David A. Wise (ed.)
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780226426679
- eISBN:
- 9780226426709
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226426709.001.0001
- Subject:
- Economics and Finance, Public and Welfare
This volume marks thirty years since the inception of the NBER program on aging, and is the sixteenth in a series of NBER volumes that highlight economics of aging research. When the program began, ...
More
This volume marks thirty years since the inception of the NBER program on aging, and is the sixteenth in a series of NBER volumes that highlight economics of aging research. When the program began, the baby boom generation was in their 20s and 30s, and life expectancy at older ages was nearly three years shorter than it is today. Today, the leading edge of the baby boom generation is entering their 70s. Many are retiring from paid work, yet they are living longer than ever. Their health and financial wellbeing are shaped by individual decisions people made through the life course; as well as by unanticipated events, economic conditions, medical innovations, and a rapidly evolving landscape of policy incentives and supports. What is most apparent from the mass of research conducted through the program over the years is how integrally related are the multiple dimensions of people’s wellbeing. The current volume is organized in three sections, corresponding to three aspects of wellbeing: financial, physical and emotional. The first four chapters look at factors relating to people’s financial circumstances in later life, such as saving, homeownership, and the use of accumulated assets in retirement. The next five chapters in the volume focus on health and disability. The last two chapters explore issues in mental health, emotional wellbeing, life satisfaction, or happiness.Less
This volume marks thirty years since the inception of the NBER program on aging, and is the sixteenth in a series of NBER volumes that highlight economics of aging research. When the program began, the baby boom generation was in their 20s and 30s, and life expectancy at older ages was nearly three years shorter than it is today. Today, the leading edge of the baby boom generation is entering their 70s. Many are retiring from paid work, yet they are living longer than ever. Their health and financial wellbeing are shaped by individual decisions people made through the life course; as well as by unanticipated events, economic conditions, medical innovations, and a rapidly evolving landscape of policy incentives and supports. What is most apparent from the mass of research conducted through the program over the years is how integrally related are the multiple dimensions of people’s wellbeing. The current volume is organized in three sections, corresponding to three aspects of wellbeing: financial, physical and emotional. The first four chapters look at factors relating to people’s financial circumstances in later life, such as saving, homeownership, and the use of accumulated assets in retirement. The next five chapters in the volume focus on health and disability. The last two chapters explore issues in mental health, emotional wellbeing, life satisfaction, or happiness.
David A. Wise (ed.)
- Published in print:
- 2012
- Published Online:
- September 2013
- ISBN:
- 9780226903132
- eISBN:
- 9780226903163
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226903163.001.0001
- Subject:
- Economics and Finance, Public and Welfare
One of the most well-established relationships in the economics of aging is that between health and wealth. Yet this relationship is also changing in conjunction with a rapidly aging population as ...
More
One of the most well-established relationships in the economics of aging is that between health and wealth. Yet this relationship is also changing in conjunction with a rapidly aging population as well as a broad evolution in how people live later in life. Building on findings from earlier editions in the National Bureau of Economic Research series, this book focuses on the changing financial circumstances of the elderly, and the relationship of these circumstances to health and health care. Among the topics addressed are the significance of out-of-pocket health care costs, the effects of inflation on social security, and the impact of the recent financial crisis on Americans' well-being. Encompassing new data and advances in research methodology, the developments presented in the book will have implications for economies worldwide.Less
One of the most well-established relationships in the economics of aging is that between health and wealth. Yet this relationship is also changing in conjunction with a rapidly aging population as well as a broad evolution in how people live later in life. Building on findings from earlier editions in the National Bureau of Economic Research series, this book focuses on the changing financial circumstances of the elderly, and the relationship of these circumstances to health and health care. Among the topics addressed are the significance of out-of-pocket health care costs, the effects of inflation on social security, and the impact of the recent financial crisis on Americans' well-being. Encompassing new data and advances in research methodology, the developments presented in the book will have implications for economies worldwide.
David A. Wise (ed.)
