Download or read book The Role of Social Security Defined Benefits and Private Retirement Accounts in the Face of the Retirement Crisis written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-12 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of social security, defined benefits, and private retirement accounts in the face of the retirement crisis : hearing before the Subcommittee on Social Security, Pensions, and Family Policy of the Committee on Finance, United States Senate, One Hundred Thirteenth Congress, first session, December 18, 2013.
Download or read book The Role of Social Security Defined Benefits and Private Retirement Accounts in the Face of the Retirement Crisis written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security, Pensions, and Family Policy and published by . This book was released on 2013 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Social Security Defined Benefits and Private Retirement Accounts in the Face of the Retirement Crisis written by Jack VanDerhei and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years, EBRI research has documented and quantified the role of Social Security, defined benefit and private retirement accounts on retirement income adequacy for Baby Boomers and Gen Xers in the United States. This paper summarizes that research and presents new evidence on the importance of 401(k) plans for workers currently entering the workforce. EBRI's modeling shows a substantial improvement in the probability of attaining a financially successful retirement if workers are eligible for automatic enrollment in a 401(k) plan, compared with voluntary enrollment. Assuming current Social Security benefits are not reduced, between 83 and 86 percent of workers with more than 30 years of eligibility in a voluntary enrollment 401(k) plan are simulated to have sufficient 401(k) accumulations that, combined with Social Security retirement benefits, will be able to replace at least 60 percent of their age-64 wages and salary on an inflation-adjusted basis. When the threshold for a financially successful retirement is increased to 70 percent replacement of age-64 income, 73-76 percent of these workers will still meet that threshold, relying only on 401(k) and Social Security combined. At an 80 percent replacement rate, 67 percent of the lowest-income quartile will still meet the threshold; however, the percentage of those in the highest-income quartile deemed to be “successful” relying on just these two retirement components slips to 59 percent. When the same analysis is conducted for automatic enrollment 401(k) plans (with an annual 1 percent automatic-escalation provision and empirically derived opt-outs), the probability of success increases substantially: 88-94 percent at a 60 percent threshold; 81-90 percent at a 70-percent replacement threshold; and 73-85 percent at an 80 percent threshold. The PDF for the above title, published in the January 2014 issue of EBRI Notes, also contains the fulltext of another January 2014 EBRI Notes article abstracted on SSRN: “The Cost of Spousal Health Coverage.”
Download or read book The Role of Social Security Defined Benefits and Private Retirement Accounts in the Face of the Retirement Crisis written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security, Pensions, and Family Policy and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Social Insecurity written by James W. Russell and published by Beacon Press. This book was released on 2015-04-07 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: How 401(k)s have gutted retirement security, from charging exorbitant hidden fees to failing to replace the income of traditional pensions Named one of PW's Top 10 for Business & Economics A retirement crisis is looming. In 2008, as the 401(k) fallout rippled across the country, horrified holders watched 25 percent of their funds evaporate overnight. Average 401(k) balances for those approaching retirement are too small to generate more than $4,000 in annual retirement income, and experts predict that nearly half of middle-class workers will be poor or near poor in retirement. But long before the recession, signs were mounting that few people would ever be able to accumulate enough wealth on their own to ensure financial security later in life. This hasn’t always been the case. Each generation of workers since the nineteenth century has had more retirement security than the previous generation. That is, until 1981, when shaky 401(k) plans began replacing traditional pensions. For the last thirty years, we’ve been advised that the best way to build one’s nest egg is to heavily invest in 401(k)-type programs, even though such plans were originally designed to be a supplement to rather than the basis for retirement. This financial experiment, promoted by neoliberals and aggressively peddled by Wall Street, has now come full circle, with tens of millions of Americans discovering that they would have been better off under traditional pension plans long since replaced. As James W. Russell explains, this do-it-yourself retirement system—in which individuals with modest incomes are expected to invest large sums of capital in order to reap the same rewards as high-end money managers—isn’t working. Social Insecurity tells the story of a massive and international retirement robbery—a substantial transfer of wealth from everyday workers to Wall Street financiers via tremendously costly hidden fees. Russell traces what amounts to a perfect swindle, from its ideological origins at Milton Friedman’s infamous Chicago School to its implementation in Chile under Pinochet’s dictatorship and its adoption in America through Reaganomics. Enraging yet hopeful, Russell offers concrete ideas on how individuals and society can arrest this downward spiral.
