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on Economics of Ageing |
| By: | Michael D. Giandrea (U.S. Bureau of Labor Statistics); Kevin E. Cahill (Analysis Group, Inc.); Joseph F. Quinn, Ph.D. (Boston College) |
| Abstract: | What role does self-employment play in the retirement process? Older Americans are staying in the labor force longer than prior trends would have predicted and many change jobs later in life. These job transitions are often within the same occupation or across occupations within wage-and-salary employment. The transition can also be out of wage-and-salary work and into self employment. Indeed, national statistics show that self employment becomes more prevalent with age, partly because self employment provides older workers with opportunities not found in traditional wage-and-salary jobs, such as flexibility in hours worked and independence. This paper analyzes transitions into and out of self employment among older workers who have had career jobs. We utilize the Health and Retirement Study, a nationally-representative dataset of older Americans, to investigate the prevalence of self employment among older workers who made a job transition later in life and to explore the factors that determine the choice of wage-and-salary employment or self employment. We find that post-career transitions into and out of self employment are common and that health status, career occupation, and financial variables are important determinants of these transitions. As older Americans and the country as a whole face financial strains in retirement income in the years ahead, self employment may be a vital part of the pro-work solution. |
| Keywords: | Retirement, Retirement Transitions, Self Employment |
| JEL: | J26 J21 |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:bls:wpaper:ec080040&r=age |
| By: | Philippe Antoine (DIAL, IRD, Dakar) |
| Abstract: | (English) Until these last years, "55 years" marked the retirement age in the majority of the French-speaking African capitals of West Africa. Only people who were employed in the modern private sector or in the administration could profit from a retirement pension. The increasing presence of active seniors is a question which currently occupies the social scene in West Africa. In addition, the increase in the retirement age is one of the major claims of the trade unions Men are still comparatively numerous working in the group age of 55-59 years (more than 60 % of the). Beyond 60 years old, an important proportion of individuals still work. As they get older, senior workers confine themselves more and more in the informal sector. Pensions distributed in West Africa are relatively moderate. There are not enough to cover family expenses which represent a burden until a relatively advanced age. _________________________________ (français) Jusqu’à ces dernières années « 55 ans » marquait l’âge de la retraite dans la plupart des capitales africaines francophones d’Afrique de l’Ouest. Cependant seules les personnes ayant exercé une activité dans les entreprises privées du secteur moderne de l’économie ou dans l’administration pouvaient bénéficier d’une pension de retraite. La présence plus tardive des personnes âgées au travail est une question qui occupe actuellement la scène sociale en Afrique de l’Ouest et le passage à un âge plus tardif de la retraite est une des revendications majeures des syndicats de la sous-région. Les hommes sont encore relativement nombreux encore à travailler dans le groupe d’âge 55-59 ans (plus de 60 %) ; au-delà de 60 ans une proportion importante d’individus travaille encore. Avec l’âge les travailleurs se cantonnent de plus en plus dans le secteur informel. Les pensions de retraite versées en Afrique de l’Ouest sont relativement modiques, en particulier pour ceux qui exerçaient en dehors du secteur public, et ne suffisent pas à couvrir les charges familiales qui pèsent sur ces personnes jusqu’à un âge relativement avancé. |
| Keywords: | Retraite, personnes âgées, ville, emploi, Afrique, Retirement, old people, city, labour market, Africa. |
| JEL: | J14 J26 J21 |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:dia:wpaper:dt200713&r=age |
| By: | Thomas Post; Helmut Gründl; Joan Schmit; Anja Zimmer |
| Abstract: | Much of the industrialized world is undergoing a significant demographic shift, placing strain on public pension systems. Policymakers are responding with pension system reforms that put more weight on privately managed retirement funds. One concern with these changes is the effect on individual welfare if individuals invest suboptimally. Using micro-level data from the United States and Germany, we compare the optimal expected lifetime utility computed using a realistically calibrated model with the actual utility as reflected in empirical asset allocation choices. Through this analysis, we are able to identify the population subgroups with relatively large welfare losses. Our results should be helpful to public policymakers in designing programs to improve the performance of privately organized retirement systems. |
