TY - CHAP T1 - Perceptions of Mortality: Individual assessment of longevity risk T2 - New Models for Managing Longevity Risk: Public-Private Partnerships Y1 - 2022 A1 - Kathleen McGarry A1 - Olivia S. Mitchell KW - Life Expectancy KW - Mortality KW - Survival JF - New Models for Managing Longevity Risk: Public-Private Partnerships PB - Oxford University Press SN - 978–0–19–285980–8 ER - TY - JOUR T1 - Public and Private Challenges of an Aging U.S. Population JF - Business Economics Y1 - 2016 A1 - Olivia S. Mitchell KW - Income KW - Income inequality KW - Savings KW - Social Security KW - Spending KW - Taxes AB - The challenges posed by the aging of the US population for business and public policy are vast. They are amplified particularly by: * Slow increase of incomes - and therefore low private savings - for those at the bottom of the pay distribution. * Cutbacks in employee health-care insurance and defined benefit pension plans. * Unsustainability of Social Security and Medicare as currently configured. This paper spells out these challenges and discusses how they can be addressed. Of particular importance are some combination of enhanced revenue and reduced expenditure for Social Security and Medicare, the shift of private pension plans from defined benefit to defined contribution, the need to consider later retirement ages, and the need for improved personal financial literacy. VL - 51 UR - http://dx.doi.org/10.1057/be.2016.6 IS - 1 JO - Bus Econ ER - TY - RPRT T1 - Planning and Financial Literacy: How do women fare? Y1 - 2008 A1 - Annamaria Lusardi A1 - Olivia S. Mitchell KW - Net Worth and Assets KW - Retirement Planning and Satisfaction KW - Women and Minorities AB - Many older US households have done little or no planning for retirement, and there is a substantial population that seems to undersave for retirement. Of particular concern is the relative position of older women, who are more vulnerable to old-age poverty due to their longer longevity. This paper uses data from a special module we devised on planning and financial literacy in the 2004 Health and Retirement Study. It shows that women display much lower levels of financial literacy than the older population as a whole. In addition, women who are less financially literate are also less likely to plan for retirement and be successful planners. These findings have important implications for policy and for programs aimed at fostering financial security at older ages. JF - NBER Working Paper PB - National Bureau of Economic Research CY - Cambridge, MA, U4 - Retirement Planning/Financial Management/WOMEN ER - TY - JOUR T1 - Perspectives from the President’s Commission on Social Security Reform JF - Journal of Economic Perspectives Y1 - 2003 A1 - John F. Cogan A1 - Olivia S. Mitchell KW - Older Adults KW - Retirement Planning and Satisfaction KW - Social Security KW - Taxes AB - Social Security faces a severe financial problem. In about 15 years, the program will begin to experience permanent annual cash deficits, when annual benefit payments will exceed the amount collected in payroll tax revenues. By 2041, according to the Social Security Trustees 2002 Report, the Social Security trust fund is projected to be insolvent, meaning that the program will be legally unable to pay scheduled benefits. One way of expressing the financial shortfall is to compute the present value of the difference between system outlays and revenues over a 75-year horizon, which is currently equal to a permanent and immediate tax rate increase of 1.86 percent of payroll, or equivalent to $3.2 trillion in present value. If the policy of pay-as-you-go financing is continued for the next 25 years, a 50 percent payroll tax increase will be required at that time to pay scheduled benefits. VL - 17 UR - https://web.stanford.edu/class/econ21si/coganmitchell_prescommission.pdf IS - 2 ER - TY - CHAP T1 - Projected Retirement Wealth and Saving Adequacy in the Health and Retirement Study T2 - Forecasting Retirement Needs and Retirement Wealth Y1 - 2000 A1 - James Moore A1 - Olivia S. Mitchell ED - Olivia S. Mitchell ED - Hammond, B. ED - Rappaport, A. KW - Consumption and Savings KW - Net Worth and Assets AB - In the future it is likely that retirees will have to take on more of the burden of ensuring their own well-being then is now the case. This is because of the growing population over the age of 65 that is causing the social security surplus to wither away and the ongoing trend toward defined contribution retirement plans rather then defined benefit plans. However, household savings rates have plunged over the last half-century and this causes one to wonder how people will maintain their current consumption levels when retired. The authors use the first wave (1992) of the Health and Retirement Study in order to illustrate a life cycle model of savings. These researchers also look at initial and projected wealth, savings needs, replacement rates, and income. They find that the median current wealth of older households is 325,000, including retirement plans and assets, and they feel that at retirement the median wealth will be 380,000. At the same time though the median older household will need a savings rate of 16 in order to maintain current consumption levels in retirement. JF - Forecasting Retirement Needs and Retirement Wealth PB - Univ. of Pennsylvania Press CY - Philadelphia UR - https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/ N1 - RDA 1996-002; Revision of NBER Working Paper No. 6240 ProCite field 8 : eds. U4 - Wealth/Saving/Retirement Wealth ER - TY - CHAP T1 - Prospects for Widow Poverty T2 - Forecasting retirement needs and retirement wealth. Y1 - 