Social security and early retirement:
"The contrasting trends toward earlier retirement and greater longevity have resulted in steadily increasing retirement costs over the last forty years. One important factor influencing early retirement decisions is the expansion of retirement benefits; but studies predict that most countries,...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass. [u.a.]
MIT Press
2005
|
| Schriftenreihe: | CESifo book series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | "The contrasting trends toward earlier retirement and greater longevity have resulted in steadily increasing retirement costs over the last forty years. One important factor influencing early retirement decisions is the expansion of retirement benefits; but studies predict that most countries, particularly those with early retirement incentives, will be unable to meet future pension and social security obligations. In this timely CESifo volume, Robert Fenge and Pierre Pestieau examine empirical and theoretical evidence that explains why early retirement has become such a burden for social security systems and suggest pension system reforms that will reverse the trend." "Drawing on evidence from the European Union (with comparisons to other industrialized countries including the United States and Canada), the authors demonstrate that the effective retirement age is influenced by social security regulations (such as a change in eligibility age) and discuss ways of measuring these embedded incentives. Fenge and Pestieau examine the implicit taxes on prolonged working life from normative and political economy perspectives. They discuss optimal payroll tax rates that minimize distortions of labor supply and retirement decisions and consider alternative ways of finance benefits, including consumption and capital income taxation. They discuss why policies are designed to discourage employment among older workers and way reforms to counter this often meet resistance. They demonstrate, contrary to the belief of many European governments, that pushing older workers into retirement does not free jobs for young unemployed workers. They show that the gap between salaries and productivity is an incentive for employers to rid themselves of older workers and argue that governments should not support this behavior by compensating older workers for the difference between severance payments and salaries in early retirement programs."--BOOK JACKET. |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XII, 138 S. |
| ISBN: | 0262062496 |
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Datensatz im Suchindex
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| adam_text | Series Foreword ix
Preface xi
1 Introduction 1
2 Facts and Trends of Early Retirement 5
2.1 Labor Force Status 5
2.2 Pathways to Retirement 7
2.3 Effective Retirement Age 12
2.4 The Gap between Longevity and Retirement 15
2.5 Health 17
3 Implicit Taxation on Postponing Retirement 23
3.1 Single Year Accruals 23
3.2 Peak Value Approach 29
3.3 Option Value Approach 32
3.4 Empirical Evidence for Retirement Incentives 33
4 Optimal Design and Reform 37
4.1 Introduction 37
4.2 The Basic Model 38
4.3 Pension Systems 40
4.4 A Double Burden 42
4.5 Optimal Tax Rates 44
4.6 Retirement and Social Security Reform 45
4.7 Earnings Tests and Retirement 47
4.8 Conclusion 50
vj Contents
5 The Political Economy of Early Retirement 53
5.1 Introduction 53
5.2 Political Unpopularity 54
5.3 The Political Selection of a Retirement Age 56
5.4 Determining the Contribution Rate 58
5.5 The Double Dividend of Postponing Retirement 60
5.6 Resistance to Socially Desirable Reforms 62
5.7 Conclusion 64
5.8 Appendix 65
6 An Overlapping Generations Model with Retirement and
Taxation 67
6.1 Introduction 67
6.2 The Model 69
6.2.1 Households 69
6.2.2 Production 70
6.2.3 Government 71
6.3 Market Equilibrium and First Best Optimality 71
6.3.1 Intertemporal Equilibrium 71
6.3.2 Optimal Growth 72
6.3.3 Decentralization 73
6.3.4 Steady State Conditions 74
6.4 Second Best Policy 74
6.4.1 Debt Policy 76
6.4.2 No Debt Policy 77
6.4.3 Interpretation 78
6.5 Conclusions 78
7 Disability Insurance 81
7.1 Introduction 81
7.2 A Simple Model of Disability Insurance 83
7.2.1 Preferences and Types of Individuals 83
7.2.2 Policy 84
7.3 Different Social Weights 85
7.3.1 Full Information Optimum and Laissez Faire 86
7.3.2 Unobservable Types: A Second Best Solution 87