| Keywords: | Asset Allocation, Retirement Welfare, Pension Reform |
| JEL: | D14 D91 G11 G28 I31 |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:hum:wpaper:sfb649dp2008-037&r=age |
| By: | Randall Jones |
| Abstract: | Faced with exceptionally rapid population ageing, Korea should address obstacles that lower fertility rates while encouraging higher labour force participation, particularly among women. While public social spending is currently very low, there is pressure for increased outlays on pensions, healthcare, long-term care and social assistance. The government should be cautious in expanding spending, taking into account the impact on economic growth. Outlays should be limited by shifting from direct provision of social services, notably childcare and long-term care, in favour of providing vouchers to consumers. Given the limited coverage of the public pension system, the new means-tested benefit for the elderly will be useful in reducing poverty. It is important to increase transparency about self-employed income to ensure fairness in the financing of social insurance systems, including the new long-term care insurance. The rise in inequality and relative poverty should be reversed by reducing labour market dualism. <P>Les dépenses sociales en Corée dans le contexte d’un vieillissement démographique rapide <BR>Confrontée à un vieillissement démographique exceptionnellement rapide, la Corée se doit d’éliminer les obstacles qui font baisser les taux de fécondité tout en encourageant l’augmentation des taux d’activité, en particulier chez les femmes. Si les dépenses sociales sont actuellement très faibles, des pressions s’exercent sur les pouvoirs publics pour qu’ils augmentent les dépenses consacrées aux retraites, à la santé, aux soins de longue durée et à l’aide sociale. L’État devra se montrer prudent en la matière, en tenant compte de l’impact de la hausse des dépenses sur la croissance économique. Pour limiter les dépenses, il devrait substituer à la fourniture directe de services sociaux – notamment dans le domaine de la garde d’enfants et des soins de longue durée – une approche fondée sur la distribution de chèques-services aux consommateurs. Compte tenu de la couverture limitée du régime public de retraite, la nouvelle prestation de vieillesse soumise à conditions de ressources devrait apporter une contribution utile au recul de la pauvreté. Il est important d’améliorer la transparence des revenus issus du travail indépendant pour garantir l’équité dans le financement des régimes d’assurance sociale, y compris le nouveau régime d’assurance des soins de longue durée. Pour enrayer la hausse des inégalités et de la pauvreté relative, il y a lieu de réduire le dualisme du marché du travail. |
| Keywords: | santé, Korea, Corée, labour markets, marché du travail, population ageing, long-term care, soins de longue durée, vieillissement démographique, pension reform, non-regular workers, travailleurs non réguliers, taux d'activité, labour force participation, réforme du système de retraite, income inequality, inégalité des revenus, relative poverty, pauvreté relative, social spending, dépenses sociales, fécondité, fertility |
| JEL: | I32 I38 |
| Date: | 2008–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:615-en&r=age |
| By: | Bruce D. Meyer; James X. Sullivan |
| Abstract: | This paper examines income and consumption based measures of poverty for those 65 and over between 1972 and 2004. This study contributes to the existing literature on poverty in several ways. First, we construct consumption based measures of poverty that improve upon measures used in previous studies. In particular, we develop better measures of consumption of durables including vehicles and housing and we incorporate the value of health insurance into our measure of consumption. Second, we provide estimates of consumption based poverty for those 65 and over using the most recent data through 2004. Third, we examine the effect on poverty trends of alternative price indices, equivalence scales, and resource sharing units (the family or household). Fourth, in addition to poverty rates, which focus on the cumulative distribution function at a single point, we also study extreme poverty, near poverty and poverty gaps in order to examine more fully the trends in well-being of older individuals. |
| Keywords: | poverty, measurement, income, consumption, 65 and older |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:har:wpaper:0721&r=age |