSA to conduct a one-time survey to determine how payments to individual and organizational representative payees are being managed and used on behalf of the beneficiaries.1 To carry out this work, the SSA requested a study by the National Academies, which appointed the Committee on Social Security Representative Payees. This report is the result of that study. Improving the Social Security Representative Payee Program: Serving Beneficiaries and Minimizing Misuse (1) assesses the extent to which representative payees are not performing their duties in accordance with SSA standards for representative payee conduct, (2) explains whether the representative payment policies are practical and appropriate, (3) identifies the types of representative payees that have the highest risk of misuse of benefits, and (4) finds ways to reduce the risk of misuse of benefits and ways to better protect beneficiaries.
Book Synopsis Preparing for an Aging World by : National Research Council
Download or read book Preparing for an Aging World written by National Research Council and published by National Academies Press. This book was released on 2001-06-26 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309452961 Total Pages :583 pages Book Rating :4.3/5 (94 download)
Book Synopsis Communities in Action by : National Academies of Sciences, Engineering, and Medicine
Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Book Synopsis Lifetime Redistribution Under the Social Security Program by : Dean R. Leimer
Download or read book Lifetime Redistribution Under the Social Security Program written by Dean R. Leimer and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Guide to Social Security Money's Worth Issues by : Dean R. Leimer
Download or read book A Guide to Social Security Money's Worth Issues written by Dean R. Leimer and published by . This book was released on 1995 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies the balance between social security taxes and benefits over workers' entire lifetimes.
Download or read book Are You Eligible for SSI? written by and published by . This book was released on 1989 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt:
