The Role of the Replacement Rate in the Design of the Social Security Benefit Structure PDF Download
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Author: Dean R Leimer
Publisher:
ISBN:
Category : Social security
Languages : en
Pages : 32
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Book Description
Author: Dean R Leimer
Publisher:
ISBN:
Category : Social security
Languages : en
Pages : 32
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Book Description
Author: Dean R. Leimer
Publisher:
ISBN:
Category : Social security
Languages : en
Pages : 15
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Author: Dean Ray Leimer
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
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Book Description
Author: Dean R. Leimer
Publisher:
ISBN:
Category : Social security
Languages : en
Pages : 24
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Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security
Publisher:
ISBN:
Category : Social security
Languages : en
Pages : 296
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Author: Shinichi Nishiyama
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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Book Description
The United States Social Security system is fairly unique in that it explicitly allows for a progressive formulation of retirement benefits by assigning a larger replacement rate to workers with small preretirement wages. In contrast, the public pension systems in other countries often replace a constant fraction of preretirement wages, although the length of the quot;averaging periodquot; is typically shorter relative to the U.S. This paper examines the ex-ante optimal U.S. Social Security benefit structure using the model developed in Nishiyama and Smetters (2007). On one hand, progressivity in the benefit structure provides risk sharing against shocks that are difficult to insure privately. On the other hand, progressivity introduces various marginal tax rates that distort labor supply. Rather surprisingly, we find that the ex-ante best U.S. Social Security replacement rate structure is fairly quot;flat.quot; Intuitively, the relatively long averaging period used in the U.S. system formulation already provides some insurance against negative idiosyncratic shocks, but in a manner that is more efficient than explicit redistribution.
Author: Glenn Springstead
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Discussions of retirement planning and Social Security policy often focus on replacement rates, which represent retirement income or Social Security benefits relative to pre-retirement earnings. Replacement rates are a rule of thumb designed to simplify the process of smoothing consumption over individuals' lifetimes. Despite their widespread use, however, there is no common means of measuring replacement rates. Various measures of pre-retirement earnings mean that the denominators used in replacement rate calculations are often inconsistent and can lead to confusion.Whether a given replacement rate represents an adequate retirement income depends on whether the denominator in the replacement rate calculation is an appropriate measure of pre-retirement earnings. This article illustrates replacement rates using four measures of pre-retirement earnings: final earnings; the constant income payable from the present value (PV) of lifetime earnings (PV payment); the wage-indexed average of all earnings prior to claiming Social Security benefits; and the inflation-adjusted average of all earnings prior to claiming Social Security benefits (consumer price index (CPI) average).The article then measures replacement rates against a sample of the Social Security beneficiary population using the Social Security Administration's Modeling Income in the Near Term (MINT) microsimulation model. Replacement rates are shown based on Social Security benefits alone, to indicate the adequacy of the current benefit structure, as well as on total retirement income including defined benefit pensions and financial assets, to indicate total preparedness for retirement.The results show that replacement rates can vary considerably based on the definition of pre-retirement earnings used and whether replacement rates are measured on an individual or a shared basis. For current new retirees, replacement rates based on all sources of retirement income seem strong by most measures and are projected to remain so as these individuals age. For new retirees in 2040, replacement rates are projected to be lower, though still adequate on average based on most common benchmarks.
Author: United States. National Commission on Social Security Reform
Publisher:
ISBN:
Category : Disability insurance
Languages : en
Pages : 298
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Author: United States. Department of Health and Human Services
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 410
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Author: United States. Social Security Administration. Office of Research and Statistics
Publisher:
ISBN:
Category : Bibliographical literature
Languages : en
Pages : 612
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Book Description
Over 2500 references about social security. Classified order. Author, subject indexes.
