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Ageing populations, retirement incomes and public policy: what really matters

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  • Littlewood, Michael

Abstract

When setting public policies on retirement incomes, governments should focus on objectives they have a unique capacity to influence. Only governments can reliably eliminate poverty in old age, level the tax and regulatory playing fields for financial service providers/savers and gather impeccable, deep data. They can also help citizens to understand the things that really matter to individual saving decisions. Governments should avoid trying to influence or direct private provision for retirement by tax breaks or compulsion (‘hard’ or ‘soft’). That those common interventions seem not to work is only one of their many shortcomings. Then, citizens and employers should make their own decisions about financial provision for retirement.

Suggested Citation

  • Littlewood, Michael, 2014. "Ageing populations, retirement incomes and public policy: what really matters," MPRA Paper 56232, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:56232
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    File URL: https://mpra.ub.uni-muenchen.de/56232/1/MPRA_paper_56232.pdf
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    References listed on IDEAS

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    1. Trinh Le & Grant Scobie & John Gibson, 2009. "Are Kiwis saving enough for retirement? Evidence from SOFIE," New Zealand Economic Papers, Taylor & Francis Journals, vol. 43(1), pages 3-19.
    2. Michael Littlewood, 2010. "Pre-funding a government's future financial obligations - the New Zealand Superannuation case study," New Zealand Economic Papers, Taylor & Francis Journals, vol. 44(1), pages 91-111.
    3. Grant M. Scobie & Katherine Henderson, 2009. "Saving Rates of New Zealanders: A Net Wealth Approach," Treasury Working Paper Series 09/04, New Zealand Treasury.
    4. Juan Ayuso & Juan F. Jimeno & Ernesto Villanueva, 2019. "The effects of the introduction of tax incentives on retirement saving," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 10(3), pages 211-249, November.
    5. Annamaria Lusardi & Olivia Mitchell, 2007. "Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel," Working Papers wp157, University of Michigan, Michigan Retirement Research Center.
    6. Trinh Le & John Gibson & Steven Stillman, 2012. "Wealth and saving in New Zealand: evidence from the longitudinal survey of family, income and employment," New Zealand Economic Papers, Taylor & Francis Journals, vol. 46(2), pages 93-118, November.
    7. Roger Hurnard, 2005. "The effect of New Zealand Superannuation eligibility age on the labour force participation of older people," Treasury Working Paper Series 05/09, New Zealand Treasury.
    8. Robert Holzmann & David A. Robalino & Noriyuki Takayama, 2009. "Closing the Coverage Gap : The Role of Social Pensions and Other Retirement Income Transfers," World Bank Publications - Books, The World Bank Group, number 2651, December.
    9. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
    10. Alicia H. Munnell, 1992. "Current taxation of qualified pension plans: has the time come?," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 12-25.
    11. J.C. Herbert Emery & Jesse A. Matheson, 2012. "Should income transfers be targeted or universal? Insights from public pension influences on elderly mortality in Canada, 1921–1966," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 45(1), pages 247-269, February.
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    Cited by:

    1. BALTES Nicolae & JIMON Stefania Amalia, 2018. "Pension System In Reducing Poverty Risk In Romania," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 70(1), pages 114-127, August.
    2. Nicolae Balteș & Ștefania Amalia Jimon, 2019. "Social Inequalities and the Reform of Romanian Public Pension System by Law no. 127/2019," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 219-226, December.
    3. BALTEȘ Nicolae & JIMON Ștefania Amalia, 2020. "Study Regarding The Effects Of Demographic Transition On Labor Market And Public Pension System In Central And Eastern Europe," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(1), pages 158-170, April.
    4. JIMON Stefania Amalia & BALTES Nicolae & MUNTEAN Neli, 2019. "Social Protection Of Older People And The Structure Of Consumption Expenditure In Countries Of Central And Eastern Europe," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 71(2), pages 103-117, September.
    5. repec:blg:reveco:v:70:y:2018:i:3:p:8-21 is not listed on IDEAS

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    More about this item

    Keywords

    retirement incomes; public policy; universal pension; private provision;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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