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Articles 1 - 30 of 31
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 …
Does Retirement Impact Health Care Utilization?, Norma Coe, Gema Zamarro
Does Retirement Impact Health Care Utilization?, Norma Coe, Gema Zamarro
Gema Zamarro
How Does Retirement Impact Health Behaviors? An International Comparison, Norma Coe, Gema Zamarro
How Does Retirement Impact Health Behaviors? An International Comparison, Norma Coe, Gema Zamarro
Gema Zamarro
Retirement Planning Among Middle-Aged And Older Hispanics, Luisa Blanco, Emma Aguila, Arturo Gongora, Beverly Weidmer, O. Kenrik Duru
Retirement Planning Among Middle-Aged And Older Hispanics, Luisa Blanco, Emma Aguila, Arturo Gongora, Beverly Weidmer, O. Kenrik Duru
Luisa Blanco
The goal of this study is to deepen the understanding of how middle age and older Hispanics plan for retirement, where we conducted four focus groups in the Los Angeles area with a total of 38 participants. Our study provides interesting findings, specifically for women since 84 percent of the participants were female. We find that that most participants, whether they were already retired or not, are not well prepared for retirement since they have been unable to save for retirement and have not made specific retirement plans, such as determining desired retirement age, estimating retirement budget, and collecting information …
Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, Christian Weller, Nari Rhee, Carolyn Arcand
Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, Christian Weller, Nari Rhee, Carolyn Arcand
Christian Weller
As Americans increasingly worry about their retirement prospects, states play an important and growing role in retirement security policy. States already manage long-term care programs for the elderly through Medicaid. Concerned about the impact of future elder poverty on state and local budgets and their local economies, a number of states are exploring the creation of low-cost and low-risk retirement savings plans for private sector workers who lack access to pensions or 401(k)s on the job. Some states have developed programs to help older workers find work.
This report presents the Financial Security Scorecard, designed to inform state-level stakeholders and …
A Longitudinal Study Of Well-Being Of Older Europeans: Does Retirement Matter?, Raquel Fonseca, Arie Kapteyn, Jinkook Lee, Gema Zamarro, Kevin Feeney
A Longitudinal Study Of Well-Being Of Older Europeans: Does Retirement Matter?, Raquel Fonseca, Arie Kapteyn, Jinkook Lee, Gema Zamarro, Kevin Feeney
Gema Zamarro
We examine determinants of financial and subjective well-being, in particular poverty and depression, among older individuals in Europe. We do so using the 2004, 2006, and 2010 waves of the Survey of Health Ageing and Retirement in Europe and estimating dynamic panel data and binary choice transition models. We find a number of common effects across financial and subjective well-being. Unemployment, disabilities, serious health conditions, lower education, being female, and not being married increase the probability of poverty or depression. Conversely, healthy individuals, those with higher levels of education, males, and married individuals have higher probabilities of exiting poverty or …
The Effect Of Local Labor Demand Conditions On The Labor Supply Outcomes Of Older Americans, Nicole Maestas, Kathleen J. Mullen, David Powell
The Effect Of Local Labor Demand Conditions On The Labor Supply Outcomes Of Older Americans, Nicole Maestas, Kathleen J. Mullen, David Powell
David Powell
A vast literature in labor economics has studied the relationship between local labor demand shifts and the outcomes of the working age population. This literature has ignored the impacts that these shocks have on older individuals, though there are reasons to believe that the effects are not uniform by age. Using data from the Census and the Health and Retirement Study, we measure the effects of local labor demand conditions on a host of outcomes for older individuals including employment, retirement, Social Security claiming, wages, and job characteristics. We find that local labor demand conditions do affect the labor and …
Ensuring Health And Income Security For An Aging Workforce, Peter Budetti, Richard V. Burkhauser, Janice M. Gregory, H. Allan Hunt
Ensuring Health And Income Security For An Aging Workforce, Peter Budetti, Richard V. Burkhauser, Janice M. Gregory, H. Allan Hunt
H. Allan Hunt
The chapters explore implications of an aging workforce for a number of social programs in the coming decades, and point to the critical policy issues we must face when growing numbers of older workers begin to strain the capacity of those programs.
Our Retirement In Their Hands: A User Perspective, Cotinne Cortese, David Aylward, John Glynn
Our Retirement In Their Hands: A User Perspective, Cotinne Cortese, David Aylward, John Glynn
John J Glynn
This research reports on the results of a survey of Australian retirees which provide information on attitudes surrounding financial planning advice before, at or after retirement. These results demonstrate that, despite government initiatives aimed at enhancing consumer confidence in the financial services market, most retirees continue to feel dissatisfied with, and lack confidence in, the services provided by their financial advisors. This suggests an increased role for financial planners to provide not only the additional information required under government policy, but also to provide information that is understandable and useful to the retirees that rely on it.