7.3.3 A Second Best Solution with Auditing 88
7.3.4 Illustration 93
7.4 An Alternative Specification 94
7.4.1 A Full Information Solution and Decentralization 94
1
; Contents vii
; 7.4.2 Unobservable Types: A Second Best Solution 95
7.4.3 A Second Best Solution with Auditing in the Paternalistic
Case 97
7.4.4 Illustration: Paternalistic Objective 101
7.5 Interpretation 103
7.6 Unemployment and Retirement 104
7.7 Conclusion 105
8 The Demand Side 107
8.1 The Lazear Model 109
8.2 Empirical Evidence 111
8.3 Early Retirement and Macroeconomic Performance 115
9 Conclusion 119
9.1 Policy Recommendations 119
9.2 Salient Issues for Future Research 121
9.2.1 Retirement and Portability 121
9.2.2 Flexible Retirement and Second Careers 122
9.2.3 Heterogeneity in Life Expectancy 122
9.2.4 Nonstandard Models 122
Notes 123
References 127
Index 135
|
| adam_txt |
Series Foreword ix
Preface xi
1 Introduction 1
2 Facts and Trends of Early Retirement 5
2.1 Labor Force Status 5
2.2 Pathways to Retirement 7
2.3 Effective Retirement Age 12
2.4 The Gap between Longevity and Retirement 15
2.5 Health 17
3 Implicit Taxation on Postponing Retirement 23
3.1 Single Year Accruals 23
3.2 Peak Value Approach 29
3.3 Option Value Approach 32
3.4 Empirical Evidence for Retirement Incentives 33
4 Optimal Design and Reform 37
4.1 Introduction 37
4.2 The Basic Model 38
4.3 Pension Systems 40
4.4 A Double Burden 42
4.5 Optimal Tax Rates 44
4.6 Retirement and Social Security Reform 45
4.7 Earnings Tests and Retirement 47
4.8 Conclusion 50
vj Contents
5 The Political Economy of Early Retirement 53
5.1 Introduction 53
5.2 Political Unpopularity 54
5.3 The Political Selection of a Retirement Age 56
5.4 Determining the Contribution Rate 58
5.5 The Double Dividend of Postponing Retirement 60
5.6 Resistance to Socially Desirable Reforms 62
5.7 Conclusion 64
5.8 Appendix 65
6 An Overlapping Generations Model with Retirement and
Taxation 67
6.1 Introduction 67
6.2 The Model 69
6.2.1 Households 69
6.2.2 Production 70
6.2.3 Government 71
6.3 Market Equilibrium and First Best Optimality 71
6.3.1 Intertemporal Equilibrium 71
6.3.2 Optimal Growth 72
6.3.3 Decentralization 73
6.3.4 Steady State Conditions 74
6.4 Second Best Policy 74
6.4.1 Debt Policy 76
6.4.2 No Debt Policy 77
6.4.3 Interpretation 78
6.5 Conclusions 78
7 Disability Insurance 81
7.1 Introduction 81
7.2 A Simple Model of Disability Insurance 83
7.2.1 Preferences and Types of Individuals 83
7.2.2 Policy 84
7.3 Different Social Weights 85
7.3.1 Full Information Optimum and Laissez Faire 86
7.3.2 Unobservable Types: A Second Best Solution 87
7.3.3 A Second Best Solution with Auditing 88
7.3.4 Illustration 93
7.4 An Alternative Specification 94
7.4.1 A Full Information Solution and Decentralization 94
1
; Contents vii
; 7.4.2 Unobservable Types: A Second Best Solution 95
7.4.3 A Second Best Solution with Auditing in the Paternalistic
Case 97
7.4.4 Illustration: Paternalistic Objective 101
7.5 Interpretation 103
7.6 Unemployment and Retirement 104
7.7 Conclusion 105
8 The Demand Side 107
8.1 The Lazear Model 109
8.2 Empirical Evidence 111
8.3 Early Retirement and Macroeconomic Performance 115
9 Conclusion 119
9.1 Policy Recommendations 119
9.2 Salient Issues for Future Research 121
9.2.1 Retirement and Portability 121
9.2.2 Flexible Retirement and Second Careers 122
9.2.3 Heterogeneity in Life Expectancy 122
9.2.4 Nonstandard Models 122
Notes 123
References 127
Index 135 |
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| any_adam_object_boolean | 1 |
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| dewey-tens | 360 - Social problems and services; associations |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
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| index_date | 2024-07-02T13:52:41Z |
| indexdate | 2024-07-09T20:35:07Z |
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| language | English |
| lccn | 2005047472 |
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| physical | XII, 138 S. |
| publishDate | 2005 |
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| series2 | CESifo book series |
