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Journal Article
The current status of our social welfare system
Munnell, Alicia H. (1987-07)
New England Economic Review , Issue Jul , Pages 3-12

Journal Article
Social security reform: an overview
Triest, Robert K. (1997-11)
Recent decades have seen a trend toward longer life expectancy and reduced birth rates across the globe. This is good news -- the pressures created by rapid population growth are being relaxed, and people are more likely to live to old age -- but it creates problems for programs such as Social Security, which are designed to provide for the consumption needs of the elderly. In the United States, the retirement of the baby boom generation will result in a decrease in the number of workers per Social Security beneficiary from 3.3 now to 2.2 in the year 2030. The decrease in the ratio of workers ...
New England Economic Review , Issue Nov , Pages 3-16

Discussion Paper
A new approach to raising Social Security’s earliest eligibility age
Zhivan, Natalia; Sapozhnikov, Margarita; Triest, Robert K.; Haverstick, Kelly (2008)
While Social Security?s Normal Retirement Age (NRA) is increasing to 67, the Earliest Eligibility Age (EEA) remains at 62. Similar plans to increase the EEA raise concerns that they would create excessive hardship on workers who are worn-out or in bad health. One simple rule to increase the EEA is to tie an increase to the number of quarters of covered earnings. Such a provision would allow those with long work lives?presumably the less educated and lower paid?to quit earlier. We provide evidence that this simple rule would not satisfy the goal of preventing undue hardship on certain workers. ...
Public Policy Discussion Paper , Paper 08-4

Discussion Paper
Social Security and unsecured debt
Hurst, Erik; Willen, Paul S. (2004)
Most young households simultaneously hold both unsecured debt on which they pay an average of 10 percent interest and social security wealth on which they earn less than 2 percent. We document this fact using data from the Panel Study of Income Dynamics. We then consider a life-cycle model with ?tempted? households, who find it impossible to commit to an optimal consumption plan and ?disciplined? households who have no such problem, and we explore ways to reduce this inefficiency. We show that allowing households to use social security wealth to pay off debt while exempting young households ...
Public Policy Discussion Paper , Paper 04-10

Journal Article
How will we support ourselves when we grow old?
Sass, Steven A. (1997-10)
Regional Review , Issue Fall , Pages 21-26

Report
Social Security, benefit claiming, and labor force participation: a quantitative general equilibrium approach
Kitao, Sagiri; Imrohoroglu, Selahattin (2010)
We build a general equilibrium model of overlapping generations that incorporates endogenous saving, labor force participation, work hours, and Social Security benefit claims. Using this model, we study the impact of three Social Security reforms: 1) a reduction in benefits and payroll taxes; 2) an increase in the earliest retirement age, to sixty-four from sixty-two; and 3) an increase in the normal retirement age, to sixty-eight from sixty-six. We find that a 50 percent cut in the scope of the current system significantly raises asset holdings and the labor input, primarily through higher ...
Staff Reports , Paper 436

Report
Privatizing social security: the Chilean case
Santamaria, Marco (1991)
Research Paper , Paper 9127

Report
Sustainable social security: four options
Kitao, Sagiri (2011)
This paper presents four policy options to make Social Security sustainable under the coming demographic shift: 1) increase payroll taxes by 6 percentage points, 2) reduce the replacement rates of the benefit formula by one-third, 3) raise the normal retirement age from sixty-six to seventy-three, or 4) means-test the benefits and reduce them one-to-one with income. While all four policies achieve the same goal, their economic outcomes differ significantly. Options 2 and 3 encourage own savings, and capital stock is more than 10 percent higher than in the other two options. The payroll tax ...
Staff Reports , Paper 505

Journal Article
Intergenerational linkages and government budget policies
Aiyagari, S. Rao (1987-04)
Quarterly Review , Volume 11 , Issue Spr , Pages 14-23

Working Paper
The timing of disability insurance application: a choice-based semiparametric hazard model
Burkhauser, Richard V.; Butler, J. S.; Kim, Yang-Woo (1996)
We use a choice-based subsample of Social Security Disability Insurance applicants from the 1978 Social Security Survey of Disability and Work to test the importance of policy variables on the timing of application for disability insurance benefits following the onset of a work limiting health condition. We correct for choice-based sampling by extending the Manski-Lerman (1977) correction to the likelihood function of our continuous time hazard model defined with semiparametric unmeasured heterogeneity and find that this correction significantly affects the results. We find that economic ...
Working Papers , Paper 1996-005

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