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Journal Article
Does a trend toward early retirement create problems for the economy?

Many politicians, gerontologists, and editorial writers have come to deplore the trend toward early retirement. This trend, which began after World War II and accelerated in the 1960s and 1970s, has led to a dramatic decline in work effort and earnings among the elderly. Opponents of early retirement believe that keeping people in the work force longer will raise the nations output, reduce the costs of Social Security, and improve the well-being of older Americans. ; This article takes a closer look at the economic arguments behind the widespread call for continued employment of older ...
New England Economic Review , Issue Nov , Pages 17-32

Journal Article
How will we support ourselves when we grow old?

Regional Review , Issue Fall , Pages 21-26

Journal Article
Endgames: planning for the end of one's career

Regional Review , Issue Spr , Pages 6-11

Journal Article
Financial planning engines: motoring toward a better future

Regional Review , Volume 10 , Issue Q3 , Pages 25-31

Social Security, benefit claiming, and labor force participation: a quantitative general equilibrium approach

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

How workers use 401(k) plans: the participation, contribution, and withdrawal decisions

This paper examines how workers use 401(k) plans by examining their participation, contribution, and withdrawal decisions. Sixty-five percent of eligible workers participate in 401(k) plans. Employee participation rises with income, age, job tenure, and education. While participation also rises if the employer matches contributions, 401(k) participation does not grow with the rate of matching. When pension plan assets are withdrawn in lump-sum distributions before retirement, just 28 percent of distribution recipients (representing 56 percent of distribution assets) roll over the withdrawn ...
Staff Reports , Paper 38

Defined contribution plans: the role of income, age and match rates

The growth of defined contribution plans has sparked debate concerning their effectiveness as a vehicle for retirement saving. Using data from the May 1993 Employee Benefits Supplement to the Current Population Survey, this paper examines whether DC plans have expanded overall pension coverage and whether their effects on retirement saving are the same across different age and income groups. Not surprisingly, I find that contributions to and early withdrawals from DC plans are strongly affected by income and age. The paper then discusses whether employer match rates are useful tools for ...
Research Paper , Paper 9517

The recovery and monetary policy

Remarks at the National Association for Business Economics Annual Meeting, New York City.
Speech , Paper 89

Sustainable social security: four options

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
Baby-boom retirements and emerging labor market pressures

As the baby-boom generation begins to retire, employers in upstate New York will be confronted with the dual pressures of replacing these workers and filling new jobs created in growing segments of the economy. An analysis of projected hiring rates in the region suggests that although there will be demand for workers in all occupations, employers may face a particular challenge filling positions in growing services occupations with relatively high retirement rates, such as health care, community and social services, and education.
Upstate New York Regional Review , Volume 1 , Issue 1 , Pages 1-7



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