The Impact of Leakages on 401(K) Accumulations at Retirement Age

2014 ◽  
Author(s):  
Jack VanDerhei
Keyword(s):  
Retirement Age ◽  
The Impact

Implications of higher retirement age for the labor market

2017 ◽  
pp. 22-39 ◽  
Author(s):  
M. Ivanova ◽  
A. Balaev ◽  
E. Gurvich
Keyword(s):  
Economic Growth ◽  
Labor Market ◽  
Labor Supply ◽  
Labor Force ◽  
Labor Demand ◽  
Retirement Age ◽  
Demographic Trends ◽  
Men And Women ◽  
Demographic Projections ◽  
The Impact

The paper considers the impact of the increase in retirement age on labor supply and economic growth. Combining own estimates of labor participation and demographic projections by the Rosstat, the authors predict marked fall in the labor force (by 5.6 million persons over 2016-2030). Labor demand is also going down but to a lesser degree. If vigorous measures are not implemented, the labor force shortage will reach 6% of the labor force by the period end, thus restraining economic growth. Even rapid and ambitious increase in the retirement age (by 1 year each year to 65 years for both men and women) can only partially mitigate the adverse consequences of demographic trends.

STUDY OF THE IMPACT OF RAISING THE RETIREMENT AGE ON ECONOMIC GROWTH IN THE DIGITAL ECONOMY IN RUSSIA AND EUROPE

2020 ◽  
Author(s):  
Svetlana Apenko ◽  
◽  
Olga Kiriliuk ◽  
Elena Legchilina ◽  
Tatiana Tsalko ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Economic Growth ◽  
Economic Policy ◽  
Labor Relations ◽  
Pension Reform ◽  
Digital Economy ◽  
Institutional Changes ◽  
Retirement Age ◽  
The Impact

The article presents the results of a study of the impact of pension reform in Russia on economic growth and quality of life in a digital economy, taking into account the experience of raising the retirement age in Europe. The aim of the study was to identify and analyze the impact of raising the retirement age on economic growth in the context of the development of digitalization in Russia and a comparative analysis with European countries. Results: the studies conducted allowed us to develop a system of indicators characterizing the impact of raising the retirement age on economic growth and the quality of life of the population in the context of digitalization. The authors found that raising the retirement age leads to a change in labor relations in Russia and Europe. The application of the proposed indicators can be used in the formation of a balanced state socio-economic policy in the field of institutional changes in the field of labor relations and raising the retirement age. The study was carried out under a grant from the RFBR № 19-010-00362 А.

Pension Reform in Russia: Assessing the Susceptibility of GDP Production to a Shift in the Number of the Working-Age Population

2019 ◽  
pp. 80-86
Author(s):  
T. P. Skufina ◽  
S. V. Baranov
Keyword(s):  
Pension Reform ◽  
Fixed Capital ◽  
Economic Effects ◽  
Pension Scheme ◽  
Retirement Age ◽  
Working Age ◽  
Working Age Population ◽  
Long Term Forecasting ◽  
The Impact

The presented study considers the susceptibility of gross domestic product (GDP) production to a shift in the number of the working-age population due to an increase in retirement age starting with 2019.Aim. The study aims to examine the quantitative assessments of GDP production in Russia with allowance for the changes in the number of the working-age population due to an increase in the actual retirement age.Tasks. The authors forecast the number of the working-age population with allowance for an increase in the retirement age; develop a model to establish a correlation between the number of the workingage population, investment in fixed capital, and GDP production; quantify the impact of the shift in the number of the working-age population on GDP production in Russia. Methods. This study is based on the results of modeling and long-term forecasting.Results. An economic-mathematical model to establish a correlation between the number of the working-age population, investment in fixed capital, and GDP production is presented. To specify the economic effects of a shift in the number of the working-age population due to an increase in the retirement age, Russia’s GDP production is forecasted for the “old” and “new” (increased retirement age) pension scheme. The forecast is provided for three variants of the number of the working-age population.Conclusions. It is found that with the “old” pension scheme with a lower retirement age GDP production across all three variants will decrease by 2036 compared to 2017. With regard to the “new” scheme that increases the retirement age, it is concluded that an increase in the retirement age is a factor that facilitates GDP production. However, its effect on economic growth will be insignificant.

scholarly journals State Administration of Retirement Age in the terms of Budget Crisis

Upravlenie ◽  
2016 ◽  
Vol 4 (3) ◽  
pp. 80-87
Author(s):  
Соловьев ◽  
A. Solovev
Keyword(s):  
Pension System ◽  
Demographic Factors ◽  
The State ◽  
Economic Consequences ◽  
Retirement Age ◽  
Pension Policy ◽  
State Budget ◽  
Methodological Approaches ◽  
State Pension ◽  
The Impact

