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Author: Alan J. Auerbach
Publisher:
ISBN:
Category : Annuities
Languages : en
Pages : 60
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Book Description
This paper constructs a unique cohort data set to study the changes since 1960 in the share of Americans' resources that are annuitized. Understanding these changes is important because the larger this share, the more cohorts are likely to consume and the less they are likely to bequeath. Hence, the degree of annuitization affects national saving as well as the transmission of inequality over time. Our findings are striking. Although the annuitized share of resources of younger Americans declined slightly between 1960 and 1990, it increased dramatically for older Americans. It doubled for older men and quadrupled for older women. Since the elderly have much higher mortality probabilities than do the young, their degree of annuitization is much more important for aggregate bequests and saving. According to our estimates, aggregate U.S. bequests would now be 66 percent larger had the post-1960 increase in annuitization not occurred. In addition, U.S. national saving would likely be substantially larger than is currently the case.
Author: Alan J. Auerbach
Publisher:
ISBN:
Category : Annuities
Languages : en
Pages : 60
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Book Description
This paper constructs a unique cohort data set to study the changes since 1960 in the share of Americans' resources that are annuitized. Understanding these changes is important because the larger this share, the more cohorts are likely to consume and the less they are likely to bequeath. Hence, the degree of annuitization affects national saving as well as the transmission of inequality over time. Our findings are striking. Although the annuitized share of resources of younger Americans declined slightly between 1960 and 1990, it increased dramatically for older Americans. It doubled for older men and quadrupled for older women. Since the elderly have much higher mortality probabilities than do the young, their degree of annuitization is much more important for aggregate bequests and saving. According to our estimates, aggregate U.S. bequests would now be 66 percent larger had the post-1960 increase in annuitization not occurred. In addition, U.S. national saving would likely be substantially larger than is currently the case.
Author: Laurence J. Kotlikoff
Publisher: MIT Press
ISBN: 9780262263344
Category : Business & Economics
Languages : en
Pages : 596
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Book Description
This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309261961
Category : Social Science
Languages : en
Pages : 230
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Book Description
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Author:
Publisher:
ISBN:
Category : Age distribution (Demography)
Languages : en
Pages : 108
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Book Description
Author: United States. Congress. House. Committee on the Budget
Publisher:
ISBN:
Category : Budget deficits
Languages : en
Pages : 110
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Book Description
Author: Michael Tanner
Publisher: Cato Institute
ISBN: 1933995009
Category : Political Science
Languages : en
Pages : 339
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Book Description
The author of "Social Security and Its Discontents" now maintains that the Bush administration, Congress, and large parts of the Republican Party and the conservative movement have abandoned traditional conservative ideals and embraced the idea of big government.
Author:
Publisher:
ISBN:
Category : Life insurance
Languages : en
Pages : 398
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Book Description
Author: Collectif
Publisher: OECD
ISBN: 9264267794
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
This publication helps policy makers to better understand annuity products and the guarantees they provide in order to optimise the role that these products can play in financing retirement. Product design is a crucial factor in the potential role of annuity products within the pension system, along with the cost and demand for these products, and the resulting risks that are borne by the annuity providers. Increasingly complex products, however, pose additional challenges concerning consumer protection. Consumers need to be aware of their options and have access to unbiased and comprehensible advice and information about these products.
Author: United States. Congress. Senate. Committee on Labor and Human Resources. Subcommittee on Aging
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 76
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Book Description
Author: Charles Clotfelter
Publisher: Indiana University Press
ISBN: 9780253214836
Category : Business & Economics
Languages : en
Pages : 580
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Book Description
This collection brings together the views of a stellar assemblage of scholars, practitioners, . . . and a host of other talented and distinguished citizens of the independent sector . . . . A 'must read.' —Philanthropy Monthly In an attempt to analyze future directions of the increasingly influential nonprofit sector, the American Assembly and the Indiana Center on Philanthropy sponsored a conference that brought in leading scholars and practitioners. Participants were asked to consider what forces will determine the shape and activities of philanthropy and the nonprofit sector in the next decade. This volume is a product of this inquiry. Contributors focused on a variety of pressures, including the devolution of federal programs, the blurring of lines between non-profit and for-profit organizations; the changing distributions of income; a revived interest in community and civil society; the evolution of religion and other regulatory reform; and a retreat of government from various policy areas.