- Published in print:
- 2005
- Published Online:
- February 2013
- ISBN:
- 9780226902869
- eISBN:
- 9780226903217
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226903217.001.0001
- Subject:
- Economics and Finance, Econometrics
This book provides a massive amount of new research on several popular and less-examined topics pertaining to the relationship between economics and aging. Among the many themes explored in this ...
More
This book provides a massive amount of new research on several popular and less-examined topics pertaining to the relationship between economics and aging. Among the many themes explored in this volume, considerable attention is given to new research on retirement savings, the cost and efficiency of medical resources, and the predictors of health events. The volume begins with a discussion of the risks and merits of 401(k) plans. Subsequent chapters present recent analysis of the growth of Medicare costs; the different aspects of disability; and the evolution of health, wealth, and living arrangements over the life course. Keeping with the global tradition of previous volumes, the book also includes comparative studies on savings behavior in Italy, the Netherlands, and the United States; an examination of household savings among different age groups in Germany; and a chapter devoted to population aging and the plight of widows in India.Less
This book provides a massive amount of new research on several popular and less-examined topics pertaining to the relationship between economics and aging. Among the many themes explored in this volume, considerable attention is given to new research on retirement savings, the cost and efficiency of medical resources, and the predictors of health events. The volume begins with a discussion of the risks and merits of 401(k) plans. Subsequent chapters present recent analysis of the growth of Medicare costs; the different aspects of disability; and the evolution of health, wealth, and living arrangements over the life course. Keeping with the global tradition of previous volumes, the book also includes comparative studies on savings behavior in Italy, the Netherlands, and the United States; an examination of household savings among different age groups in Germany; and a chapter devoted to population aging and the plight of widows in India.
David A. Wise and Richard Woodbury
- Published in print:
- 2012
- Published Online:
- September 2013
- ISBN:
- 9780226903132
- eISBN:
- 9780226903163
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226903163.003.0001
- Subject:
- Economics and Finance, Public and Welfare
This book is the fourteenth in a series of National Bureau of Economic Research volumes synthesizing complementary analyses of economics of aging research. The goal is to bring together studies that ...
More
This book is the fourteenth in a series of National Bureau of Economic Research volumes synthesizing complementary analyses of economics of aging research. The goal is to bring together studies that are at the forefront of research in the field. The book is divided into two sections: the first weighted more heavily toward people's changing financial circumstances as they age; and the second weighted more heavily toward people's changing health and health care. This chapter presents an overview of the chapters that follow.Less
This book is the fourteenth in a series of National Bureau of Economic Research volumes synthesizing complementary analyses of economics of aging research. The goal is to bring together studies that are at the forefront of research in the field. The book is divided into two sections: the first weighted more heavily toward people's changing financial circumstances as they age; and the second weighted more heavily toward people's changing health and health care. This chapter presents an overview of the chapters that follow.
David A. Wise and Richard Woodbury
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780226426679
- eISBN:
- 9780226426709
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226426709.003.0001
- Subject:
- Economics and Finance, Public and Welfare
This is the sixteenth in a series of NBER volumes that highlight economics of aging research. The demographic backdrop to the research in this volume is substantially different from when the program ...