The aim of the study is to analyze the effect of age on the appointment of the state pension fiscal system in our country. The problem of rising of the retirement age in Russia is given a value that is far away from the traditional context of direct influence of demographic processes on the level of pensions, on the one hand, and adaptation of the pension system to changing demographic factors, on the other. In the article the pension system for the first time is considered as a multifactorial model that corrects the degree of dependence on the mutually complex of macroeconomic and demographic factors in the different historical periods. This requires a fundamental change in the methodological approaches to the problem of rising the retirement age by using actuarial methods of forecasting. Actuarial analysis of the problem of retirement age in the work shows that the perception of the linear dependence of the age of the destination state of the demographic parameters cannot be considered as a tool for regulating the efficiency of the pension system. The results of the study are the specific parameters of actuarial assessments of the impact of demographic and macroeconomic conditions to increase the retirement age in Russia, conducted using data from the state statistics, formulated practical proposals to mitigate negative economic consequences. Conclusion: Rising the retirement age should be aimed at economic stimulation of formation of the pension rights of the insured in the long term, rather than the economy of the state budget. Methodological approaches, grounded in the work, and quantitative results of the actuarial calculations will be used in the formation of public pension policy in the preparation of the regulations to rise the retirement age, the pension formula of calculating the pension rights of insured persons, the mechanism of pension indexation.

On the management of retirement age indexed to life expectancy: a scenario analysis of the Italian longevity experience

2020 ◽  
Vol 21 (3) ◽  
pp. 217-231
Author(s):  
Mariarosaria Coppola ◽  
Maria Russolillo ◽  
Rosaria Simone
Keyword(s):  
Life Expectancy ◽  
Social Security ◽  
Gender Gap ◽  
Scenario Analysis ◽  
Security System ◽  
Retirement Age ◽  
Model Risk ◽  
Content Type ◽  
Mortality Projection ◽  
The Impact

Purpose This paper aims to measure the financial impact on social security system of a recently proposed indexation mechanism for retirement age by considering the Italian longevity experience. The analysis is motivated by the progressive increase in life expectancy at advanced age, which is rapidly bringing to the fore noticeable socio-economic consequences in most industrialized countries. Among those, the impact on National Social Security systems is particularly relevant if people live longer than expected; this will lead to greater financial exposure for pension providers. Design/methodology/approach Referring to the Italian population for illustrative purposes, the authors contemplate different scenarios for mortality projection methods and for the implementation of pension age shift while accounting for gender and cohort gaps and model risk. Synthetic indicators to measure the impact of the indexation mechanism on social security system are introduced on the basis of pension cash flows. Findings An indexation policy that manages gender gap while adjusting retirement age for varying life expectancy is proposed. As a result, sustainability of public retirement expenditure is improved. Originality/value The paper is a concise scenario analysis of the reduction of costs and risks that pension providers would have if the system resorted to link retirement age to life expectancy. The ideas fostered by the paper follow a recent proposal of the Authors on a flexible retirement scheme that deals with model risk for mortality projection and accounts for gender gap in mortality rates.

Labor Market in the Light of Pension Reform

2019 ◽  
Vol 8 (2) ◽  
pp. 75-78
Author(s):  
Л. Аникеева ◽  
L. Anikeeva ◽  
Александра Митрофанова ◽  
Aleksandra Mitrofanova
Keyword(s):  
Labor Market ◽  
Old Age ◽  
Pension Reform ◽  
The State ◽  
Retirement Age ◽  
Unemployment Benefits ◽  
Negative Effects ◽  
The Impact ◽  
To Receive

The article deals with issues related to the change in the situation on the labor market in connection with the new pension reform. The mechanism of the impact of the conditions and standards of pensions on the state of the labor market is revealed. Special attention is paid to increasing tension in the labor market due to the increase in the retirement age. The procedure for raising the retirement age is revealed, categories of workers are identified that will not be affected by raising the retirement age or who are entitled to receive an old-age insurance pension of a higher retirement age. Consideration is given to aspects related to changes in the conditions and procedure for granting unemployment benefits, including new conditions for granting benefits to persons in pre-retirement age. Particular attention is paid to the disclosure of the factors that determine the possibility of raising the retirement age, and the justification of measures that contribute to leveling the negative effects of the increase.

