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on Economics of Ageing |
| By: | Edward N. Wolff |
| Abstract: | Retirement income security refers to the ability of households to provide an adequate stream of income during the period of their retirement from the labor force. Expected retirement income is based of four components: (i) standard non-pension wealth holdings, (ii) defined contribution (DC) pension holdings, (iii) actual or expected defined benefit (DB) pension entitlements, and (iv) actual or expected Social Security benefits. The first two components are converted into an annuity. All the data (except rates of return) for these calculations are available from the Survey of Consumer Finances. Results indicate that both Black and Hispanic households made remarkable progress in terms of mean and median retirement income, poverty reduction, and replacement rates from 1989 to 2007 in both absolute terms and relative to whites. However, for Black households, this was followed by a reversal of fortune from 2007 to 2019, with expected median retirement income declining, the projected poverty rate rising, and the projected replacement rate falling, though expected mean retirement income does rise. Hispanics also experienced a setback in mean retirement income but continued progress in replacement rates and reducing poverty from 2007 to 2019. |
| JEL: | D31 J15 |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31532&r=age |
| By: | Manuilskaya, Ksenia (Мануильская, Ксения) (The Russian Presidential Academy of National Economy and Public Administration); Solodovnikova, Olga (Солодовникова, Ольга) (The Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | TThe paper is based on the findings of the research work “The Elderly People’s Needs for the New Type of Social Housing: Perception, Assessment And Expectations”, conducted by the team of the Field Research Center of the RANEPA Institute of Social Analysis and Forecasting in 2021. The work is an extension of the last year’s project and includes a systematic review of current foreign literature on aging, long-term care, and the analysis of the results of an all-Russian telephone survey. Currently, the main approach in long-term care is the concept of “aging at home”. However, the concept of “home” and living space is considered quite broadly and is not limited to the formal dwelling. The 2020 research work resulted in the development of the concept of a “new type of social home”, which can apply both to the design of new residential compounds and to renovation or adaptation of an existing residential compound and social infrastructure to the needs of the older generation. The implementation of any concept should be preceded by an assessment of its relevance and population demand. That was the aim of this year’s telephone survey, the results of which are presented in the paper, and may be useful for scientific and methodological support of programs and strategies in the field of aging and old age, for the formation of state policy in the field of social protection of the elderly, as well as for the development of specific social policy directions, measures and mechanisms. |
| Keywords: | the elderly, active longevity, sociology of aging, aging at home, elderly care, social housing, nursing home, age-friendly environment, social policy |
| Date: | 2021–11–11 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w20220128&r=age |
| By: | Anne-Lore Fraikin; Alain Jousten; Mathieu Lefebvre |
| Abstract: | In Belgium, a series of social security reforms have been implemented over the years with the overarching goal of increasing the labor force participation through better work incentives. Using individual-level administrative data, the paper studies the impact of those incentive-based reforms on observed changes in older workers’ employment patterns. We investigate how social security incentives and particularly their changes over time can explain the retirement decision. We calculate indicators of benefit entitlement and derive retirement incentive measures. Using micro-estimation techniques, we find that more generous retirement provision contribute to earlier retirement. Counterfactual reform simulations show strongly incentivizing effects at lower ages and more mixed results at higher ages – particularly for men. |
| JEL: | I30 J14 J26 |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31552&r=age |
| By: | Adriaan Kalwij; Arie Kapteyn |
| Abstract: | In the Netherlands, from 1989 to 2013, in the age group 55-63 the annual exit rate from employment to receiving social insurance benefits in the following year decreased from around 17 percent to 7 percent for men, and from 14 percent to 5 percent for women. We found that less generous social insurance benefits have had small but significant negative effects on these exit rates: The annual exit rate to social insurance benefit receipt next year (at ages 56-64) would have been about 14 percent higher for both men and women in 2013 should social insurance benefits schemes of 1989 still have been in place. This increase amounts to staying, on average, three months longer in employment from age 55 onwards in 2013 than in 1989. These findings are driven to some extent by the reduction in the maximum duration of unemployment insurance benefits in 2007, but predominantly by making (early) retirement schemes actuarially fair from 2006 onwards. The increase in disability insurance’s income replacement rate in 2006 has led to a slight increase in the exit rate from employment, conditional on eligibility. As the estimated effects of changes in the social insurance benefits from 1989 to 2013 on working beyond age 55 are relatively small, they suggest the importance of other factors such as changes in workers’ skills, improved health (on which we provide some evidence), and social insurance’s tighter eligibility criteria. |
| JEL: | H0 J26 |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31546&r=age |
| By: | Almuhaisen, Abdulmohsen (University of Connecticut); Amuedo-Dorantes, Catalina (University of California, Merced); Furtado, Delia (University of Connecticut) |
| Abstract: | This paper examines the relationship between immigration enforcement and institutionalization rates of the elderly. Exploiting the staggered implementation of the Secure Communities (SC) immigration enforcement program across U.S. counties from 2008 through 2014, we show that SC led to a 0.26 percentage points (6.8 percent) increase in the likelihood that Americans aged 65 and above live in an institution. Supportive of supply shocks in the household services market as a central mechanism, we find that the elderly who are most likely to purchase domestic worker services are also the most likely to move into nursing homes following the implementation of SC. Additionally, we find suggestive evidence of significant reductions in the work hours of housekeepers, personal care aids, and home health workers hinting at the critical role of negative supply shocks in occupations that facilitate aging in community. |
| Keywords: | secure communities, elder care, immigration enforcement, aging, nursing homes |
| JEL: | J14 J61 J68 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16357&r=age |
| By: | Fons-Rosen, Christian (University of California, Merced); Gaule, Patrick (University of Bristol); Hrendash, Taras (CERGE-EI) |
| Abstract: | We investigate the causes and consequences of the aging of the scientific workforce. Using novel data on the population of US chemistry faculty members over fifty years, we find that the secular increase in the age of the academic workforce has been mainly driven by the slowdown in faculty hiring combined with later retirements. By contrast, changes in the age at which scientists start their careers only contribute to about 20% of aging. Hiring more new faculty members could rejuvenate the scientific workforce and boost scientific productivity. |
| Keywords: | aging, science, universities, knowledge production |
| JEL: | O31 J24 J26 |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16365&r=age |