More
This is the sixteenth in a series of NBER volumes that highlight economics of aging research. The demographic backdrop to the research in this volume is substantially different from when the program began 30 years ago. Today, the leading edge of the baby boom generation is entering their 70s. Many are retiring from paid work, yet they are living longer than ever. Their health and financial wellbeing are shaped by individual decisions people made through the life course, as well as by unanticipated events, economic conditions, medical innovations, and a rapidly evolving landscape of policy incentives and supports. What is most apparent from the research conducted through the program over the years is how integrally related are the multiple dimensions of people’s wellbeing. The current volume is organized in three sections, corresponding to three aspects of wellbeing: financial, physical and emotional. The first four chapters look at factors relating to people’s financial circumstances in later life, such as saving, homeownership, and the use of accumulated assets in retirement. The next five chapters in the volume focus on health and disability. The last two chapters in the volume explore issues in mental health, emotional wellbeing, life satisfaction, or happiness.Less
This is the sixteenth in a series of NBER volumes that highlight economics of aging research. The demographic backdrop to the research in this volume is substantially different from when the program began 30 years ago. Today, the leading edge of the baby boom generation is entering their 70s. Many are retiring from paid work, yet they are living longer than ever. Their health and financial wellbeing are shaped by individual decisions people made through the life course, as well as by unanticipated events, economic conditions, medical innovations, and a rapidly evolving landscape of policy incentives and supports. What is most apparent from the research conducted through the program over the years is how integrally related are the multiple dimensions of people’s wellbeing. The current volume is organized in three sections, corresponding to three aspects of wellbeing: financial, physical and emotional. The first four chapters look at factors relating to people’s financial circumstances in later life, such as saving, homeownership, and the use of accumulated assets in retirement. The next five chapters in the volume focus on health and disability. The last two chapters in the volume explore issues in mental health, emotional wellbeing, life satisfaction, or happiness.
David A. Wise (ed.)
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780226146096
- eISBN:
- 9780226146126
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226146126.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and ...
More
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and significant, yet they are just one part of the rapidly changing landscape of aging in the United States and around the world. The impact of the financial crisis and its continuing ramifications have emerged as key concerns, adding to the fiscal challenges of government, and complicating people's financial planning for later life. This is the fifteenth in a series of NBER volumes synthesizing analyses of economics of aging research. The large majority of this research has been funded by the National Institute on Aging, which has made a longterm commitment to advancing the economics of aging field. A particular focus of the research reported in this volume deals with health, and its relationship to financial wellbeing. Health is perhaps the most essential aspect of what constitutes wellbeing as we age, affects one's ability to work at older ages, and is strongly associated with financial wellbeing. Additionally, health has societal implications, such as for labor markets, government finances and health care costs. Also emphasized in the volume is the potential for interventions and policy changes to improve health and wellbeing, using approaches that may be implemented throughout this system of health-related interactions.Less
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and significant, yet they are just one part of the rapidly changing landscape of aging in the United States and around the world. The impact of the financial crisis and its continuing ramifications have emerged as key concerns, adding to the fiscal challenges of government, and complicating people's financial planning for later life. This is the fifteenth in a series of NBER volumes synthesizing analyses of economics of aging research. The large majority of this research has been funded by the National Institute on Aging, which has made a longterm commitment to advancing the economics of aging field. A particular focus of the research reported in this volume deals with health, and its relationship to financial wellbeing. Health is perhaps the most essential aspect of what constitutes wellbeing as we age, affects one's ability to work at older ages, and is strongly associated with financial wellbeing. Additionally, health has societal implications, such as for labor markets, government finances and health care costs. Also emphasized in the volume is the potential for interventions and policy changes to improve health and wellbeing, using approaches that may be implemented throughout this system of health-related interactions.
Courtney Coile, Kevin Milligan, and David A. Wise
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9780226442877
- eISBN:
- 9780226442907
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226442907.003.0013
- Subject:
- Economics and Finance, Public and Welfare
This is the introduction to the seventh phase of the international social security project. The project compares the experiences of twelve developed countries and uses differences in their retirement ...