Retirement System Characteristics And Compensating Wage Differentials In The Public Sector, Ronald G. Ehrenberg
Retirement System Characteristics And Compensating Wage Differentials In The Public Sector, Ronald G. Ehrenberg
Ronald G. Ehrenberg
This paper presents evidence that a trade-off exists between wages and certain characteristics of retirement systems in the public sector. Cross-section econometric estimates for uniformed municipal employees, based upon data from two national surveys of municipalities, suggest that, other things equal, an increase in the contribution made by uniformed employees to their retirement system leads to a compensating increase in their salaries, while retirement systems with more "generous" characteristics are associated to some extent with lower salaries. The estimates also indicate that the extent of retirement system underfunding is related to employers' and employees' perceptions of the probability that promised …
Dementia And Driving Retirement: Making Decisions, Catherine Andrew, Victoria Traynor, Donald Iverson
Dementia And Driving Retirement: Making Decisions, Catherine Andrew, Victoria Traynor, Donald Iverson
Don C. Iverson
To identify appropriate elements to include in a decisional support resource which may enhance acceptance of potential driving retirement for drivers with dementia.
Dementia And Retirement From Driving: People With Dementia And Their Carers Critique Available Tools, Catherine Andrew, Victoria Traynor, Donald Iverson
Dementia And Retirement From Driving: People With Dementia And Their Carers Critique Available Tools, Catherine Andrew, Victoria Traynor, Donald Iverson
Don C. Iverson
Introduction: - Discuss current thinking about the role of practitioners in supporting a person with dementia to consider retirement from driving - Highlight findings from a research project involving drivers over 55 and people with dementia about what support they consider helpful in considering retirement from driving
Revealing A Master Narrative: Discourses Of Retirement Throughout The Working Life Cycle, Frances Smith, Debbie S. Dougherty
Revealing A Master Narrative: Discourses Of Retirement Throughout The Working Life Cycle, Frances Smith, Debbie S. Dougherty
Frances Smith
[Review Of The Book Social Security: A Critique Of Radical Proposals], Gary S. Fields
[Review Of The Book Social Security: A Critique Of Radical Proposals], Gary S. Fields
Gary S Fields
[Excerpt] This book consists of six essays on Social Security. Charles Meyer leads off with a survey of the history of Social Security, its funding problems, and a radical reform proposal by Peter Ferrara to phase out the system. The remaining essays address various features of Social Security.
[Review Of The Book Retirement Income Opportunities In An Aging America: Income Levels And Adequacy], Gary S. Fields
[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 …
[Review Of The Book Forecasting Retirement Needs And Retirement Wealth], Gary Fields
[Review Of The Book Forecasting Retirement Needs And Retirement Wealth], Gary Fields
Gary S Fields
[Excerpt] This volume enables researchers to learn about some of the latest research findings on specific issues. It is not the place to seek an introduction to current thinking on retirement, pensions, and Social Security—the papers are too narrowly focused for that. But for current or would-he pension specialists, this volume and the larger series of which it is a part are indispensable resources.
[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, …
Effects Of Social Security Reforms: An Empirical Life Cycle Model For The United States, Gary S. Fields, Olivia S. Mitchell
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
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, …
A Theory Of Socioeconomic Disparities In Health, Titus Galama
A Theory Of Socioeconomic Disparities In Health, Titus Galama
Titus Galama
Detailed understanding of the mechanisms responsible for the substantial socioeconomic disparities in health is necessary to design policies effective in reducing those disparities. This requires a unifying theory of socioeconomic status and health, which is currently absent. This thesis in economics aims to develop, in several steps, a theoretical framework of disparities in health by socioeconomic status over the life cycle, using economic principles and founded in health capital theory. The first part of this thesis addresses several serious technical issues with life-cycle models of health, medical care, and socioeconomic status. The second part presents the theoretical framework.
