Criteria for the Optimal Design of a Social Security Retirement System
AbstractThis paper discusses a series of selection points in the design and financing of social security retirement systems. For each criterion, the paper lists and discusses advantages and disadvantages of the options available. The selection points include (1) Funded versus PAYGO; (2) Minimum benefits, Demogrant or Welfare; (3) Progressive versus Regressive; (4) Voluntary versus Mandatory; (5) Individual Accounts versus Commingling of Risk (6) Public versus Private sourcing; (7) Automatic Balancing Mechanisms; (8) System Risk Diversification. It is the sincere hope of the author that this discussion will create even more debate of the issues surrounding these important selection criteria which, in turn, will result in better social security retirement systems for all.
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Bibliographic InfoPaper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 266.
Length: 22 pages
Date of creation: May 2010
Date of revision:
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Social Security design and financing; Funded pay-as-you-go; Individual Accounts; Automatic Balancing Mechanisms;
Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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