Download or read book Strengthening Social Security written by United States. Congress. Senate. Special Committee on Aging and published by . This book was released on 2004 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Download or read book Social Security written by Paul O. Deaven and published by Nova Publishers. This book was released on 2008 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security, in the United States, currently refers to the Federal Old-Age, Survivors, and Disability Insurance (OASDI) program. The original Social Security Act[1] and the current version of the Act, as amended encompass several social welfare or social insurance programs. The larger and better known initiatives of the program are: Federal Old-Age, Survivors, and Disability Insurance; Unemployment Insurance; Temporary Assistance to Needy Families; Health Insurance for Aged and Disabled (Medicare); Grants to States for Medical Assistance Programs (Medicaid); State Children's Health Insurance Program (SCHIP); Supplemental Security Income (SSI). Social Security in the United States is a social insurance program funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA). The term, in everyday speech, is used only to refer to the benefits for retirement, disability, survivorship, and death, which are the four main benefits provided by traditional private-sector pension plans. By dollars paid, the U.S. Social Security program is the largest government program in the world. Largely because of solvency questions ranging from immediate crisis to large projected future shortfalls, reform of the Social Security system has been a major political issue for more than three decades. This book presents the latest issues and developments related to this program.
Download or read book Pension Puzzles written by Melissa Hardy and published by Russell Sage Foundation. This book was released on 2007-07-19 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rancorous debate over the future of Social Security reached a fever pitch in 2005 when President Bush unsuccessfully proposed a plan for private retirement accounts. Although efforts to reform Social Security seem to have reached an impasse, the long-term problem—the projected Social Security deficit—remains. In Pension Puzzles, sociologists Melissa Hardy and Lawrence Hazelrigg explain for a general audience the fiscal challenges facing Social Security and explore the larger political context of the Social Security debate. Pension Puzzles cuts through the sloganeering of politicians in both parties, presenting Social Security's technical problems evenhandedly and showing how the Social Security debate is one piece of a larger political struggle. Hardy and Hazelrigg strip away the ideological baggage to explicate the basic terms and concepts needed to understand the predicament of Social Security. They compare the cases for privatizing Social Security and for preserving the program in its current form with adjustments to taxes and benefits, and they examine the different economic projections assumed by proponents of each approach. In pursuit of its privatization agenda, Hardy and Hazelrigg argue, the Bush administration has misled the public on an issue that was already widely misunderstood. The authors show how privatization proponents have relied on dubious assumptions about future rates of return to stock market investments and about the average citizen's ability to make informed investment decisions. In addition, the administration has painted the real but manageable shortfalls in Social Security revenue as a fiscal crisis. Projections of Social Security revenues and benefits by the Social Security Administration have treated revenues as fixed, when in fact they are determined by choices made by Congress. Ultimately, as Hardy and Hazelrigg point out, the clash over Social Security is about more than technical fiscal issues: it is part of the larger culture wars and the ideological struggle over what kind of social responsibilities and rights American citizens should have. This rancorous partisan wrangling, the alarmist talk about a "crisis" in Social Security, and the outright deception employed in this debate have all undermined the trust between citizens and government that is needed to restore the solvency of Social Security for future generations of retirees. Drawing together economic analyses, public opinion data, and historical narratives, Pension Puzzles is a lucid and engaging guide to the major proposals for Social Security reform. It is also an insightful exploration of what that debate reveals about American political culture in the twenty-first century. A Volume in the American Sociological Association's Rose Series in Sociology
Download or read book Retirement Security written by David M. Walker and published by . This book was released on 1996-09-28 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Millions of Americans face the possibility of a personal retirement crisis in the coming years. In the not too distant future, known demographic trends, projected financial imbalances in Social Security and Medicare programs, changes in employer pension and retiree health plans—and inadequate planning—threaten to derail your retirement security. Only through personal education, informed planning, and disciplined action can you insure a reasonable standard of living and quality of life throughout your retirement years. Retirement Security provides complete, candid, and insightful advice to help you separate retirement fact from fiction. Written by a retirement policy and planning expert with extensive experience in government and the private sector, this self-contained guide gives you the knowledge and the tools you need to make the most of your earnings and investments—both now and in the future. You will gain a solid understanding of the many components that affect your retirement security and the factors that drive them, including full coverage of Social Security, Medicare, pensions, retiree health arrangements, personal savings, and more. You will also find out how to design, implement, and amend your own retirement strategy, using a straightforward and effective seven-step method based on sound and proven retirement savings and investment principles. Whether you are embarking on a career, nearing retirement, or already retired, don't let your golden years be tarnished by financial insecurity. Retirement Security will show you how to plan, save, and invest in your future so that you can afford to retire. What is likely to happen to Social Security and Medicare programs? How can I make the most of my employer-sponsored pension and savings plans? How much income will I need for retirement? How should I invest what I save? When should I use IRAs or Keoghs? Now you can find answers to these and other critical questions in one book—Retirement Security, the most comprehensive and authoritative guide to retirement planning currently available. Combining sound analysis of the different components of retirement income with practical guidance on developing your own retirement strategy, the book's unique, two-pronged approach gives you the knowledge and the tools you need to make the most of your financial resources both now and in the future. Key features include: Comprehensive coverage of Social Security, Medicare, pensions, retiree healthcare, personal savings, and more. Clear explanations of the impact of demographics, economics, law, and politics on public and private sector programs and investments. A straightforward and effective seven-step method for devising and implementing your personal retirement plan. Crucial savings and investment principles to guide your retirement strategy. Informed guidance on where to seek further information about your government and employer-provided retirement benefits.