Retirement Effects On Health In Europe, Norma Coe, Gema Zamarro
Retirement Effects On Health In Europe, Norma Coe, Gema Zamarro
Gema Zamarro
What are the health impacts of retirement? As talk of raising retirement ages in pensions and social security schemes continues around the world, it is important to know both the costs and benefits for the individual as well as the governments’ budgets. In this paper we use the Survey of Health, Ageing and Retirement in Europe (SHARE) dataset to address this question in a multi-country setting. We use country-specific early and full retirement ages as an instrument for retirement behavior. These statutory retirement ages clearly induce retirement, but are not related to an individual’s health. Exploiting the discontinuities in retirement …
A Theory Of Socioeconomic Disparities In Health Over The Life Cycle, Titus Galama, Hans Van Kippersluis
A Theory Of Socioeconomic Disparities In Health Over The Life Cycle, Titus Galama, Hans Van Kippersluis
Titus Galama
Understanding of the substantial disparity in health between low and high socioeconomic status (SES) groups is hampered by the lack of a sufficiently comprehensive theoretical framework to interpret empirical facts and to predict yet untested relations. We present a life-cycle model that incorporates multiple mechanisms explaining (jointly) a large part of the observed disparities in health by SES. In our model, lifestyle factors, working conditions, retirement, living conditions and curative care are mechanisms through which SES, health and mortality are related. Our model predicts a widening and possibly a subsequent narrowing with age of the gradient in health by SES.
Diversification Across Time, Ian Ayres, Barry Nalebuff
Diversification Across Time, Ian Ayres, Barry Nalebuff
Ian Ayres
By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that early leverage combined with reduced equity exposure when older can reduce lifetime portfolio risk. For example, an initially-leveraged portfolio can produce the same mean accumulation as a constant 75% stock allocation with a 21% smaller standard deviation. Since the mean accumulation is the same, the reduction in volatility does not depend on the equity premium. A leveraged lifecycle strategy can also allow investors to come closer to their utility-maximizing allocation. If risk …
Maine's Aging Workforce: Calamity Or Opportunity?, William C. Mcpeck
Maine's Aging Workforce: Calamity Or Opportunity?, William C. Mcpeck
William C. McPeck
This presentation explored the issues associated with Maine's aging workforce and offered strategies to employers to help them address many of the issues.
Is Social Security Part Of The Social Safety Net?, Jeffrey R. Brown, Julia Lynn Coronado, Don Fullerton
Is Social Security Part Of The Social Safety Net?, Jeffrey R. Brown, Julia Lynn Coronado, Don Fullerton
Don Fullerton
Building on the existing literature that examines the extent of redistribution in the Social Security system as a whole, this paper focuses more specifically on how Social Security affects the poor. This question is important because a Social Security program that reduces overall inequality by redistributing from high income individuals to middle income individuals may do nothing to help the poor; conversely, a program that redistributes to the poor may nonetheless be regressive according to broader measures if it also redistributes from middle to upper income households. We have four major findings. First, as we expand the definition of income …
Grossman's Health Threshold And Retirement, Titus Galama, Arie Kapteyn, Raquel Fonseca, Pierre-Carl Michaud
Grossman's Health Threshold And Retirement, Titus Galama, Arie Kapteyn, Raquel Fonseca, Pierre-Carl Michaud
Titus Galama
We formulate a stylized structural model of health, wealth accumulation and retirement decisions building on the human capital framework of health provided by Grossman. We explicitly assume a functional form of the utility function and carefully account for initial conditions, which allow us to derive analytic solutions for the time paths of consumption, health, health investment, savings and retirement. We argue that the Grossman literature has been unnecessarily restrictive in assuming that health is always at Grossman’s “optimal” health level. Exploring the properties of corner solutions we find that advances in population health (health capital) can explain the paradox that …
Our Retirement In Their Hands: A User Perspective, Cotinne Cortese, David Aylward, John Glynn
Our Retirement In Their Hands: A User Perspective, Cotinne Cortese, David Aylward, John Glynn
David K. Aylward
This research reports on the results of a survey of Australian retirees which provide information on attitudes surrounding financial planning advice before, at or after retirement. These results demonstrate that, despite government initiatives aimed at enhancing consumer confidence in the financial services market, most retirees continue to feel dissatisfied with, and lack confidence in, the services provided by their financial advisors. This suggests an increased role for financial planners to provide not only the additional information required under government policy, but also to provide information that is understandable and useful to the retirees that rely on it.
Life-Cycle Investing And Leverage: Buying Stock On Margin Can Reduce Retirement Risk, Ian Ayres, Barry Nalebuff
Life-Cycle Investing And Leverage: Buying Stock On Margin Can Reduce Retirement Risk, Ian Ayres, Barry Nalebuff
Ian Ayres
By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that buying stock on margin when young combined with more conservative investments when older stochastically dominates standard investment strategies—both traditional life-cycle investments and 100%-stock investments. The expected retirement wealth is 90% higher compared to life-cycle funds and 19% higher compared to 100% stock investments. The expected gain would allow workers to retire almost six years earlier or extend their standard of living during retirement by 27 years.
Employee Pensions: Policies, Problems And Possibilities, Terea Ghilarducci, Christian Weller
Employee Pensions: Policies, Problems And Possibilities, Terea Ghilarducci, Christian Weller
Christian Weller
No abstract provided.