July 16, 2017

Download Aging Issues in the United States and Japan (National Bureau by Seiritsu Ogura, Toshiaki Tachibanaki, David A. Wise PDF

By Seiritsu Ogura, Toshiaki Tachibanaki, David A. Wise

The inhabitants base in either the USA and Japan is ageing and, as these populations age, they impress heretofore unexamined financial effects. This state-of-the-art, comparative quantity, the 3rd within the joint sequence provided by way of the nationwide Bureau of monetary learn and the Japan heart for fiscal learn, explores these effects, drawing particular realization to 4 key parts: incentives for early retirement; mark downs, wealth, and asset allocation over the existence cycle; healthiness care and well-being care reform; and inhabitants projections.Given the indisputable worldwide significance of the japanese and U.S. economies, those cutting edge essays shed welcome new mild at the advanced correlations among getting older and monetary habit. This insightful paintings not just deepens our figuring out of the japanese and American monetary landscapes yet, via cautious exam of the comparative social and financial facts, clarifies the advanced relation among getting older societies, public rules, and financial results.

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For example, elderly Americans who saved when young and thus have higher capital incomes when old pay higher taxes on Social Security benefits. Shoven and Wise (1997, 1998) show that those who save too much in pension plans in particular face very large “success” tax penalties when pension benefits are withdrawn. In addition, pension assets left as a bequest can be virtually confiscated through the tax system. The spend-down Medicaid provision is another example. The belief—perhaps unstated—that chance events determine the dispersion in wealth may weigh in favor of such taxes in the legislative voting that imposes them.

If, on the other hand, the dispersion of wealth among the elderly reflects conscious lifetime spending-versus-saving decisions—rather than differences in lifetime resources—these higher taxes may be harder to justify and appear to penalize savers who spend less when they are young. From an economic perspective, if wealth accumulation is random, taxing saving has no incentive effects. On the other hand, if wealth accumulation results from conscious decisions to save versus spend, penalizing savers may have substantial incentive effects, discouraging individuals from saving for their own retirement and limiting aggregate economic growth.

We are inclined to compare these values to all financial assets that might be used for support in retirement— that is, personal retirement assets, firm pension assets, and other personal financial assets. 7.

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