Closing the Deficit
How Much Can Later Retirement Help?
Publication Year: 2013
As the average age of the population continues to rise in industrialized nations, the fiscal impacts of aging demand ever-closer attention. Closing the Deficit examines one oft-discussed approach to the issue encouraging people to work longer than they now do.
Workers would spend more years paying taxes and fewer years drawing pension and health benefits. But how much difference to spending and revenues would longer working lives make? What steps could be taken to make longer working lives attractive? And what would happen to older Americans not in a position to prolong their work lives? Leading scholars examine these issues in Closing the Deficit, edited by Brookings economists Gary Burtless and Henry Aaron.
Published by: Brookings Institution Press
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Table of Cotents
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...1 Who Is Delaying Retirement? Analyzing the Increase in Employment Forecasts from the Social Security Administration and the Author 36...
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As the proportion of the population that is old has grown in the United States and other industrial countries, policymakers and scholars havedevoted increasing attention to the fiscal consequence of aging. To students ofgovernment budgets this development is unsurprising. Public programs that pro-vide income and health insurance to the aged are already large and costly. And aselderly populations grow, keeping government affordable will mean keeping the...
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Americans past the age of 60 are delaying their withdrawal from the laborforce. This trend is relatively recent and only became detectable in the1990s. It reverses a century-long trend toward earlier retirement that began in thelate nineteenth century. Along with gradually increasing life-expectancy, the his-torical trend toward early retirement meant that, during the first nine decades ofthe twentieth century, successive generations of workers spent a growing portion...
Who Is Delaying Retirement? Analyzing the Increase in Employment among Older Workers
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Americans past age 60 are delaying their withdrawal from the workforce.This development reverses a trend toward early retirement that lastedlonger than a century. The trend toward earlier labor force exit came to an end forU.S. men between the mid-1980s and mid-1990s.1 After reaching a low point inthe 1985?95 decade, the labor force participation rate of 60?64-year-old men hasincreased more than 6 percentage points (about one-eighth), and the participa-...
Future Labor Force Participation among the Aged: Forecasts from the Social Security Administration and the Author
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The labor force participation rates of Americans past age 60 have beenincreasing since the mid-1980s among women and since the early 1990samong men. The Social Security Administration (SSA) expects these trends tocontinue, although at a slower pace, over the next three decades. Each year theSocial Security Administration Board of Trustees publishes an annual report toCongress on the financial status of the federal Old-Age, Survivors, and Disability...
Impact of Higher Retirement Ages on Public Budgets: Simulation Results from DYNASIM3
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The graying of America is often described as an aging crisis. Actually, it pre -sents an enormous opportunity and is a cause for celebration. The elderlypopulation is growing because longevity has soared. Americans are now livinglonger and healthier than ever before. The challenge is to harness the talents of anincreasingly capable group of older citizens to support the nation?s continuedprosperity. This chapter examines how increased labor force participation by peo-...
Nudged, Pushed, or Mugged: Policies to Encourage Older Workers to Retire Later
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...1. Salhgren (2012), Dhaval, Rashad, and Spasojevic (2006), and Behncke (2009) reach similar resultsas do Coe and others (2010) and Rohwedder and Willis (2010). Other investigators have found that retire-ment is neutral or even beneficial to the retiree?s health. See Bound and Waidmann (2007), Kerwin KofiPolicies to encourage people to defer retirement are increasingly attractive forseveral reasons. Life expectancy is rising. Projected increases in budgetdeficits are traceable largely to anticipated growth of spending on pension and...
Thoughts on Working Longer and Retirement
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Let me start by questioning whether people really are working to older agestoday than they were twenty years ago or that properly computed age-specific labor force participation rates have gone up over the same period. Toreturn to an old theme of mine,1 it depends on how you measure age. Theremaining life expectancy of the average retiree has not gone down over the pasttwenty years. The mortality of people at retirement has not gone up. The average...
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Page Count: 142
Publication Year: 2013