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PEF volume 21 issue 3 Cover and Front matter PEF第21卷第3期封面和封面
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-06-13 DOI: 10.1017/s1474747222000117
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引用次数: 0
How would 401(k) ‘Rothification’ alter saving, retirement security, and inequality? 401(k)计划的“罗斯化”将如何改变储蓄、退休保障和不平等?
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-06-08 DOI: 10.1017/s1474747222000105
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell
{"title":"How would 401(k) ‘Rothification’ alter saving, retirement security, and inequality?","authors":"Vanya Horneff, Raimond Maurer, Olivia S. Mitchell","doi":"10.1017/s1474747222000105","DOIUrl":"https://doi.org/10.1017/s1474747222000105","url":null,"abstract":"<p>Many nations incentivize retirement saving by letting workers defer taxes on pension contributions, imposing them when retirees withdraw their funds. Using a dynamic life-cycle model, we show how ‘Rothification’ – that is, taxing 401(k) contributions rather than payouts – alters saving, investment, consumption, and Social Security claiming patterns. We find that taxing pension contributions instead of withdrawals leads to delayed retirement, somewhat lower lifetime tax payments, and relatively small reductions in consumption. Indeed, the two tax regimes generate quite similar relative inequality metrics: the relative consumption inequality ratio under taxed-exempt-exempt (TEE) is only 4% higher than that in the exempt-exempt-taxed (EET) case. Moreover, results indicate that the Gini measures are also strikingly similar under the EET and the TEE regimes for lifetime consumption, cash on hand, and 401(k) assets, differing by only 1–4%. While tax payments are higher early in life under the TEE regime, they are slightly lower in the long run. Moreover, higher EET tax payments are also accompanied by higher volatility. We therefore find few reasons for policymakers to favor either tax approach on egalitarian or revenue-enhancing grounds.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"16 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Reforms of an early retirement pathway in Germany and their labor market effects 德国提前退休制度改革及其对劳动力市场的影响
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-05-13 DOI: 10.1017/s1474747221000421
Regina T. Riphahn, Rebecca Schrader
{"title":"Reforms of an early retirement pathway in Germany and their labor market effects","authors":"Regina T. Riphahn, Rebecca Schrader","doi":"10.1017/s1474747221000421","DOIUrl":"https://doi.org/10.1017/s1474747221000421","url":null,"abstract":"<p>We study causal effects of two early retirement reforms. Reform 1 increased normal retirement age stepwise from 60 to 63. Simultaneously, it became possible to use early retirement with benefit discounts. Reform 2 increased the age of early retirement stepwise from 60 to 63. We investigate behavioral responses to the reforms using administrative data and difference-in-differences strategies. We find strong and significant causal effects of both reforms. Individuals postponed retirement, stayed employed longer, postponed unemployment, and shifted to alternative pathways into retirement. The overall use of the retirement system declined by about 1.5 and 2 months per person after each of the two reforms. Individuals with low pension wealth and those who were affected immediately by the reform responded more strongly.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"1 ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Public pensions and low-income dynamics in Canada 加拿大的公共养老金和低收入动态
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-05-11 DOI: 10.1017/s1474747221000433
M. El-Attar, Raquel Fonseca
{"title":"Public pensions and low-income dynamics in Canada","authors":"M. El-Attar, Raquel Fonseca","doi":"10.1017/s1474747221000433","DOIUrl":"https://doi.org/10.1017/s1474747221000433","url":null,"abstract":"\u0000 This paper focuses on individuals over 50 and shows that considering persistence and low-income dynamics is essential for understanding poverty. We use administrative data for Canada from the Longitudinal and International Study of Adults. The paper shows that poverty for seniors is highly persistent and strongly depends on lifetime earnings. We show that beginning to receive a public pension implies a higher probability of exit from poverty. Public pensions thereby help to explain the lower overall incidence of poverty among the elderly. These results are confirmed in a dynamic probit model, which allows controlling for individuals' unobserved heterogeneity and state dependence. While public pensions do not eliminate poverty among older adults, they help to alleviate it by reducing persistence and increasing exit for those who are most at risk.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47272832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Does the actuarial adjustment for pension delay affect retirement and claiming decisions? 退休金延迟的精算调整是否会影响退休和索偿决定?