scholarly journals An ageing nursing workforce

2010 ◽  
Vol 34 (1) ◽  
pp. 44 ◽  
Author(s):  
Elizabeth M. Graham ◽  
Christine Duffield
Keyword(s):  
Government Policy ◽  
Baby Boomer ◽  
Working Life ◽  
Current Status ◽  
Nursing Workforce ◽  
Retirement Age ◽  
Retention Strategies ◽  
Older Employees ◽  
Functional Capabilities ◽  
The Impact

There are well documented workforce shortages in nursing. Many strategies have been suggested to resolve the issue, including increasing migration or training places, changing skill mix or nurses’ roles, redesigning nursing work, and greater use of unregulated or unlicensed workers. One of the contributing and growing factors is the ageing of the workforce, but methods of retaining older employees have been given very little attention. This paper examines the impact of ageing on individuals, the ageing nursing workforce and the implications for government policy given its current status. What is known about the topic?A generation of ‘baby boomer’ nurses are reaching retirement age. The nursing workforce is in crisis due to there being less entrants to the workforce as a result of lower birth rates, wider choices of career, and nurses leaving the profession for less stressful, more satisfying jobs. What does this paper add?This paper outlines the necessity for the employment of retention strategies for older nurses in the workforce. It dispels myths about the functional capabilities of ageing nurses. What are the implications for practitioners?Health managers should canvass ageing nurses to discover strategies that would encourage them to extend their working life. Only then could it become feasible to plan practical solutions to ease the global nursing shortage.

scholarly journals Can't wait to get my pension: the effect of raising the female early retirement age on income, poverty and deprivation

2018 ◽  
Vol 18 (3) ◽  
pp. 450-472 ◽  
Author(s):  
JONATHAN CRIBB ◽  
CARL EMMERSON
Keyword(s):  
Early Retirement ◽  
Poverty Rate ◽  
Living Standards ◽  
Income Poverty ◽  
Retirement Age ◽  
Pension Income ◽  
Proportional Effect ◽  
The Uk ◽  
Household Incomes ◽  
The Impact

AbstractWe estimate the impact of increasing the female early retirement age (ERA) on household living standards. Examining the increase in the female ERA from 60 to 63 in the UK, we find increased earnings only partially offset lost public pension income, leaving affected women's household incomes £32 per week lower on average. The proportional effect was substantially larger for women in lower income households. This increased the income poverty rate among affected women by 6.4 percentage points. We find no evidence of an increased inability to afford important material items, potentially suggesting that material deprivation has been avoided through smoothing of consumption.

scholarly journals THE IMPACT OF INCREASING RETIREMENT AGE ON HEALTH SERVICES AND ECONOMIC GROWTH IN BRAZIL

2018 ◽  
Vol 16 (1) ◽  
pp. 29-41
Author(s):  
André Berardo Coelho ◽  
Nelson Leitão Paes
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Capital Accumulation ◽  
Health Sector ◽  
Point Of View ◽  
Retirement Age ◽  
Human Capital Accumulation ◽  
The Impact ◽  
Health Care Production

This paper uses the Zon and Muysken (2001) model to investigate the effect of increasing the retirement age on health care production, human capital accumulation, and economic growth. All three sectors are interrelated, since the overall level of health affects both workers and the accumulation of human capital, while a higher level of human capital is related to better quality of health. And, finally, health and human capital affect the output of the economy. From the economic growth point of view the results seem to be positive. Increasing labor availability raises productivity in the health sector, which ultimately improves labor productivity, resulting in increased capital accumulation and economic growth. On the other hand, it is estimated a reduction in the propensity to consume and a smaller portion of the labor force allocated in the health sector.

scholarly journals The impact of the working longevity of the “silver generation” on the Kazakhstani labor market

2021 ◽  
Vol 101 (1) ◽  
pp. 48-56
Author(s):  
M.R. Gazizova ◽  
Keyword(s):  
Labor Market ◽  
Older People ◽  
Working Conditions ◽  
Aging Process ◽  
Retirement Age ◽  
Working Capacity ◽  
Demographic Trends ◽  
The Impact

Object: To study the impact of demographic trends on the labor market in the context of the labor activity of the older generation in Kazakhstan and to conduct a comparative analysis of the employment indicators of older people. Methods: methods of system, dynamic and structural analysis, and correlation analysis. Findings: The results of the analysis allow us to conclude that the aging process of the population actualizes the labor activity of the older population, and determines the formation of support for stimulating the employment of older people. Conclusions: Thus, the role of the older generation in the labor market is being scaled, and therefore it is necessary to consider labor activity in retirement age as an element of the formation of the lifestyle of the older generation, where the role of labor as a factor of active longevity is given a special place. The creation of working conditions necessary for the use of working capacity is a long-term goal in ensuring active longevity and meeting the needs of older people in socially significant activities

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