Assessing Policies for Retirement Income Needs for Data, Research, and Models (1997) / Chapter Skim
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1 Introduction
1 Introduction
Pages 10-16
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Social Security system. Just as important are concerns about employer pensions and other benefits, personal savings rates, and the adequacy of retirement income in the face of rising health care costs.
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PWBA asked our panel to identify investments in research, data, and models that would better prepare analysts to respond to decision makers' likely information needs about retirement income. RETIREMENT INCOME SECURITY To adequately assess the economic well-being of older Americans, it is important to consider all sources of income and wealth and the risks facing each source, as well as the overall risks to income security posed by increasing health care costs.
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Public policies in many areas affect one or more components of retirement income security, both directly and indirectly through their effects on employer and employee behavior and on the general level of economic activity. These policy areas include: · the Social Security system both provisions of the payroll tax and the benefit structure, including retiree, survivor, and disability benefits; · the federal personal and corporate income tax code provisions that affect employer-provided pensions and health care benefits, such other forms of saving as housing and Individual Retirement Accounts (IRAs)
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to the government of tax deferrals on IRA contributions or earnings? Social Security Reform Included in some proposals to resolve the Social Security financing problem for the long term is "privatization" of part or all of the old-age, survivors, and disability insurance contributions (some members of the Social Security Advisory Council recommended partial privatization; see Quinn and Mitchell, 1996~.
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Chapter 3 summarizes the state of basic research knowledge in key areas, including employers' decisions about pension and health care benefits and their demand for older workers, people's choices about savings, consumption, and retirement, and factors that affect the size and composition of the older population and the health care needs and costs of older people. Drawing heavily on a set of commissioned papers in Hanushek and Maritato (1996; see Appendix A)
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We include in the projection category models that are used to estimate the likely costs and other effects over time of current and alternative policies. Projection models may use a variety of information, including estimated behavioral probabilities from analytical models.
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Pensions and other benefits and, more generally, hiring and compensation practices, are important factors in both retirement income security and employer costs. Improved data, research knowledge, and analytical and projection models can help employers, as well as policy makers, make more informed decisions.
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