More
This is the introduction to the seventh phase of the international social security project. The project compares the experiences of twelve developed countries and uses differences in their retirement programs to explore their effects on retirement and related questions. Earlier phases find that: 1) incentives for retirement are correlated with labor force participation rates; 2) workers with stronger incentives to delay retirement are more likely to do so; and 3) changes to social security could affect labor force participation and government finances. The fourth volume explores whether higher employment among older persons increases youth unemployment, but finds no link. Recent volumes find that changes in disability insurance (DI) participation are more closely linked to DI reforms than to changes in health and that reducing access to DI would raise labor supply. This seventh phase explores whether older people are healthy enough to work longer. We use two main methods to estimate health capacity to work, asking how much older individuals today could work if they worked as much as those with the same mortality rate in the past or as younger individuals in similar health. Both methods suggest there is significant additional health capacity to work at older ages.Less
This is the introduction to the seventh phase of the international social security project. The project compares the experiences of twelve developed countries and uses differences in their retirement programs to explore their effects on retirement and related questions. Earlier phases find that: 1) incentives for retirement are correlated with labor force participation rates; 2) workers with stronger incentives to delay retirement are more likely to do so; and 3) changes to social security could affect labor force participation and government finances. The fourth volume explores whether higher employment among older persons increases youth unemployment, but finds no link. Recent volumes find that changes in disability insurance (DI) participation are more closely linked to DI reforms than to changes in health and that reducing access to DI would raise labor supply. This seventh phase explores whether older people are healthy enough to work longer. We use two main methods to estimate health capacity to work, asking how much older individuals today could work if they worked as much as those with the same mortality rate in the past or as younger individuals in similar health. Both methods suggest there is significant additional health capacity to work at older ages.
David A. Wise (ed.)
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9780226442877
- eISBN:
- 9780226442907
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226442907.001.0001
- Subject:
- Economics and Finance, Public and Welfare
This is the seventh phase of an ongoing project on international social security which compares twelve developed countries’ experiences and uses differences in their retirement program provisions to ...
More
This is the seventh phase of an ongoing project on international social security which compares twelve developed countries’ experiences and uses differences in their retirement program provisions to explore their effects on retirement and related questions. This volume explores whether older people are healthy enough to work longer using two main methods. We ask how much older individuals today could work if they worked as much as those with the same mortality rate in the past, or as younger individuals in similar health. Both methods suggest there is significant additional health capacity to work at older ages. A third method based on improvements in self-assessed health (SAH) over time could only be implemented in certain countries, and the results were mixed. For most countries, there was a strong education gradient in the incidence of poor health. Some countries showed health improvements as measured by SAH, though these gains may be larger for higher education quartiles. The methods suggest that older men have substantial additional capacity to work beyond current employment levels. We emphasize that our concept of the health capacity to work is not intended to suggest how long people should work nor to suggest what typical retirement ages should be in various countries. There may be impediments to working longer, such as weak labor demand, but health capacity to work can be important in considering whether increases in retirement ages might be constrained by older workers’ health. The results of this phase suggest that this is not the case.Less
This is the seventh phase of an ongoing project on international social security which compares twelve developed countries’ experiences and uses differences in their retirement program provisions to explore their effects on retirement and related questions. This volume explores whether older people are healthy enough to work longer using two main methods. We ask how much older individuals today could work if they worked as much as those with the same mortality rate in the past, or as younger individuals in similar health. Both methods suggest there is significant additional health capacity to work at older ages. A third method based on improvements in self-assessed health (SAH) over time could only be implemented in certain countries, and the results were mixed. For most countries, there was a strong education gradient in the incidence of poor health. Some countries showed health improvements as measured by SAH, though these gains may be larger for higher education quartiles. The methods suggest that older men have substantial additional capacity to work beyond current employment levels. We emphasize that our concept of the health capacity to work is not intended to suggest how long people should work nor to suggest what typical retirement ages should be in various countries. There may be impediments to working longer, such as weak labor demand, but health capacity to work can be important in considering whether increases in retirement ages might be constrained by older workers’ health. The results of this phase suggest that this is not the case.
David A. Wise (ed.)
- Published in print:
- 2005
- Published Online:
- February 2013
- ISBN:
- 9780226902869
- eISBN:
- 9780226903217
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226903217.003.0001
- Subject:
- Economics and Finance, Econometrics
This introductory chapter discusses the coverage of this volume which is about the economics of aging in the U.S. The chapters in this volume were presented at the National Bureau of Economic ...
