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Full-Text Articles in Social and Behavioral Sciences
Restructuring Social Security: How Will Retirement Ages Respond?, Gary S. Fields, Olivia S. Mitchell
Restructuring Social Security: How Will Retirement Ages Respond?, Gary S. Fields, Olivia S. Mitchell
Gary S Fields
[Excerpt] Budgetary pressures on the Social Security system have increased in recent years, prompting a variety of proposals to restructure the U.S. retirement income program. Most of these proposals ignore the possibility that the retirement patterns of older workers are likely to respond to changes in the incentives to retire. This chapter presents two important pieces of information for policymakers. First, we provide previously unavailable evidence on how changes in the structure of Social Security benefits would alter the economic incentives to retire at different ages. Second, we compute how retirement patterns would change in response to altered incentives to …
[Review Of The Book Private Pension Policies In Industrialized Countries: A Comparative Analysis], Gary S. Fields
[Review Of The Book Private Pension Policies In Industrialized Countries: A Comparative Analysis], Gary S. Fields
Gary S Fields
[Excerpt] John Turner and Noriyasu Watanabe have written numerous articles and books on pensions and employee benefits. In this collaborative effort, they synthesize a great deal of institutional and analytical material on a wide range of countries, including those typically regarded as industrialized (most of the OECD countries are the subjects of case studies and illustrations) and those that would probably be happy to learn that they now fall into that category (in particular, Chile and Argentina). The book is both accessible (there are no equations in sight) and analytical.
The Economics Of Retirement Behavior, Olivia S. Mitchell, Gary S. Fields
The Economics Of Retirement Behavior, Olivia S. Mitchell, Gary S. Fields
Gary S Fields
This paper examines the role of economic factors in determining retirement behavior using a unique new data archive on more than 8,700 workers covered by 10 different pension plans. We build on our earlier work by estimating several different retirement models including both linear and discrete choice formulations. This framework provides new insights into how and why retirement ages differ across firms. We conclude that older workers' income opportunities differ depending on their pension rules, which in turn have a powerful influence on their retirement patterns. In addition, the models indicate that older workers' tastes for income are not uniform, …
Estimating The Effects Of Changing Social Security Benefit Formulas, Gary S. Fields, Olivia S. Mitchell
Estimating The Effects Of Changing Social Security Benefit Formulas, Gary S. Fields, Olivia S. Mitchell
Gary S Fields
[Excerpt] The U.S. Social Security system faces serious financial difficulties in both the short and the long run. The short-run problem is that the system has very meager financial reserves. In the long run—after the year 2010, when the post-World-War-II baby-boom generation reaches retirement age—the financial problems of Social Security will intensify because of population aging and the consequent decline in the ratio of workers to retirees.
These problems have led to proposed reforms aimed at assuring the financial stability of the system. The question addressed here is: what effects would these reforms have on three variables—retirement ages, retirement incomes, …