2000 A1 - David R Weir A1 - Robert J. Willis ED - Olivia S. Mitchell ED - P. Brett Hammond ED - Anna M. Rappaport KW - Consumption and Savings KW - Methodology KW - Net Worth and Assets KW - Retirement Planning and Satisfaction JF - Forecasting retirement needs and retirement wealth. T3 - Pension Research Council Publications.: PB - University of Pennsylvania Press CY - Philadelphia N1 - ProCite field[8]: eds. U4 - Widowhood/Economics of the Elderly/Economics of Gender/Measurement and Analysis of Poverty/Retirement/Retirement Policies JO - Prospects for Widow Poverty ER - TY - CHAP T1 - Pension and Social Security Wealth in the Health and Retirement Study T2 - Wealth, Work and Health: Innovations in Measurement in the Social Sciences Y1 - 1999 A1 - Alan L Gustman A1 - Olivia S. Mitchell A1 - Andrew A. Samwick A1 - Thomas L. Steinmeier ED - James P Smith ED - Robert J. Willis KW - Net Worth and Assets KW - Pensions KW - Social Security AB - This study attempts to understand the impact of pension and social security wealth on decisions made by people of retirement age. Their in-depth analysis of the Health and Retirement Study gives many interesting findings. Of those people participating in the Health and Retirement Study, more then half of the wealth is in the form of social security, pensions, and health insurance. Various topics are explored in this paper. JF - Wealth, Work and Health: Innovations in Measurement in the Social Sciences PB - University of Michigan Press CY - Ann Arbor, MI N1 - RDA 1996-005; Revision of Pension Research Council Working Paper PRC WP 97-3 ProCite field 8 : eds. U4 - Pensions/Social Security/Wealth JO - Pension and Social Security Wealth in the Health and Retirement Study ER - TY - BOOK T1 - Prospects for Social Security Reform T2 - Pension Research Council Publications Y1 - 1999 A1 - Olivia S. Mitchell A1 - Myers, Robert A1 - Young, Howard KW - Older Adults KW - Retirement Planning and Satisfaction KW - Social Security JF - Pension Research Council Publications PB - University of Pennsylvania Press CY - Philadelphia SN - 9780812234794 UR - https://www.upenn.edu/pennpress/book/4266.html#:~:text=Prospects%20for%20Social%20Security%20Reform%20informs%20the%20debate%20by%20exploring,reform%20might%20affect%20the%20economy. ER - TY - CHAP T1 - Privatizing Social Security: First Round Effects of a Generic Voluntary Privatized U.S. Social Security System T2 - Privatizing Social Security Y1 - 1998 A1 - Alan L Gustman A1 - Olivia S. Mitchell A1 - Thomas L. Steinmeier ED - Feldstein, M.S. KW - Methodology KW - Public Policy KW - Social Security JF - Privatizing Social Security PB - University of Chicago Press CY - Chicago, IL N1 - ProCite field 8 : ed. U4 - Social Security Research/Privatization/Public Policy JO - Privatizing Social Security: First Round Effects of a Generic Voluntary Privatized U.S. Social Security System ER - TY - RPRT T1 - Pension and Social Security Wealth in the Health and Retirement Study Y1 - 1997 A1 - Alan L Gustman A1 - Olivia S. Mitchell A1 - Andrew A. Samwick A1 - Thomas L. Steinmeier KW - Consumption and Savings KW - Income KW - Medicare/Medicaid/Health Insurance KW - Methodology KW - Net Worth and Assets KW - Pensions KW - Retirement Planning and Satisfaction KW - Social Security AB - Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in the 90th to 95th wealth percentiles. The HRS surveys households aged 51 to 61 in 1992, and obtains pension plan descriptions from respondents' employers. Pension accrual profiles, income and wealth distributions by type, wealth-income ratios and accrued wealth by pension status are also explored. PB - National Bureau of Economic Research UR - https://www.nber.org/papers/w5912 N1 - ProCite field 8 : Dartmouth College and NBER U4 - Personal Income and Wealth Distribution/Macroeconomics:/Saving/Social Security and Public Pensions/Economics of the Elderly/Retirement/Retirement Policies/Private Pensions/Health Insurance/Pension/Retirement/Social Security/Wealth ER - TY - RPRT T1 - Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study Y1 - 1997 A1 - James Moore A1 - Olivia S. Mitchell KW - Consumption and Savings KW - Health Conditions and Status KW - Net Worth and Assets KW - Pensions KW - Retirement Planning and Satisfaction KW - Social Security AB - Low saving rates raise questions about Americans' ability to maintain consumption levels in old age. Using the Health and Retirement Study, this paper explores asset holdings among a nationally representative sample of people on the verge of retirement. The authors assess how much more people would need to save in order to preserve consumption levels after retirement. They find that the median older household has current wealth of approximately 325,000 including pensions, social security, housing, and other financial wealth, an amount projected to grow to about 380,000 by retirement at age 62. Nevertheless, their model suggests that this median household will still need to save 16 of annual earnings to preserve pre-retirement consumption. For retirement at age 65, assets are expected to be 420,000 and required additional saving totals 7 of earnings per year. These summary statistics conceal extraordinary heterogeneity in both assets and saving needs in the older population. PB - National Bureau of Economic Research UR - https://www.nber.org/papers/w6240 N1 - RDA ProCite field 8 : Wharton School; Wharton School and NBER U4 - Macroeconomics: Consumption/Saving/Pension Funds/Other Private Financial Institutions/Institutional Investors/Social Security and Public Pensions/Economics of the Elderly/Retirement/Retirement Policies/Aging/Savings/Retirement/Consumption/Wealth ER -