Social and Behavioral Sciences Commons^™

[Review Of The Book Retirement Income Opportunities In An Aging America: Income Levels And Adequacy], Gary S. Fields

Gary S Fields

[Excerpt] The slant of this volume will not appeal to everyone. Consider the following: "During the last twenty years, the elderly's financial status has improved substantially. Today those who are over age 65 receive income from more sources and have greater financial independence than previous generations of elderly. . . . This report concludes that the elderly's income levels and sources will continue to improve during the next twenty years or more" (p. v). But what of the poverty that remains among the elderly, especially single individuals? What of the threat to real social security benefit levels? What of the …

Effects Of Social Security Reforms: An Empirical Life Cycle Model For The United States, Gary S. Fields, Olivia S. Mitchell

Gary S Fields

[Excerpt] The system of publicly-provided old age pensions, known in the United States as "Social Security," faces serious financial difficulties. As in other countries, the problems are of both a short run and a long run nature. The short run problem is that the U.S. Social Security system has very meager financial reserves; the revenues coming into the system are barely enough to cover commitments. In the long run (i.e., after 2010, when the post World War II baby boom generation reaches retirement age), the financial problems of Social Security will intensify, due primarily to population aging and the consequent …

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, …