By John A. Turner
ISBN-10: 0880993782
ISBN-13: 9780880993784
The lifestyles expectancy of usa citizens maintains to extend, and every day 12,000 child boomers flip 50, increasing the ranks of our older inhabitants whereas ramping up the strain on private and non-private retirement courses. while, public coverage has did not preserve speed with the demanding situations this getting older inhabitants brings of ways to pay for the dwelling expenses of these further years; a lot of our present social regulations and worker profit rules have been designed in the course of an period while humans had shorter lifestyles spans.
In Longevity coverage: dealing with as much as toughness concerns Affecting Social safeguard, Pensions, and Older Workers, John A. Turner addresses those coverage concerns and makes the case that durability coverage might be well-known as a unique zone - as we do now for weather switch. rather than treating matters on the subject of older age, Social protection, and pensions individually, we have to realize the interrelationships between those parts and undertake a unified technique towards coverage. Doing so, Turner argues, may make for far more advantageous and effective policymaking.
Turner starts off the booklet through documenting the final raise in existence expectancy, the resultant distributional concerns saw within the usa varied inhabitants, different similar demographic adjustments, and the prices linked to elevated toughness. the rest of the ebook is split into 4 components:
1) matters in terms of the hard work marketplace for older staff, together with adjustments within the future health of older staff and within the task standards through employers;
2) an exam of ways Social safeguard coverage is plagued by expanding lifestyles expectancy, and an offer for a brand new gain that Turner dubs "longevity insurance;"
three) a glance at how deepest pension coverage is laid low with expanding existence expectancy, together with matters for 401(k) plans and outlined gain plans; and
four) a suite of 5 coverage techniques according to an built-in method of fixing the issues bobbing up from elevated lifestyles expectancy.
Turner not just makes the case for a few specific rules, he is going extra, expressing the necessity for a package deal of complementary sturdiness regulations. those guidelines might toughen each other in reaching numerous issues: they'd support motivate paintings at older a while, circulate Social safeguard towards solvency, offer extra effective focusing on of Social protection advantages, bring up annuitization of 401(k) money owed, and inspire employers to provide outlined profit plans to their staff. Taken jointly, Turner argues, they'd facilitate the adjustment of staff and pension platforms to the prices and merits of an extended lifestyles.
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Extra info for Longevity Policy: Facing Up to Longevity Issues Affecting Social Security, Pensions, and Older Workers
Example text
Increased Education Higher education levels are associated with better health, presumably in part because better-educated people are better informed about healthy lifestyles. They also tend to have higher income, better access to medical care, and possibly better diets. 3). Workers with higher levels of education are more likely to continue working at older ages. One study found that the increase in college graduation rates combined with a decline in high school dropout rates accounted for about a third of the increase in workers’ expectations that they would work past age 62 (Mermin, Johnson, and Murphy 2006).
These concerns may be ameliorated by employment and pension arrangements that allow workers to gradually retire through phasing out of work over a period of time. Phased retirement may be helpful to older workers in other contexts as well. Some people may need to work in order to supplement their retirement benefits. Others may wish to work for nonfinancial reasons. For these purposes, most people presumably would prefer not to work full time. However, under current employment and pension regulatory conditions, full retirement is generally the only viable choice for those near retirement age who wish to collect their pension.
System. Finland, Norway, and Portugal have done so. Finland. In 2003, Finland passed a law to incorporate increases in life expectancy into the calculation of social security benefits. The law took effect in 2010. As in other countries adopting life-expectancy indexing, the life-expectancy adjustment uses unisex mortality tables, thus ignoring gender (or other) differences in life expectancy. Because of year-to-year fluctuations in mortality rates, countries using life-expectancy indexing generally average mortality rates over several years, which smoothes out the yearly fluctuations.