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The Need for More Social Security and Secure Pensions

Teresa Ghilarducci and Amanda Novello
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Amanda Novello: Schwartz Center for Economic Policy Analysis (SCEPA), http://www.economicpolicyresearch.org

No 2017-03, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

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.

Keywords: Retirement; Old age poverty; Older workers; Risk; Employers; Accumulation; Savings (search for similar items in EconPapers)
JEL-codes: D63 E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2017-11
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