English, Article edition: Social Security Benefit Uncertainty under Individual Accounts Amy Rehder Harris; John Sabelhaus; Michael Simpson

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Bookmark: http://trove.nla.gov.au/version/185111
Physical Description
  • article
Language
  • English

Edition details

Title
  • Social Security Benefit Uncertainty under Individual Accounts
Author
  • Amy Rehder Harris
  • John Sabelhaus
  • Michael Simpson
Physical Description
  • article
Notes
  • Social Security reforms that include individual accounts change both the expected benefit and the benefit risk. This article uses a long-term stochastic forecasting model to estimate the distribution of expected benefits under a simple individual account, recognizing uncertainties in the current system. Introducing individual accounts increases the overall variability of benefit levels relative to current law; indeed the standard deviations of expected benefit gains exceed the level of those gains. The increase in uncertainty about benefit replacement rates is even larger, however, because individual accounts partially sever the link between earnings and benefits in the existing system. (JEL H55) Copyright 2005 Western Economic Association International.
  • RePEc:bla:coecpo:v:23:y:2005:i:1:p:1-16
Language
  • English
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