Now showing items 61-70 of 457
Crowd-out, Adverse Selection and Information in Annuity Markets: Evidence from a New Retrospective Data Set in Chile
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2007-01)
Annuitization is often considered a socially desirable payout mode from pension plans, because it provides a lifelong income stream and therefore ensures that retirees will not run out of money. However, annuitization is ...
Have We Finally Achieved Actuarial Fairness of Social Security Retirement Benefits and Will It Last?
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2014-04)
This paper develops a framework to analyze the actuarial adjustments faced by American workers who claim Social Security benefits before or after their Full Retirement Age (FRA). We derive the conditions under which these ...
Productivity Growth and Interest Rate Trends: A Long-Run Analysis
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2016-12)
This paper develops a new measure of after-tax rate of return on aggregate wealth and uses it in estimating the structural relationship between the long-run interest rate and productivity growth rate. The structural approach ...
Consumption, Retirement, and Social Security: Evaluating the Efficiency of Reform with a Life-Cycle Model.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2006-11)
This paper analyzes the effect of a potential reform to the Social Security system on individuals’ retirement and consumption choices. We first estimate the coefficients for a life-cycle model. We assume intratemporally ...
Social Security Rules and Labor Force Participation of Older Workers: Evidence from Chile
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2009-04)
Recent research has argued that incentives stemming from social security systems influence the worker’s decision to retire. The experience of Chile, which radically changed its system in 1981, offers an opportunity to test ...
Means Testing Social Security: Modeling and Policy Analysis
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2015-11)
Means testing can balance the need to provide adequate retirement incomes with the requirement that such provision is fiscally sustainable and economically efficient. Critics of the policy suggest that to reduce benefits ...
Home Production by Dual Earner Couples and Consumption During Retirement.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2006-11)
To study the role of home production in life-cycle behavior, this paper creates a theoretical model in which both spouses in a couple allocate their time between market and home work. It then derives a pair of regression ...
Will China Eat Our Lunch or Take Us to Dinner? Simulating the Transition Paths of the U.S., E.U., Japan, and China
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2005-09)
This paper develops a dynamic, life-cycle, general equilibrium model to study the interdependent demographic, fiscal, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is ...
Financial Literacy and Planning: Implications for Retirement Wellbeing.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2005-12)
Only a minority of American households feels “confident” about retirement saving adequacy, and little is known about why people fail to plan for retirement, and whether planning and information costs might affect retirement ...
The Implications of Differential Trends in Mortality for Social Security Policy
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2014-10)
While increased life expectancy in the U.S. has been used as justification for raising the Social Security retirement ages, independent researchers have reported that life expectancy declined in recent decades for white ...