Allocating Pensions to Younger People PDF Download

Author: Gregory Ponthiere
Publisher: Springer Nature
ISBN: 3031247485
Category : Business & Economics
Languages : en
Pages : 137

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Book Description
This book takes as a starting point that welfare states in developed societies do not provide systems of social insurance against the risk of an early death. In contrast to the way in which economically developed countries provide ways of insuring citizens against other possibilities, such as unemployment and disease, no such social insurance mechanism exists for early death. It aims to demonstrate that, despite the impossibility to compensate the victims of a short life once they are identified, and despite the impossibility to identify the persons who will be short-lived (when they are still alive), it is nonetheless possible to construct a social insurance against the risk of a short life by means of age-based statistical discrimination favouring all young persons. Combining philosophical literature with economic analysis, the book re-examines the ethical foundations of social insurance, and proposes a major reform of the welfare state: the construction of a social insurance against a short life. It shows how such an insurance system could be constructed by partially ‘reversing’ existing pension systems, by offering a period of retirement to all young adults before they start their career. Such a ‘reversed’ pension system would allocate more free time and opportunities to younger members of society before they enter the labour market, and, hence, this system would also improve the lives of the – unidentified – young persons who will turn out to die prematurely. The book discusses the social desirability of this new system, as well as its financial feasibility and societal consequences, examining how pension allowances paid to young adults may be financed by the work of senior workers. As such, this book demonstrates how the universal uncertainty about the duration of life can be reconciled with the idea of social justice. With an accessible and interdisciplinary approach, this book will be of interest to academics working in a range of fields, including economics, public finance, social insurance, the economics of ageing and the welfare state, economic ethics and political philosophy.

Author: Gregory Ponthiere
Publisher:
ISBN: 9783031247491
Category :
Languages : en
Pages : 0

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Book Description
This book takes as a starting point that welfare states in developed societies do not provide systems of social insurance against the risk of an early death. In contrast to the way in which economically developed countries provide ways of insuring citizens against other possibilities, such as unemployment and disease, no such social insurance mechanism exists for early death. It aims to demonstrate that, despite the impossibility to compensate the victims of a short life once they are identified, and despite the impossibility to identify the persons who will be short-lived (when they are still alive), it is nonetheless possible to construct a social insurance against the risk of a short life by means of age-based statistical discrimination favouring all young persons. Combining philosophical literature with economic analysis, the book re-examines the ethical foundations of social insurance, and proposes a major reform of the welfare state: the construction of a social insurance against a short life. It shows how such an insurance system could be constructed by partially 'reversing' existing pension systems, by offering a period of retirement to all young adults before they start their career. Such a 'reversed' pension system would allocate more free time and opportunities to younger members of society before they enter the labour market, and, hence, this system would also improve the lives of the - unidentified - young persons who will turn out to die prematurely. The book discusses the social desirability of this new system, as well as its financial feasibility and societal consequences, examining how pension allowances paid to young adults may be financed by the work of senior workers. As such, this book demonstrates how the universal uncertainty about the duration of life can be reconciled with the idea of social justice. With an accessible and interdisciplinary approach, this book will be of interest to academics working in a range of fields, including economics, public finance, social insurance, the economics of ageing and the welfare state, economic ethics and political philosophy. Gregory Ponthiere is a Professor of Economics and Philosophy at the Université catholique de Louvain, Hoover Chair in Economic and Social Ethics. .

Author: National Research Council
Publisher: National Academies Press
ISBN: 0309261961
Category : Social Science
Languages : en
Pages : 230

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Book Description
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.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264876103
Category :
Languages : en
Pages : 224

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Book Description
The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.

Author: Minouche Shafik
Publisher: Princeton University Press
ISBN: 069120764X
Category : Business & Economics
Languages : en
Pages : 256

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Book Description
From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

Author: Mr.David Amaglobeli
Publisher: International Monetary Fund
ISBN: 1484388992
Category : Social Science
Languages : en
Pages : 47

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Book Description
This SDN explores how demographic changes have affected and will affect public and private sector savings, highlighting the interaction between pension systems, labor markets, and demographic variables.

