Social Security Policy in a Changing Environment
Jeffrey R. Brown, Jeffrey B. Liebman, David A. Wise
University of Chicago Press, Dec 15, 2009 - Business & Economics - 472 pages
Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
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accrual accumulation aﬀect Andrew Samwick annuity asset allocation automatic enrollment balance basis points benchmark beneﬁt formula bonds brake Bureau of Economic calculations certainty equivalent chapter choice cholesterol cohort contribution rate current system David Laibson DB beneﬁts DB plans decile decline deﬁned beneﬁt deﬁned contribution diﬀerent distribution eﬀects employees equity returns equity share estimate expected cost expected utility expense ratios Feldstein ﬁgure ﬁnancial ﬁnd ﬁndings ﬁrms ﬁrst ﬁxed ﬂows guarantee higher households impact income increase individuals investment investment-based life-cycle funds lifetime match rate National Bureau NBER NDC system oﬀer optimal option outcomes PAAWs PAYGO pension percent personal accounts personal retirement accounts portfolio PRAs proﬁle projections rate of return real return reduce relative risk aversion Samwick savings plan signiﬁcant simulations Social Security Administration Social Security beneﬁts Social Security system speciﬁc stochastic stocks strategies SURS tax rates thirty-ﬁve tion TIPS traditional beneﬁt workers