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The Need for More Social Security and Secure Pensions

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Abstract

Retirement systems in rich nations have shifted away from pay-as-you-go (PAYGO) social insurance programs towards financially-based, advance–funded retirement accounts. Depending on the design, financialized retirement systems shift the risks of accumulation, investment, and longevity from employers and governments to individuals. Because individuals are less able to manage these risks, the combination of financial volatility and longer lives leads to inadequate savings. Reliance on individually-directed financial accounts rather than social insurance erodes retirement income security, cuts retirement time (especially for lower-income groups), requires more people to work in old age, and raises the risk of old-age poverty.

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  • Teresa Ghilarducci & Amanda Novello, 2017. "The Need for More Social Security and Secure Pensions," SCEPA policy note series. 2017-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2017-03
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    More about this item

    Keywords

    Retirement; Old age poverty; Older workers; Risk; Employers; Accumulation; Savings;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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