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Private wealth holdings are likely to become an increasingly important determinant in the job exit decision of elderly workers. Net wealth may correlate with worker's characteristics that also determine the exit out of a job. It is therefore important to include a rich set of observed characteristics in an empirical model for retirement in order to measure the (marginal) effect of wealth on the job exit rate. But even with a rich set of regressors the question remains whether there are unobservable worker's characteristics that affect both net wealth and the job exit rate. We specify a simultaneous equations model for job exit transitions with multiple destinations, net wealth, and the initial labour market state. The job exit rates and the net wealth equation contain random effects. We allow for correlation between the random effects of job exit and net wealth, and the initial labour market state. -- Retirement ; life cycle models ; saving

Introduction: cumulative advantage, public policy, and inequality in later life / Stephen Crystal and Dennis G. Shea -- Cumulative advantage and gerontological therory / Angela O'Rand -- Income, wealth, and late-life inequality in the United States / Edward Wolff -- Cross-national comparisons of retirement income / Edward Whitehouse and Richard Disney -- Measurement of late-life income and wealth / James Smith -- Gender differences in pension wealth and their impact on late-life inequality / Richard Johnson, Usha Sambamoorthi, and Stephen Crystal -- Human capital and the long-term effects of education on late-life inequality / George Farkas -- Socioeconomic background and midlife health in the United States / Deborah Carr -- Late-life morbidity trajectories and SES / Robert Schoeni and Vicki Freedman, and Robert Wallace -- Saving, public policy, and late-life inequality / Anamaria Lusardi, Jonathan Skinner, and Steven Venti -- The economic future of the baby boom generation / Richard Johnson and Stephen Crystal -- Conclusion: prospects for retirement resources in an aging society / Stephen Crystal and Dennis G. Shea

International integration and the welfare state / Torben M. Andersen -- The changing age structure and the public sector / Thomas Lindh -- Emigration from the Scandinavian welfare states / Peder J. Pedersen, Marianne Røed and Lena Schröder -- Productivity and costs in public production of services / Jørn Rattsø -- Use of fees in the provision of public services in OECD countries / Carl Emmerson and Howard Reed -- Privitisation of social insurance with reference to Sweden / Lars Söderström and Klas Rikner -- Occupational welfare / Ann-Charlotte Ståhlberg -- Pathways to retirement and retirement incentives in Sweden / Mårten Palme and Ingemar Svensson -- Social insurance and redistribution / Pierre Pestieau -- Assessing the effect of introducing welfare accounts in Sweden / Stefan Fölster ... [et al.] -- Taxation in a global economy / Bernd Huber and Erik Norrman -- Taxation and education investment in the tertiary sector / Fredrik Andersson and Kai A. Konrad -- Debt strategies for Sweden and Europe / Martin Flodén -- Policy options for reforming the welfare state / Torben M. Andersen and Per Molander

AbstractAdministrative burdens create costly experiences for citizens, especially disadvantaged groups. Research to date focuses on how burdens affect outcomes in specific policy contexts, thus little is known about cumulative experiences of burdens in everyday life and their distribution in society. This is the first study to document everyday administrative experiences, accounting for time and well‐being costs across 10 domains: tax, retirement, government benefits, bills, goods and services, savings, debt, health, child care, and adult care. Survey results from 2243 UK adults show that administrative tasks are a significant part of everyday life, with time and well‐being costs that vary by domain. Benefits‐related tasks are particularly costly. There is evidence of distributive effects. Those in poor health and financial insecurity are more likely to engage in salient tasks, such as benefits, but less likely to engage with longer‐term tasks including savings and retirement. They experience higher well‐being costs, especially during salient tasks.

