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Centre for Policy on Ageing | |
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Raising the social security entitlement age
— implications for the productive activities of older adults | | Author(s) | Julie Zissimopoulos, Barbara Blaylock, Dana P Goldman, John W Rowe |
| Journal title | Research on Aging, vol 39, no 1, January 2017 |
| Publisher | Sage, January 2017 |
| Pages | pp 166-189 |
| Source | journals.sagepub.com/home/roa |
| Keywords | Retirement age ; Pensions ; Voluntary work [elderly] ; Gifts [elderly] ; Mathematical models ; Quantitative studies ; United States of America. |
| Annotation | An ageing America presents challenges, but also brings social and economic capital. The authors quantify public revenues from, and public expenditures on, Americans aged 65 and older, the value of their unpaid, productive activities and financial gifts to family. They use microsimulation to project the value of these activities, government revenues and expenditures under different scenarios of change to the Old Age and Survivors Insurance eligibility age until 2050. They find the value of unpaid productive activities and financial gifts are US$721 billion in 2010, while net (of tax revenues) spending on the 65 years and older is US$984 billion. A five-year delay in the full retirement age decreases federal spending by 10%, while 2-year delay in the early entitlement age increases it by 1.5%. The effect of 5-year delay on unpaid activities and transfers is small: a US$4 billion decrease in services and a US$4.5 billion increase in bequests and monetary gifts. This article was first presented at the conference, Social Insurance and Lifecycle Events among Older Americans (held on 7 December 2014), which was sponsored by the American Association of Retired Persons (AARP). (RH). |
| Accession Number | CPA-170324205 A |
| Classmark | G5A: JJ: GHH: JFG: 3LM: 3DQ: 7T |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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