By David A. Wise

As America's inhabitants a long time, monetary study on the topic of the aged turns into more and more vital to public policy.

Frontiers within the Economics in Aging directs awareness to 4 issues: the function of retirement money owed, resembling IRAs and 401(k)s in own saving; the economics of future health care; new advances in study method; and getting older relating to inequality. a number of the matters analyzed inside of those themes are the results of emerging own retirement saving lately, how future health and medical insurance impact hard work provide, and the results of pensions at the distribution of wealth.

David Wise's lucid creation offers an summary of every paper. as well as this book's charm for experts and microeconomists, it deals instantly sensible rules and techniques for shaping public coverage. in truth, one of many papers during this quantity, "The Taxation of Pensions: A look after Can turn into a Trap," helped to spur new laws that reformed legislation on pension distribution.

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Additional resources for Frontiers in the Economics of Aging (National Bureau of Economic Research Project Report)

Sample text

In each of these groups, except 5b for which where was a slight increase, there was a decline in other financial assets between 1984 and 1991. For example, the median assets of persons with neither an IRA nor a 401(k) declined from $1,060 to $939. The assets of families without an IRA and who were not eligible for a 40 1(k) declined from $1,26 1 to $1,210. Because the assets of program participants and nonparticipants are typically very different, however, we avoid between-group comparisons of these very dissimilar saver groups.

33 Personal Retirement Saving Programs and Asset Accumulation saving effect of the IRA program. Prior to ERTA, only wage earners without an employer-provided pension plan were eligible to contribute to an IRA. The contribution limit for wage earners in this group was $1,500. ERTA extended eligibility to all wage earners, beginning in 1982, and increased the limit for each wage earner to $2,000. In addition, nonworking spouses of wage earners could contribute $250. Joines and Manegold consider the change in the total annualjnancial asset saving of contributor households between the 1979-81 and 1982-85 periods as a function of the change in the IRA limit between these time periods.

While the results are purely descriptive, the authors fail to find evidence to support the notion that pensions crowd out private savings. References Eichner, Matthew, Mark McClellan, and David Wise. 1998. Insurance or self-insurance? Variation, persistence, and individual health accounts. In Inquiries in the economics ofaging, ed. David Wise. Chicago: University of Chicago Press. , and John Karl Scholz. 1994. IRAs and household saving. American Economic Review 84: 1233-60. r L Personal Retirement Plans This Page Intentionally Left Blank 1 Personal Retirement Saving Programs and Asset Accumulation: Reconciling the Evidence James M.

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