Retirement and Reform - Retirement fundamental motivation...

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Retirement: - fundamental motivation for SS is to insure against adverse events of dying/being to old to work by providing income support to those retire/survivors of deceased workers leads to natural moral hazard problems: retiring early to get benefits - Labor Froce paritciption rates : percentage of elderly pop working/looking for work - Retirement hazard rate : percentage of workers retiring at a certain age – spikes ad the EEA and FBA can see it in multiple countries - Some countries to put high taxes on continuing to work past a certain age not true in US as much. Penalizes additional work beyond retirement age. Adjusting systems to ore fairly reward work at old ages can mitigate much of the moral hazard effect of SS REFORM: - major fisical imblance now – due to life expectancy improvement, reuction in birth rate, slowed growth in rages, contuing carrying the legacy debt, baby- boomer cohorts retiging (more elderly to working pop) - Greenspan COmmision: move away from unfunded system and govt. should
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  • Fall '13
  • WEBER
  • SS trust funds, Retirement hazard rate, SS FBA, increase payroll taxes, state/local govt workers

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