The majority of public sector employees in the United States still have access to defined benefit (DB) retirement plans, with some retaining a choice between a defined benefit plan and a defined contribution (DC) plan when hired. This research was based on a survey assessing individuals' financial literacy, risk tolerance, and time orientation and the influence those three variables had on preferences for DB versus DC plans. Greater financial skill and risk tolerance were associated with a preference for DC plans, while a time orientation focused on the present was associated with a preference for DB plans. This research could benefit employers as they determine retirement plan options that they choose to offer employees. Employers who offer both plan types may benefit from informing employees about the factors associated with preferences for each plan type as greater awareness of such factors could improve employee satisfaction and increase retention. JEL Codes: J32, H75, G53, G32

This article examines the problem of missing and nonresponsive participants and beneficiaries from defined-benefit (DB) and especially defined-contribution (DC) pension plans, mainly in the private (for profit) sector of the United States. It focuses on the current search requirements of the three government agencies involved in finding missing participants and beneficiaries: the Pension Benefit Guaranty Corporation (PBGC), the Department of Labor (DOL) and its Employee Benefit Services Administration (EBSA), and the Internal Revenue Service (IRS). The article also reviews the efforts of the Social Security Administration (SSA) in this area. It then reviews proposed legislation, the Retirement Savings Lost and Found Act of 2020 (now S. 1730; RSLFA). The issue of missing participants and beneficiaries often becomes critical when an employer goes out of business or for some other reason stops sponsoring a pension plan. The missing participants are owed their earned retirement benefits. They, not the employer, own them.

Current concerns about aging populations are being translated into legislations to postpone the statutory age at retirement. However, if this is done without considering inequalities in longevity across occupational groups, some may face higher vulnerabilities than others. We examine differences in life expectancy and happiness by occupational position for the Spanish population aged 50 and over. We use happiness as a measure of subjective wellbeing, and compute life expectancy and happy life expectancy by sex and main occupation. Age-specific death rates are calculated using administrative data, and happiness prevalence comes from the European Social Survey. We show that both men and women in managerial positions were advantaged in terms of life expectancy, but only men record more years with happiness. In addition, women in routine jobs were the ones who could expect to live shorter and unhappier. Postponing the statutory age at retirement without considering these differences could be detrimental to women's wellbeing and health.

Population ageing presents major challenges to the welfare system across the European Union. Consequently, emphasizing delayed retirement age and extended working lives abound in political discussions. Researchers have recognized numerous problems, which make the extended working life a challenging political task. One of these problems are citizens' negative attitudes toward delayed retirement and extended working life. In this paper, we approach this "attitude problem" from the perspective of discursive social psychology and analyze the variation in the way aspirations to extend working lives are evaluated by older workers. The data analyzed in the study consists of interviews where participants between 50 and 65 years of age comment on the political goal to extend working lives. The article sheds light on the "attitude problem" by turning the attention from underlying individual preferences to discursive resources used to undermine the political goal and the situational functions these evaluative practices have. ; publishedVersion ; Peer reviewed

AbstractIn this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal recursive utility of both his consumption and leisure by choosing: (1) the optimal inter-temporal consumption, (2) the optimal inter-temporal labour supply, (3) the optimal share of wealth to invest in a risky asset, and (4) the optimal retirement age. The wage of the agent is assumed to be stochastic and correlated with the risky asset on the financial market. The problem is split into two sub-problems: the optimal consumption, labour, and portfolio problem is solved first, and then the optimal stopping time is approached. We compute the solution through both the so-called martingale approach and the solution of the Hamilton–Jacobi–Bellman partial differential equation. In the numerical simulations we compare two cases, with and without the opportunity, for the agent, to work after retirement, at a lower wage rate.

In addition to salaries and allowances to civil servants who are still actively working, government provides pension and superannuation. The latter program aims to create prosperity after the PNS is not actively working. However, the welfare of which will be felt to be nurtured and built himself during the civil works. Why is that? This is because the governments as an employer only facilitate the program. Under the auspices of PT. Taspen, funds collected through pension and managed superannuation. Compared to retirement income, the income of civil servants when they were still actively working is higher. With that kind of policy, if a civil servant were not saving from their income, she/ he should get ready to live with lower income when they retired. Even if the pattern of the life of a retired civil servant who has been witli before retirement, one can imagine each month will be a big burden.