Download or read book Retirement Income written by Christian E. Weller and published by . This book was released on 2005 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines social security benefits within the context of other retirement savings programme.
Download or read book Financial Security and Personal Wealth written by Lewis D. Solomon and published by Routledge. This book was released on 2017-07-05 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: America's elderly population is soaring, presenting numerous challenges for policymakers in the United States. Other developed nations with aging populations face similar problems. There will be fewer workers relative to retirees in coming decades and the elderly are also expected to live longer. The impact of these demographic changes in the United States is likely to be challenging, especially for America's system of social security. Solomon offers new perspectives on how to meet the future costs of social security without bankrupting the next generation or gravely damaging the U.S. economy. He also shows, more broadly, how to provide for the financial security of America's senior populations.Over the past two decades, primary responsibility for providing a financially adequate retirement has shifted from the federal government and employers to individuals. For most Americans, social security alone will not provide enough income. Most companies have shed their pension plans for 401(k) plans, to which companies and employees contribute, and in which participants must make their own investment decisions. Consequently, achieving financial security in retirement has increasingly become one's personal responsibility.Solomon deals extensively with the politics of social security, past and present. He examines the presidential leadership of Franklin D. Roosevelt and Ronald Reagan, both of whom revived the nation's spirit in times of crisis, both of whom introduced economic policies that remain controversial to the present day. He also considers in detail contemporary efforts to rethink social security, focusing on fundamental reform of the social security system and the expansion and simplification of employer-sponsored retirement plans and individual retirement arrangements.Richly textured, informed, and informative, Financial Security and Personal Wealth encompasses history, demography, political economy, public finance, social policy.
Download or read book But what If I Live The American Retirement Crisis written by Gregory Brandon Salsbury and published by . This book was released on 2006 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is dramatic wake-up call for a generation of overspent and under-saved Americans who face the very real possibility of outliving their money. Yesterdays retirees were supported by guaranteed income sources. Today, baby boomers are looking at a very different picture, one where they are increasingly responsible for generating their retirement income from personal savings while facing a longer life expectancy and astounding leaps in expenses. Key Selling Points: explores the seven key challenges that stand between baby boomers and a successful retirement; helps baby boomers recognize and address the key challenges to retirement; guides baby boomers to better plan for the income they will need so they can achieve the retirement they deserve.
Download or read book Growing Old written by Yasuyuki Fuchita and published by Brookings Institution Press. This book was released on 2011-06-01 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication While the immediate dangers from the recent financial crisis have abated—much of the financial system has returned to profitability and the economy is growing, albeit slowly—the damage to the economy will linger for years. Among the many impacts is the problem that may be most acute in the United States: how state and local governments and private companies will honor their obligations under defined benefit (DB) pension plans. Institutional investors also confront new difficulties in the low-interest-rate environment that has prevailed since the onset of the crisis. East Asian economies, namely in Japan, Korea, and China, also face pension issues as their populations age. In Growing Old, experts from academia and the private sector consider the hard questions regarding the future of pension plans and institutional money management, both in the United States and in Asia. This volume is the latest collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research on issues confronting the financial sector of common interest to audiences in the United States and Japan. Contributors: Olivia S. Mitchell (Wharton School, University of Pennsylvania), Akiko Nomura (Nomura Institute of Capital Markets Research), Robert Novy-Marx (Simon Graduate School of Business, University of Rochester), Betsy Palmer (MFS Investment Management), Robert Pozen (Harvard Business School), Joshua Rauh (Kellogg School of Management, Northwestern University), Natalie Shapiro (MFS Investment Management).
Download or read book Escaping the Coming Retirement Crisis written by R. Theodore Benna and published by Pinon Press. This book was released on 1995 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Escaping the Coming Retirement Crisis: How to Secure Your Financial Future, R. Theodore Benna provides thoughtful, usable, easy-to-understand strategy for effective planning in the face of a quickly changing social and economic climate.
Download or read book Social Security Policy in a Changing Environment written by Jeffrey R. Brown and published by University of Chicago Press. This book was released on 2009-12-15 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
Download or read book Pensions Social Security and the Privatization of Risk written by Mitchell Alexander Orenstein and published by Columbia University Press. This book was released on 2009 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mitchell Orenstein brings together leading economists and policy advisors to discuss the complex and timely issue of retirement and risk. Employers, increasingly called upon by elected officials, have begun to shift from a model of collective risk-sharing towards a model of individualized investment risk. This represents a marked difference from the notion of an American social safety net, which emerged during the Great Depression. Weighing what is gained and what is lost as new schemas surface, this book offers readers reasoned analysis of the looming crisis and our collective alternatives both domestically and abroad.
