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Adjusting Government Policies for Age Inflation

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  • Gopi Shah Goda

    ()
    (Stanford Institue for Economic Policy Research, Stanford University)

  • John Shoven

    ()
    (Stanford Institue for Public Policy Research, Stanford University)

Abstract

Government policies that are based on age do not adjust to changes in remaining life expectancy and lower mortality risk relative to earlier time periods due to improvements in mortality. We examine four possible methods for adjusting the eligibility ages for Social Security, Medicare, and Individual Retirement Accounts to determine what eligibility ages would be today and in 2050 if adjustments for mortality improvement were taken into account. We find that historical adjustment of eligibility ages for age inflation would have increased ages of eligibility by approximately 0.15 years annually. Failure to adjust for mortality improvement implies the percent of the population eligible to receive full Social Security benefits and Medicare will increase substantially relative to the share eligible under a policy of age adjustment.

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Bibliographic Info

Paper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 08-062.

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Date of creation: Aug 2008
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Handle: RePEc:sip:dpaper:08-062

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Keywords: Social Security; inflation; Medicare; Individual Reditrement Accounts;

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  1. Eric French, 2000. "The effects of health, wealth, and wages on labor supply and retirement behavior," Working Paper Series WP-00-2, Federal Reserve Bank of Chicago.
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Cited by:
  1. Willem Heeringa & A.L. Bovenberg, 2009. "Stabilizing pay-as-you-go pension schemes in the face of rising longevity and falling fertility: an application to the Netherlands," DNB Working Papers 220, Netherlands Central Bank, Research Department.
  2. Callan, Tim & Keane, Claire & Walsh, John R., 2009. "Pension Policy: New Evidence on Key Issues," Research Series, Economic and Social Research Institute (ESRI), number RS14.
  3. W. Heeringa & A. Bovenberg, 2012. "Generational Impacts of Demographic Changes in Pay-as-you-go Pension Schemes: Measurement and Application to the Netherlands," De Economist, Springer, vol. 160(1), pages 1-16, March.
  4. Narciso, Alexandre, 2010. "The impact of population ageing on international capital flows," MPRA Paper 26457, University Library of Munich, Germany.

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