More
This introductory chapter discusses the coverage of this volume which is about the economics of aging in the U.S. The chapters in this volume were presented at the National Bureau of Economic Research (NBER) conference held in Carefree, Arizona in May 2003. The topics covered by this volume include evaluation of risk in 401(k) plans, Medicate cost, and the efficiency and consequence of health shocks.Less
This introductory chapter discusses the coverage of this volume which is about the economics of aging in the U.S. The chapters in this volume were presented at the National Bureau of Economic Research (NBER) conference held in Carefree, Arizona in May 2003. The topics covered by this volume include evaluation of risk in 401(k) plans, Medicate cost, and the efficiency and consequence of health shocks.
David A. Wise (ed.)
- Published in print:
- 2010
- Published Online:
- February 2013
- ISBN:
- 9780226903064
- eISBN:
- 9780226903088
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226903088.001.0001
- Subject:
- Economics and Finance, Behavioural Economics
The baby boom generation's entry into old age has led to an unprecedented increase in the elderly population. The social and economic effects of this shift are significant, and in this book, a group ...
More
The baby boom generation's entry into old age has led to an unprecedented increase in the elderly population. The social and economic effects of this shift are significant, and in this book, a group of leading researchers takes an eclectic view of the subject. Among the broad topics discussed are work and retirement behavior, disability, and their relationship to the structure of retirement and disability policies. While choices about when to retire are made by individuals, these decisions are influenced by a set of incentives, including retirement benefits and health care, and this volume includes cross-national analyses of the effects of such programs on these decisions. Furthermore, the volume also offers in-depth analysis of the effects of retirement plans, employer contributions, and housing prices on retirement. It explores well-established relationships among economic circumstances, health, and mortality, as well as the effects of poverty and lower levels of economic development on health and life satisfaction. By combining micro and macro evidence, this volume continues a tradition of expanding the research agenda on the economics of aging.Less
The baby boom generation's entry into old age has led to an unprecedented increase in the elderly population. The social and economic effects of this shift are significant, and in this book, a group of leading researchers takes an eclectic view of the subject. Among the broad topics discussed are work and retirement behavior, disability, and their relationship to the structure of retirement and disability policies. While choices about when to retire are made by individuals, these decisions are influenced by a set of incentives, including retirement benefits and health care, and this volume includes cross-national analyses of the effects of such programs on these decisions. Furthermore, the volume also offers in-depth analysis of the effects of retirement plans, employer contributions, and housing prices on retirement. It explores well-established relationships among economic circumstances, health, and mortality, as well as the effects of poverty and lower levels of economic development on health and life satisfaction. By combining micro and macro evidence, this volume continues a tradition of expanding the research agenda on the economics of aging.
Joseph F. Quinn and Kevin E. Cahill
- Published in print:
- 2018
- Published Online:
- October 2018
- ISBN:
- 9780198827443
- eISBN:
- 9780191866296
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198827443.003.0007
- Subject:
- Business and Management, Pensions and Pension Management
This chapter describes the challenges and opportunities that older Americans face, with a focus on retirement income security and the role of continued work later in life. We first overview the new ...
More
This chapter describes the challenges and opportunities that older Americans face, with a focus on retirement income security and the role of continued work later in life. We first overview the new world of retirement income security including a discussion of how a low return environment (e.g. low interest rates) exacerbates existing retirement income security challenges. We then document how older people have responded to the evolving retirement income landscape, especially when and how they exit the labor force, and we explore how continued work later in life can help mitigate some of the anticipated retirement security challenges. We then pose some important outstanding questions. The implications of societal aging depend in large part on how we harness or squander the labor resources of older individuals.Less
This chapter describes the challenges and opportunities that older Americans face, with a focus on retirement income security and the role of continued work later in life. We first overview the new world of retirement income security including a discussion of how a low return environment (e.g. low interest rates) exacerbates existing retirement income security challenges. We then document how older people have responded to the evolving retirement income landscape, especially when and how they exit the labor force, and we explore how continued work later in life can help mitigate some of the anticipated retirement security challenges. We then pose some important outstanding questions. The implications of societal aging depend in large part on how we harness or squander the labor resources of older individuals.
