Pension design Archives - Page 19 of 60 - Pension Policy International

12AugAugust 12, 2021

Using Fresh Starts to Nudge Increased Retirement Savings

By John Beshears, Hengchen Dai, Katherine L. Milkman & Shlomo benartzi We conducted a field experiment to study the effect of framing future moments in time as new beginnings (or “fresh starts”). University employees (N=6,082) received mailings with an opportunity to choose between increasing their contributions to a savings plan immediately or at a specified future time point. Framing the future time point in relation to a fresh start date (e.g., the recipient’s birthday, the first day of spring) increased...

August 12, 2021

Articles, Pension design, Savings2021, Behavioral Science

06AugAugust 6, 2021

Death and Taxes: Why Longer Lives Cost Money

By Christopher Snowdon The British population is getting older. In 1948, life expectancy was 68. Thanks to healthier lifestyles and medical advances, it is now 81 and is expected to rise to 87 by the end of the next decade. The rapid growth of the elderly population will put a strain on healthcare, social care and welfare provision. The Office for Budget Responsibility predicts that health spending in the UK will rise from 6.2 per cent of GDP in 2019/20 to...

August 6, 2021

Aging, Articles, Pension design2015, Labor Market, Longevity

06AugAugust 6, 2021

Revisiting Retirement and Social Security Claiming Decisions

By Neha Bairoliya, Kathleen McKiernan Why do individuals retire and claim their Social Security benefits at the age they do? Understanding the key drivers of these decisions has been an important topic of research as it can help guide policy discussions on the impact of potential reforms to the Social Security program. We revisit this crucial question by exploring new sources of heterogeneity in these decisions as well as novel mechanisms governing these trade-offs. Using data from the Health and...

August 6, 2021

Articles, Pension design2021, Social Security, US

29JulJuly 29, 2021

Fair Pension Policies with Occupation-Specific Aging

By Volker Grossmann, Johannes Schünemann & Holger Strulik We discuss public pension systems in a multi-period overlapping generations model with gerontologically founded human aging and a special focus on occupation-specific morbidity and mortality. We examine how distinct replacement rates for white-collar and blue-collar workers and early retirement policies could be designed to provide a fair and aggregate welfare-enhancing public pension system. Calibrating the model to Germany, we find that a pension system that equalizes relative pension contributions and the relative...

July 29, 2021

Aging, Articles, Pension design2021, Germany, Public Pensions

29JulJuly 29, 2021

Designing the Best Solution for Retirement

By Robert C. Merton In March 2020, Robert Powell, Retirement Management Journal editor-in-chief; Zvi Bodie, PhD, president of Bodie Associates and the Norman and Adele Barron Professor Emeritus of Management at Boston University; and Stacy Schaus, founder and chief executive officer of Schaus Group LLC, spoke with Merton about retirement solutions for the twenty-first century working and middle classes, fintech, and solving for the right problems. Source: SSRN 335 views

July 29, 2021

Articles, Pension design2020, Fintech, Investment

23JulJuly 23, 2021

Joint Retirement of Couples: Evidence from Discontinuities in Denmark

By Esteban García-Miralles & Jonathan M. Leganza We study how social security influences the retirement behavior of couples. First, we exploit over two decades of full-population data and a discontinuity design to document sizable retirement spillovers to spouses when individuals reach pension eligibility age. Next, we explore underlying mechanisms. We find age differences within couples to be a fundamental determinant of joint retirement, which is driven by older spouses working longer. Accounting for these age differences reveals a strong gender...

July 23, 2021

Articles, Pension design2021, Gender Gap, Labor Market, Retirement Age

23JulJuly 23, 2021

Pensions and Timing of Retirement: The Case of the Public Service Pension Scheme in Uganda

By Kibs Boaz Muhanguzi Unsustainable defined-benefit public pension scheme, rising life expectancy, and high level of unemployment endanger the socioeconomic and political stability of Uganda’s economy. This research approaches the problem from labor supply point of view by: (i) analyzing the effect of the public service pension scheme on timing of retirement; (ii) investigating the required early retirement incentives that would increase employment in the public service; and (iii) determining the predictors of postretirement employment in the public service in...

July 23, 2021

Articles, Pension design2021, Africa, Public Pensions, Retirement Age, Uganda

16JulJuly 16, 2021

The Story of UK Pensions: An engaging guide to the pensions system

By Matthew Rhodes This book explains the wonderful world of UK pensions. It starts with a brief history of how the system has developed over time, covering the different arrangements provided by the private and public sectors, as well as the State. It then investigates the system in more detail, explaining some of the complexitiies and why pensions so often make news headlines. This book is suitable for anyone - whether you know nothing about pensions, or are someone in...

July 16, 2021

Books, Pension design2021, UK

16JulJuly 16, 2021

Reverse Mortgages

By Consumer Financial Protection Bureau A reverse mortgage is a special type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow seniors to access the equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is...

July 16, 2021

Books, Pension design2012, Income, US

16JulJuly 16, 2021

Public Pension Design and Household Retirement Decisions: A Comparison of the United States and Germany

By David Knapp, Jinkook Lee, Maciej Lis and Drystan Phillips Social Security provides retirement benefits to age-eligible workers and their spouses. Benefits are permanently increased if initial receipt is delayed. For benefits paid to spouses, these incentives reflect a complex interaction of the worker’s and spouse’s earnings histories, benefit claiming decisions, and age difference. We demonstrate that the benefit increment from delaying initial receipt of spousal and survivor benefits is substantial for some households. Past studies find that workers respond...

July 16, 2021

Articles, Pension design2021, Germany, Public Pensions, US

August 2021

Using Fresh Starts to Nudge Increased Retirement Savings

Death and Taxes: Why Longer Lives Cost Money

July 2021

Fair Pension Policies with Occupation-Specific Aging

Designing the Best Solution for Retirement

Joint Retirement of Couples: Evidence from Discontinuities in Denmark

Pensions and Timing of Retirement: The Case of the Public Service Pension Scheme in Uganda

The Story of UK Pensions: An engaging guide to the pensions system

Reverse Mortgages

Public Pension Design and Household Retirement Decisions: A Comparison of the United States and Germany