Supply-Side Consequences Of Social Security Reform: Impacts On Saving And Employment
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Overview: Pension reform can potentially increase saving and improve incentives. The researchers investigate whether these effects are likely to occur and the potential size of the effects on private and total saving and on employment past age 55. Their survey of existing evidence and new empirical analysis focus on three issues: the possible reduction in other government saving if more assets are accumulated in a public retirement program; the reduction in non-pension private saving if assets are accumulated in new private retirement accounts; and the increase in old-age labor supply that could occur if Social Security benefits are reduced.