By Gary Burtless, Henry Aaron
As the common age of the inhabitants keeps to upward thrust in industrialized countries, the financial affects of getting older call for ever-closer consciousness. last the Deficit examines one oft-discussed method of the problem —encouraging humans to paintings longer than they now do.
Workers could spend extra years paying taxes and less years drawing pension and wellbeing and fitness merits. yet how a lot distinction to spending and sales may longer operating lives make? What steps can be taken to make longer operating lives beautiful? And what could occur to older americans no longer capable of delay their paintings lives? top students research those concerns in Closing the Deficit, edited via Brookings economists Gary Burtless and Henry Aaron.
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Additional info for Closing the Deficit: How Much Can Later Retirement Help?
2011. ” Working Paper 2010-22. : Center for Retirement Research at Boston College. Burtless, Gary, and Joseph F. Quinn. 2001. ” In Ensuring Health and Income Security for an Aging Workforce, edited by Peter Budetti and others. E. Upjohn Institute for Employment Research. ———. 2002. ” Issue in Brief 11. : Center for Retirement Research at Boston College. , M. Giandrea, and J. ” The Gerontologist 46, no. 4: 514–23. , Richard Sutch, and Samuel H. Williamson. 1991. ” In Retirement and Public Policy, edited by Alicia H.
The remaining 6 percent to 33 percent of the difference is explained by the fact that the trustees predict a sizeable drop in the participation rates of 55–59-year-old men after 2008–10. If that drop is eliminated, future participation rates at ages past 59 will also be higher than predicted by the SSA Trustees. By 2030, only about 6 percent of the gap between the trustees’ projection and our alternative forecast is due to this factor. For women a much larger fraction of the difference in the predicted aged labor force is due to the increase in the predicted participation rate of 55–59year-olds.
Instead, we reduce the annual hours worked for underemployed workers to reflect longer periods of unemployment. Underemployed individuals are those projected to work fewer than 1,000 hours in the calendar year or who were unemployed for the entire preceding calendar year. We calculate reduction factors for hours worked so that the aggregate annual earnings loss equals the gap in aggregate earnings between the constrained and unconstrained simulations. In alternative 3, all underemployed workers work fewer annual hours than in alternative 1, regardless of age.
Closing the Deficit: How Much Can Later Retirement Help? by Gary Burtless, Henry Aaron