As neoliberal ideology and policies gained a foothold in the early 1980s, the social safety net for older Americans contracted. Responsibility for the risks associated with aging, namely retirement income and healthcare costs, was increasingly transferred from the state to the individual. Using data from the Consumer Bankruptcy Project, we report that since 1991, there has been more than a twofold increase in the rate at which older Americans (age 65 and over) file for consumer bankruptcy and an almost fivefold increase in the percentage of older persons in the U.S. bankruptcy system. This magnitude of growth is so large that the broader trend of an aging U.S. population can explain only a small portion of the effect. Respondents report that inadequate income and unmanageable healthcare costs are the chief reasons for their bankruptcies. Our findings suggest that neoliberal policies that offload healthcare costs and retirement savings onto older Americans may facilitate their bankruptcy filings.

Aufgrund der gesetzgeberischen Konzeption der Rentenbesteuerung sowie angesichts der Rentenerhöhungen der vergangenen Jahre steigt die Anzahl der steuererklärungspflichtigen Rentner stetig. Die Untersuchung nimmt dies zum Anlass, ein Steuerabzugsverfahren für Renten zu entwickeln, durch das sowohl die Finanzverwaltung als auch die Rentner entlastet werden können und das zugleich die Belastung der Entrichtungspflichtigen auf ein erforderliches Mindestmaß begrenzt. Neben der Betrachtung und Bewertung der bisherigen materiellrechtlichen und verfahrensrechtlichen Behandlung der Alterseinkünfte erfolgt eine Untersuchung der unterschiedlichen Arten von Abzugsteuern, die das derzeitige System der deutschen Einkommensbesteuerung vorsieht. Besonders ausführlich werden dabei Lohn- und Kapitalertragsteuer als mögliche Vorbilder für eine Rentensteuer analysiert. Das Herzstück der Arbeit bildet die Entwicklung des Modells einer Rentensteuer unter Einbeziehung der zuvor gewonnenen Erkenntnisse. / »The Pension Tax. Introduction of a Withholding Tax on Retirement Pensions« -- Due to the legislative conception of pension taxation and the pension increases over the past years, the number of pensioners who are obligated to file tax returns is steadily rising. The paper takes this as an occasion to develop a withholding tax on retirement pensions, which can relieve both the fiscal administration and the pensioners while at the same time keeping the burden on the deductors to a minimum.

Abstract
Using individual-level data from three uniquely comparable surveys (Survey of Health, Ageing and Retirement in Europe, English Longitudinal Study of Ageing and Health and Retirement Study) in Europe and the United States, as well as the World Bank's Doing Business data, this paper empirically zeroes in on the impact of start-up costs on the self-employment–wealth relationship. The longitudinal nature of the data enables us to investigate the potential effects of the last global financial crisis. Results confirm the strong positive relationship between the entrepreneurial choice and wealth as well as the negative effect that stems from the increase in start-up costs. Interestingly, although there is no strong evidence that wealth in itself played a bigger role during the crisis, we find that the negative impact of start-up costs on the entrepreneurship–wealth relationship proved to be significantly pronounced during the last crisis.

By embedding pre-funded occupational pensions into the status order of a neo-corporatist system of industrial relations, the Netherlands has developed a second pillar that is second to none in terms of size, inclusiveness and solidarity. But this has also led to a universal financialisation of retirement provision, making the income of the elderly population contingent on the vagaries of financial markets. Two financial crises within less than a decade ended the illusion that such generosity can come at a low price, and thus be reconciled with competitive labour costs. The Dutch government initiated a series of reforms that gave employers a partial exit from shouldering the risks of retirement, reduced generosity and recently also started to undermine the extent of solidaristic redistribution. Hence, occupational pensions are gradually being disembedded from the status order crucial for their comparative good performance in the past with regard to reconciling social and financial sustainability.

The current Swedish pension system is flexible. Workers may choose to retire, partially or fully, at any time after the age of 61, while still working fullor part-time. The system also allows retirees to temporarily stop collecting pension benefits and return to employment, but they have no right to continue working after the age of 67. Like in many other countries, the effective retirement age has been rising in Sweden since the mid-1990s and today it is the highest in the European Union (EU). In the following, we document the changes in effective retirement age by gender, education and health status. We also discuss what factors might underlie these changes. We start with an overview of the pension system, the development of health and the effective pension age for different groups, before making some reflections about challenges with regard to increasing the employment levels among elderly workers in Sweden in the future.