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-05-11 DOI: 10.1017/s1474747221000469
Devon Gorry, Kyung Min Lee, Sita Nataraj Slavov
{"title":"Does the actuarial adjustment for pension delay affect retirement and claiming decisions?","authors":"Devon Gorry, Kyung Min Lee, Sita Nataraj Slavov","doi":"10.1017/s1474747221000469","DOIUrl":"https://doi.org/10.1017/s1474747221000469","url":null,"abstract":"<p>We investigate the impact of a 2005 policy that provided more generous terms for delaying state pensions in the United Kingdom. First, we find that the policy reduced the fraction of males and possibly females receiving pensions at the earliest eligibility age and shortly thereafter. This shift affected cohorts who became eligible for state pensions at or after the policy change. Second, the policy is associated with increases in male and female labor supply around the earliest pension eligibility age, consistent with some individuals working longer to finance pension delay. However, further analysis suggests that these labor supply changes are more likely to reflect longer-term trends across birth cohorts rather than a causal effect of the policy.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"16 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do smallholder farmers prefer commitment or flexibility in pension savings accounts? A randomised experiment of cocoa farmers in Ghana 小农户更喜欢养老金储蓄账户的承诺还是灵活性？加纳可可种植者的随机实验
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-04-29 DOI: 10.1017/s1474747221000457
Diana Kos, R. Lensink
{"title":"Do smallholder farmers prefer commitment or flexibility in pension savings accounts? A randomised experiment of cocoa farmers in Ghana","authors":"Diana Kos, R. Lensink","doi":"10.1017/s1474747221000457","DOIUrl":"https://doi.org/10.1017/s1474747221000457","url":null,"abstract":"\u0000 This paper examines the intertemporal choice preference for long-term savings of cocoa farmers in Ghana. We test the uptake of two pension products: with one, famers are free to withdraw 50% of their savings with no penalties prior to retirement age; with the other, only 30%. Using a randomised controlled trial we test the difference in uptake of two pensions products where we vary the flexibility of cash withdrawals from the pension account. We find an overall higher uptake of the more flexible pensions account, especially for women, who cannot inherit land titles in Ghana.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47263199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mandatory pension savings and long-run debt accumulation: evidence from Danish low-wage earners 强制性养老金储蓄和长期债务积累:来自丹麦低收入者的证据
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-04-29 DOI: 10.1017/s1474747221000482
Henrik Yde Andersen, Niels Lynggård Hansen, Andreas Kuchler
{"title":"Mandatory pension savings and long-run debt accumulation: evidence from Danish low-wage earners","authors":"Henrik Yde Andersen, Niels Lynggård Hansen, Andreas Kuchler","doi":"10.1017/s1474747221000482","DOIUrl":"https://doi.org/10.1017/s1474747221000482","url":null,"abstract":"<p>Based on two decades of Danish register data at the individual level, this paper finds that a 1-dollar increase in pension wealth leads to a 42-cent rise in total debt for a group of low-wage earners. Collective bargaining in the labor market provides time-sector variation in mandatory pension contribution rates, which we exploit in two empirical research designs; an event study and a cross-sectional instrumental variable regression model. Both methods demonstrate that the debt rise is accompanied by increased housing wealth and homeownership rates. Together, the empirical evidence indicates that mandatory pension contributions lead to a significant increase in net wealth, as well as in gross debt.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"114 ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterogeneity in longevity, redistribution, and pension reform 寿命、再分配和养老金改革的异质性
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-04-18 DOI: 10.1017/s1474747222000014
Julián Díaz-Saavedra
{"title":"Heterogeneity in longevity, redistribution, and pension reform","authors":"Julián Díaz-Saavedra","doi":"10.1017/s1474747222000014","DOIUrl":"https://doi.org/10.1017/s1474747222000014","url":null,"abstract":"\u0000 The gap in the life expectancy of the elderly across educational groups is high, and this will probably increase over the coming decades. In this article, we use a computable overlapping generations model economy to show that the long-term link between heterogeneity in longevity and education could translate into an implicit tax/subsidy on the expected lifetime benefits to lifetime payroll taxes ratio, with rates around 10%, and that such rates pervert redistributive objectives of pension systems. We then analyze some parametric changes aimed at restoring the progressiveness of these systems in the long run, and find that a higher minimum pension or changes in the pension benefit formula go a long way as tools to restore the system's long-term progressivity.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42452545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
PEF volume 21 issue 2 Cover and Front matter PEF第21卷第2期封面和封面
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-03-15 DOI: 10.1017/s1474747222000075
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引用次数: 0
PEF volume 21 issue 2 Cover and Back matter PEF第21卷第2期封面和封底
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2022-03-15 DOI: 10.1017/s1474747222000087
{"title":"PEF volume 21 issue 2 Cover and Back matter","authors":"","doi":"10.1017/s1474747222000087","DOIUrl":"https://doi.org/10.1017/s1474747222000087","url":null,"abstract":"","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":"b1 - b2"},"PeriodicalIF":1.2,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45197934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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