Economics of population aging: the "graying" of Australia, Japan, and the United States
This book examines claims that aging populations will create serious economic problems for various nations. It examines the question in large part through the eyes of researchers and legislators in three target countries: Australia, Japan, and the United States. These countries were chosen because of similar states of economic development and because all were experiencing a rapid aging of their populations. A comprehensive overview is provided of the economic issues related to aging populations. Several aspects are explored in more depth. To date, it is the most complete and thorough study of economic issues associated with population aging. After a brief review of the phenomenon of demographic aging, the authors give a summary of the major economic programs offered to the aged. Extensive research is used to evaluate the concept of dependency ratios and to predict the impact on younger and older persons of future economic and demographic growth. This discussion then provides the basis for a review of evolving retirement policies in the three countries. Special attention is given to the way pension plans have been designed, especially early and mandatory retirement policies. An assessment of the adequacy of retirement income follows. The final three chapters are devoted to policy options for the future, given trends in demographic aging. Social scientists and economists will be most interested in this study.
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CURRENT PROGRAMS IN AUSTRALIA JAPAN
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adequacy standards age pension age-pension aged 65 American asset ineligibles asset test Australia average benefit levels Canberra changes chapter Consumer Expenditure Survey costs of children couples coverage decline demographic Department of Social dependency ratios discussed early retirement earnings economic growth elderly eligibility employees employment estimates example future Gerontology household impact important Income Policy income test increase individuals Institute Japan Japanese labor force labor-force participation rates legislation living arrangements major means test means-tested means-tested programs measure Medicare Mollie Orshansky old age older persons older workers older-worker payments pension plans pension programs percent percentage population aging poverty lines preretirement private pension problems public assistance public pension received recent reduced relative Research result Retirement Income retirement-income savings SMCs social insurance Social Security Source superannuation Supplemental Security Income Table three countries trends U.S. Congress United University wage