The Implications of Career Lengths for Social Security (Series/The Retirement Project Discussion Papers)Author(s): Melissa Favreault,
C. Eugene SteuerleGrowing fiscal pressures and increasing life expectancy have prompted calls to raise retirement ages. Some fear this change might harm long-career, lower-wage workers. Tying retirement benefit eligibility to years of service might protect low-wage workers who start their careers early. But higher disability rates and greater employment volatility could offset lower-wage workers’ early labor force starts. Using survey data matched to administrative records, we describe how work histories vary by gender, education, and other characteristics. We find that years of service are not likely to effectively protect the lowest-wage workers, as those with the least education also work the least.
| Posted: April 09, 2008 | Availability: HTML | PDF |
Managerial Attitudes Toward Older Workers (Series/The Retirement Project Discussion Papers)Author(s): Richard W. JohnsonThe economic burden of an aging population depends partly on older adults' employment rates, which in turn depend partly on employers' willingness to hire and retain them. This report reviews the literature on managerial attitudes toward older workers. Although the available evidence is incomplete and sometimes inconsistent, many firms appear to have serious reservations about older workers. Employment prospects may be especially bleak for rank-and-file workers and those with limited skills. Managerial attitudes toward older workers may improve in the future, however, as the population and workforce age.
| Posted: September 24, 2007 | Availability: HTML | PDF |
Job Changes at Older Ages (Series/The Retirement Project Discussion Papers)Author(s): Richard W. Johnson,
Janette KawachiDespite the benefits of work at older ages, questions persist about the availability and quality of jobs for older Americans. This study examines older adults' employment opportunities by studying job changes at ages 45 to 75. Many older workers move to new occupations and industries when they switch jobs, often assuming positions that involve less stress and physical effort. Although most older job changers enjoy their new jobs, they generally experience sharp hourly wage reductions and often lose pension coverage and health benefits. The findings highlight the special labor market challenges faced by older displaced workers.
| Posted: April 02, 2007 | Availability: HTML | PDF |
Working for a Good Retirement (Series/Older Americans' Economic Security)Author(s): Barbara Butrica,
Karen E. Smith,
C. Eugene Steuerle(Brief) Workers who delay retirement can save more and contribute more to the economy. Using the Urban Institute's Dynamic Simulation of Income model (DYNASIM3), this brief shows that someone who works an extra five years could increase retirement spending by more than half. Also, work-inducing reforms—rather than reforms that simply reduce benefits—help close the Social Security funding gap.
| Posted: October 26, 2006 | Availability: HTML | PDF |
Working for a Good Retirement (Series/The Retirement Project Discussion Papers)Author(s): Barbara Butrica,
Karen E. Smith,
C. Eugene SteuerleThe choice of retirement age is the most important portfolio choice most workers will make. Drawing on the Urban Institute's Dynamic Simulation of Income model (DYNASIM3), this report examines how delaying retirement for nondisabled workers would affect individual retiree benefits, the solvency of the Social Security trust fund, and general revenues. The results suggest that delaying retirement by itself does not generate enough additional revenue to make Social Security solvent by 2045. Benefit cuts or supplementary funding sources will be necessary to achieve solvency. However, the size of the benefit cuts or tax increases could be minimized if individuals worked longer. This additional work also substantially increases worker's retirement well-being.
| Posted: May 23, 2006 | Availability: HTML | PDF |
