Assessing the Applicability of Hypothetical Workers for Defined-Contribution Pensions

Wade Pfau

No 07-11, GRIPS Discussion Papers from National Graduate Institute for Policy Studies

Abstract: An understanding of the financial and distributional consequences of Social Security reform requires knowledge about the actual life circumstances of participants, including the level and pattern of their lifetime earnings and when they retire. Some analyses of Social Security reform make simplifying assumptions about these characteristics by using “hypothetical workers” with set career paths. We seek to develop greater understanding about actual lifetime earnings patterns to compare with hypothetical workers and find discrepancies which lead typical hypothetical workers to produce a more favorable impression for defined-contribution pension reforms. We suggest modifications to make a more suitable hypothetical worker.

Keywords: Social Security; Hypothetical Workers; Defined-Contribution Pensions (search for similar items in EconPapers)
JEL-codes: H55 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2008-02
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