| spelling | Fenge, Robert 1964- Verfasser (DE-588)115447458 aut Social security and early retirement Robert Fenge ; Pierre Pestieau Cambridge, Mass. [u.a.] MIT Press 2005 XII, 138 S. txt rdacontent n rdamedia nc rdacarrier CESifo book series Includes bibliographical references and index "The contrasting trends toward earlier retirement and greater longevity have resulted in steadily increasing retirement costs over the last forty years. One important factor influencing early retirement decisions is the expansion of retirement benefits; but studies predict that most countries, particularly those with early retirement incentives, will be unable to meet future pension and social security obligations. In this timely CESifo volume, Robert Fenge and Pierre Pestieau examine empirical and theoretical evidence that explains why early retirement has become such a burden for social security systems and suggest pension system reforms that will reverse the trend." "Drawing on evidence from the European Union (with comparisons to other industrialized countries including the United States and Canada), the authors demonstrate that the effective retirement age is influenced by social security regulations (such as a change in eligibility age) and discuss ways of measuring these embedded incentives. Fenge and Pestieau examine the implicit taxes on prolonged working life from normative and political economy perspectives. They discuss optimal payroll tax rates that minimize distortions of labor supply and retirement decisions and consider alternative ways of finance benefits, including consumption and capital income taxation. They discuss why policies are designed to discourage employment among older workers and way reforms to counter this often meet resistance. They demonstrate, contrary to the belief of many European governments, that pushing older workers into retirement does not free jobs for young unemployed workers. They show that the gap between salaries and productivity is an incentive for employers to rid themselves of older workers and argue that governments should not support this behavior by compensating older workers for the difference between severance payments and salaries in early retirement programs."--BOOK JACKET. OECD (DE-588)5157-3 gnd rswk-swf Pensioen gtt Sociale zekerheid gtt Vervroegde uittreding gtt Soziale Sicherheit Social security OECD countries Early retirement OECD countries Social security Early retirement Old age pensions Finance Vorzeitige Pensionierung (DE-588)4468033-8 gnd rswk-swf Soziale Sicherheit (DE-588)4055732-7 gnd rswk-swf EU-landen gtt Europa (DE-588)4015701-5 gnd rswk-swf Europa (DE-588)4015701-5 g Vorzeitige Pensionierung (DE-588)4468033-8 s DE-604 OECD (DE-588)5157-3 b Soziale Sicherheit (DE-588)4055732-7 s DE-188 Pestieau, Pierre 1943- Verfasser (DE-588)12473409X aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014622026&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fenge, Robert 1964- Pestieau, Pierre 1943- Social security and early retirement OECD (DE-588)5157-3 gnd Pensioen gtt Sociale zekerheid gtt Vervroegde uittreding gtt Soziale Sicherheit Social security OECD countries Early retirement OECD countries Social security Early retirement Old age pensions Finance Vorzeitige Pensionierung (DE-588)4468033-8 gnd Soziale Sicherheit (DE-588)4055732-7 gnd |
| subject_GND | (DE-588)5157-3 (DE-588)4468033-8 (DE-588)4055732-7 (DE-588)4015701-5 |
| title | Social security and early retirement |
| title_auth | Social security and early retirement |
| title_exact_search | Social security and early retirement |
| title_exact_search_txtP | Social security and early retirement |
| title_full | Social security and early retirement Robert Fenge ; Pierre Pestieau |
| title_fullStr | Social security and early retirement Robert Fenge ; Pierre Pestieau |
| title_full_unstemmed | Social security and early retirement Robert Fenge ; Pierre Pestieau |
| title_short | Social security and early retirement |
| title_sort | social security and early retirement |
| topic | OECD (DE-588)5157-3 gnd Pensioen gtt Sociale zekerheid gtt Vervroegde uittreding gtt Soziale Sicherheit Social security OECD countries Early retirement OECD countries Social security Early retirement Old age pensions Finance Vorzeitige Pensionierung (DE-588)4468033-8 gnd Soziale Sicherheit (DE-588)4055732-7 gnd |
| topic_facet | OECD Pensioen Sociale zekerheid Vervroegde uittreding Soziale Sicherheit Social security OECD countries Early retirement OECD countries Social security Early retirement Old age pensions Finance Vorzeitige Pensionierung EU-landen Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014622026&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT fengerobert socialsecurityandearlyretirement AT pestieaupierre socialsecurityandearlyretirement |