Author: Maurizio Bussolo
Publisher: World Bank Publications
ISBN: 1464803544
Category : Business & Economics
Languages : en
Pages : 363

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Book Description
Societies across Europe and Central Asia are aging, but people are not necessarily living longer. This demographic trend-caused by a decrease in fertility rather than improved longevity-presents both challenges and opportunities for governments, the private sector, and individuals alike. Some of the challenges are well known. Output per capita becomes smaller if it is shared with an increasingly larger group of dependent older people. At a certain point, there may not be sufficient resources to maintain the living standards of this older group, especially if rising expenditures on health care, long-term care, and pensions must be financed through the contributions and taxes paid by ever-smaller younger age groups. Working adults also contribute the most to the pool of savings. As the size of this group shrinks, savings will decline. But these challenges can be transformed into opportunities. Consider these examples: As longevity increases, workers tend to stay in the workforce longer, and, with the right incentives, they will increase their savings. Many current workers, and perhaps even more in the future, will thus not necessarily become dependent once they turn 65. And with slower population growth and smaller young age groups, societies will have an opportunity to improve the quality of education and maintain productivity. Firms in some countries are already adapting by capitalizing on skills that appreciate with age. Cardiovascular diseases account for more than half the difference in life expectancy (above age 50) between the region and Western Europe for men and 75 percent of the corresponding difference for women. Healthier behavior and health systems focused on preventive care could, with no cost increase, dramatically reduce this risk. These opportunities are not to be missed. As populations age, public discourse ranges from concerns about economic decline and fiscal sustainability of pensions and health systems to optimism about opportunities for healthier and more productive aging. The main contribution of Golden Aging is perhaps to show that demography and its consequences are not fixed. Much will depend on how people, firms, and societies adapt and how policy makers and institutions facilitate their behavioral adjustments. The future for Europe and Central Asia does not have to be gray-it can be a golden era of healthy, active, and prosperous aging.

Author: National Research Council
Publisher: National Academies Press
ISBN: 0309180090
Category : Social Science
Languages : en
Pages : 368

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Book Description
In sub-Saharan Africa, older people make up a relatively small fraction of the total population and are supported primarily by family and other kinship networks. They have traditionally been viewed as repositories of information and wisdom, and are critical pillars of the community but as the HIV/AIDS pandemic destroys family systems, the elderly increasingly have to deal with the loss of their own support while absorbing the additional responsibilities of caring for their orphaned grandchildren. Aging in Sub-Saharan Africa explores ways to promote U.S. research interests and to augment the sub-Saharan governments' capacity to address the many challenges posed by population aging. Five major themes are explored in the book such as the need for a basic definition of "older person," the need for national governments to invest more in basic research and the coordination of data collection across countries, and the need for improved dialogue between local researchers and policy makers. This book makes three major recommendations: 1) the development of a research agenda 2) enhancing research opportunity and implementation and 3) the translation of research findings.

Author: Ronald A. Francisco
Publisher: Springer Science & Business Media
ISBN: 1461432448
Category : Business & Economics
Languages : en
Pages : 139

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Book Description
​The purpose of this book is to provide a hands-on guide to finance and investment for academics with an objective of providing strategies to maximize income, minimize fees, and legally minimize taxes. There are many risks in finance and investment such as stock market crashes, inflation, corruption, fees and interest rates. This book stresses that stocks and bonds are the mainstay of most investors. Dividend-growth stocks mitigate the risk of inflation. In addition, they cost nothing once they are purchased, unlike mutual funds that have constant fees. The author explains how to find dividend-growth stocks whose payout increase exceeds inflation and how to compound quarterly in order to make projections for future growth in the number of shares or in the value of the capital itself. The author, in addition, discusses the value of bond funds and master-limited partnerships for an investment portfolio. Retirement income is a major concern for senior academics and the median level of retirement savings for those 55 to 64 is only $145,000, which is insufficient. The author stresses the need to mix dividend-growth stocks and closed-end bond funds to fund retirement as well as explains Roth IRAs, 401(k)s and other such tax-free forms of retirement financing. Finally, the book examines financial risks and shows how to mitigate them to the extent possible. This book is a must-have for any professor or academic approaching retirement age or looking to secure their future income.​

Author: Teresa Ghilarducci
Publisher: Columbia Business School Publi
ISBN: 9780231185646
Category : Business & Economics
Languages : en
Pages : 166

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Book Description
In Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. It offers a practical guide to the future of secure retirement.