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Social Security's Investment Shortfall by Nils Hemming Hakansson Pdf
This study documents that the notion of Social Security as a minimal safety net is consistent with the views of both Adam Smith and Friedrich Hayek and that private social security accounts are inefficient and subject to moral hazard and huge productivity losses. It also introduces a novel approach to long-term investing suitable for perpetual funds consistent with the empirical phenomena of risk premia and mean reversion, including no asset sales and the use of short-term borrowing on a rollover basis to cover negative net inflows.
Get What's Yours by Laurence J. Kotlikoff,Philip Moeller,Paul Solman Pdf
Helps those nearing retirement make the best decisions about their Social Security benefits by detailing techniques and options like “file and suspend” and “start stop start” to maximize their benefit income for a variety of different life situations.
Author : Martin Feldstein Publisher : University of Chicago Press Page : 484 pages File Size : 44,9 Mb Release : 2008-04-15 Category : Political Science ISBN : 9780226241821
Privatizing Social Security by Martin Feldstein Pdf
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Author : John Y. Campbell,Martin Feldstein Publisher : University of Chicago Press Page : 509 pages File Size : 44,8 Mb Release : 2009-02-15 Category : Political Science ISBN : 9780226092560
Risk Aspects of Investment-Based Social Security Reform by John Y. Campbell,Martin Feldstein Pdf
Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce—such as the volatility in the market prices of investment assets—are the focus of this offering from the NBER. Exploring the issues involved in measuring risk and developing models to reflect the risks of various investment-based systems, economists evaluate the magnitude of the risks that both retirees and taxpayers would assume. The insights that emerge show that the risk is actually moderate relative to the improved return, as well as being balanced by the ability of an investment-based system to adapt to differences in individual preferences and conditions.
The Social Security Fix-It Book by Steven A. Sass,Alicia Haydock Munnell,Andrew Eschtruth Pdf
Product DescriptionSocial Security has a long-term financing problem. More of us will soon be collecting benefits with not many more paying taxes to support the program. The Social Security Fix-It book is a short, colorful guide to the program, its financing issues, and the leading proposals for eliminating the shortfall. Cheerfully narrated and easy to read, this book seeks to raise public awareness to achieve a long-lasting solution.About the AuthorAlicia H. Munnell is the Director of the Center for Retirement Research at Boston College and the Peter F. Drucker Professor in Management Sciences at the Carroll School of Management at Boston College. Steven A. Sass is Associate Director for Research at the Center for Retirement Research at Boston College. Andrew Eschtruth is Associate Director for External Relations at the Center for Retirement Research at Boston College.
National Research Council,Division of Behavioral and Social Sciences and Education,Committee on Population,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population
Author : National Research Council,Division of Behavioral and Social Sciences and Education,Committee on Population,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population Publisher : National Academies Press Page : 230 pages File Size : 50,8 Mb Release : 2013-01-10 Category : Social Science ISBN : 9780309261968
Aging and the Macroeconomy by National Research Council,Division of Behavioral and Social Sciences and Education,Committee on Population,Division on Engineering and Physical Sciences,Board on Mathematical Sciences and Their Applications,Committee on the Long-Run Macroeconomic Effects of the Aging U.S. Population Pdf
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Advances in Retirement Investing by Lionel Martellini,Vincent Milhau Pdf
To supplement replacement income provided by Social Security and employersponsored pension plans, individuals need to rely on their own saving and investment choices during accumulation. Once retired, they must also decide at which rate to spend their savings, with the usual dilemma between present and future consumption in mind. This Element explains how financial engineering and risk management techniques can help them in these complex decisions. First, it introduces 'retirement bonds', or retirement bond replicating portfolios, that provide stable and predictable replacement income during the decumulation period. Second, it describes investment strategies that combine the retirement bond with an efficient performanceseeking portfolio so as to reduce uncertainty over the future amount of income while offering upside potential. Finally, strategies using risk insurance techniques are proposed to secure minimum levels of replacement income while giving the possibility of reaching higher levels of income.
Retooling Social Security for the 21st Century by C. Eugene Steuerle,Jon M. Bakija Pdf
Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.