Advanced Search
MyIDEAS: Login to save this paper or follow this series

Reforming Social Security: Issues and Challenges for Personal Retirement Accounts

Contents:

Author Info

  • Pfau, Wade Donald

Abstract

We seek to analyze a number of important issues related to the ownership of government pensions. In the United States, Social Security is operated on a pay-as-you-go basis, with some limited pre-funding to prepare for the baby boom retirement. Moving toward more of a defined contribution system will require accounting for many details. Social Security will still need to find ways to cover its unfunded liabilities to past and present retirees, as well as to workers who have paid into the system. There are also many issues which will need to be clarified regarding the ownership of personal accounts: will participation be voluntary or mandatory, will annuitization be required, and how freely can participants choose their investment strategy. An assessment of personal accounts must also fully incorporate the role of disability benefits and survivor benefits. Finally, what will happen in the new system if the accounts do not achieve their expected returns? We use the example of the United States to highlight many important issues faced by countries looking to use defined-contribution pensions as a response to aging populations.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/19034/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19034.

as in new window
Length:
Date of creation: Jul 2007
Date of revision:
Publication status: Published in East and West Studies 1.19(2007): pp. 215-242
Handle: RePEc:pra:mprapa:19034

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Social Security Reform; Personal Retirement Accounts; Public Finance;

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Gary Burtless, 2000. "Social Security Privatization and Financial Market Risk: Lessons from U.S. Financial History," Discussion Papers of DIW Berlin 211, DIW Berlin, German Institute for Economic Research.
  2. Martin Feldstein & Elena Ranguelova, 2001. "Individual Risk in an Investment-Based Social Security System," NBER Working Papers 8074, National Bureau of Economic Research, Inc.
  3. Pfau, Wade D., 2006. "Comparing the Impacts of Social Security Benefit Reductions on the Income Distribution of the Elderly," National Tax Journal, National Tax Association, vol. 59(2), pages 195-210, June.
  4. Martin S. Feldstein & Jeffrey B. Liebman, 2002. "The Distributional Effects of an Investment-Based Social Security System," NBER Chapters, in: The Distributional Aspects of Social Security and Social Security Reform, pages 263-326 National Bureau of Economic Research, Inc.
  5. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, American Economic Association, vol. 94(1), pages 1-24, March.
  6. Robert J. Shiller, 2005. "The Life-Cycle Personal Accounts Proposal for Social Security: A Review," NBER Working Papers 11300, National Bureau of Economic Research, Inc.
  7. Alan L. Gustman & Thomas L. Steinmeier, 2002. "The New Social Security Commission Personal Accounts: Where Is the Investment Principal?," NBER Working Papers 9045, National Bureau of Economic Research, Inc.
  8. Ranguelova, Elena & Feldstein, Martin, 2001. "Individual Risk in an Investment-Based Social Security System," Scholarly Articles 2797440, Harvard University Department of Economics.
  9. Pfau, Wade Donald, 2006. "Comparing the Impacts of Social Security Benefit Reductions on the Income Distribution of the Elderly," MPRA Paper 19033, University Library of Munich, Germany.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:19034. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.