Closing the Deficit: How Much Can Later Retirement Help?

Index

Aaron, Henry: chapters by, 1–10, 72–120; comments on, 6, 101, 125, 135; in contributors’ general discussion, 127, 129, 132, 133–35 AARP, employment program, 103 Affordable Care Act, 52, 81, 103, 135 African Americans, 47, 59–60, 98–100 Age-specific participation rates. See Labor force participation, older workers Aging, terminology confusions, 9, 61, 63–65, 121 Asset/income limits, change proposal, 81–82, 91 Bend points, 82 Benefit formulas: chained CPI proposal, 102; change proposals, 6–8, 82–84, 98; and delayed retirement trends, 68–69; international comparisons, 77; and “normal” retirement age, 75–77 BLS (Bureau of Labor Statistics), 37 Bowles-Simpson plan, 101 Bridge vs. career jobs, older workers, 28–31, 33 Bureau of Labor Statistics (BLS), 37 Burkhauser, Richard V.: commentary by, 93–100; comments on, 8, 134, 135; in contributors’ general discussion, 132 Burtless, Gary: chapters by, 11–45; comments on, 2–3, 67, 95, 125; in contributors’ general discussion, 130, 134–35 Butrica, Barbara, 65 Career vs. bridge jobs, older workers, 28–31, 33 CBO (Congressional Budget Office), 5, 6, 67, 79 Chained CPI, 102 Commission to Strengthen Social Security, 98 Congressional Budget Office (CBO), 5, 6, 67, 79 Defined-benefit pensions, retirement incentives, 11, 74–75, 93, 134 Defined-contribution pensions, work incentives, 11, 93 Delayed retirement, policy-based incentives: AARP’s programs, 103; age requirement changes, 6–7, 66–67, 75–82, 90–91, 95–98, 101; demographic trend factor, 98–100; design challenges summarized, 72–75, 100–02, 126–27; disability benefits, 80–82, 87–89, 90–91; framing problem, 7, 75, 90, 93, 95; name change proposal, 102; need for, 72, 89, 94–95, 135; neutrality arguments, 127, 133–35; social insurance tax changes, 9, 85–86, 91, 123, 124–25; targeted benefit cuts, 139 Index 82–85; welfare reform comparison, 94–95. See also Early retirement Delayed retirement simulations, with DYNASIM3 projections: overview, 3–5, 46–47, 58–60; earnings changes, 50–53, 56–58; employment rates, 50–51, 56; government finances, 51–55, 64, 70; hours worked, 50; methodology, 48–49 Disability benefits: administration challenges , 80–82; and delayed retirement incentives, 7, 79, 87–89, 90–91, 96–97; with DYNASIM3 simulations, 55 Discount rate, in retirement resource planning, 122, 124, 127–28, 130 Dynamic Simulation of Income Model (DYNASIM3). See Delayed retirement simulations, with DYNASIM3 projections Early retirement: age eligibility change, 6–7, 78–80; benefit reduction proposal, 83–84; economic disadvantages, 10, 80, 95–96, 123–24, 125; elimination proposal , 8, 95; international patterns, 96; name change proposal, 102; as political problem, 133; trend reversal, 1, 11 Earnings distributions: demographic trends, 98–100; with DYNASIM3 simulations, 46–47, 50–54, 56–60; in early retirement benefit formula changes, 83–84; and full employment arguments, 130–32; older workers, 17–22, 31, 33. See also Meanstesting , early retirement benefits Education correlations, older workers, 2, 8, 20–26, 31, 33 Employee Retirement Income Security Act (ERISA), 129 Employer-sponsored pensions. See Defined entries Employment rates, with DYNASIM3 simulations, 50–51, 56. See also Labor force participation, older workers ERISA (Employee Retirement Income Security Act), 129 Fertility rates, in labor force participation projections, 6, 61–65, 125–26 Forty-year career problem, 9, 122–23, 126, 129 French, Eric, 128 Full-time schedules, older workers, 26–28, 33 The Future of Social Security (Munnell), 97 GDP statistics, in labor participation forecasts, 3. See also Delayed retirement simulations, with DYNASIM3 projections Goda, Gopi Shah, 123 Goss, Steve, 101 Government finances, with DYNASIM3 simulations: overview, 46–47; revenue changes, 51–53, 59, 70; spending changes, 52–55, 64. See also Payroll taxes Greenblum, Eli, 129 Gruber, Jon, 133–34 Gustman, Alan L., 86 Health and Retirement Survey, University of Michigan, 84–85 Health plans, retiree, 11–12. See also Medicare Health trajectories, SSDI beneficiaries, 91 Hispanic population, 47, 59–60, 98–100 Household income. See Earnings distributions Income/asset limits, change proposal, 81–82, 91. See also Earnings distributions; Means-testing, early retirement benefits Initial age eligibility, policy changes, 6–7, 78–80 Job retention rates, older workers, 28–31, 33 140 Index Johnson, Richard W.: chapter by, 46–71; comments on, 3 Kahneman, Daniel, 73 Labor force participation, as budget policy tool, 60–61 Labor force participation, older workers: overview, 2–3, 11–12, 31, 33–34; bridge vs. career jobs, 28–31; cohort patterns, 12–17; education correlations, 20–26; fertility rate arguments, 6, 61...