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Friday November 20, 2009

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Retirement

RESEARCH AND COMMENTARY

Save to My PortfolioThe Wealth of Older Americans and the Subprime Debacle

Barry P. Bosworth and Rosanna Smart, November 18, 2009, Center for Retirement Research at Boston College

Barry Bosworth and Rosanna Smart explore the consequences of the housing price bubble and its collapse for the wealth of older households, utilizing micro survey data to follow the rise in home values to 2007 and observing which households enjoyed home price appreciation and how they responded in terms of equity withdrawal. The authors conclude that while older households mitigated their real estate and equity losses with relatively stable fixed-value assets and pension programs, they also lost much of their presumed gains relative to earlier cohorts, and they will have less time to recover. Read More

Retirement, U.S. Economy, Housing

RESEARCH AND COMMENTARY

Save to My PortfolioThe Pension Benefit Guaranty Corporation's $22 Billion Deficit

Douglas J. Elliott, November 13, 2009, The Brookings Institution

The Pension Benefit Guaranty Corporation's $22 Billion DeficitThe Pension Benefit Guaranty Corporation (PBGC), which protects the pensions of 44 million workers, announced a $22 billion deficit for fiscal year ending September 2009. Douglas Elliott analyzes the three main reasons for the PBGC’s financial troubles, and cautions that there are serious structural problems within PBGC that cannot be blamed on the financial crisis. Read More

Pensions, Retirement, Regulation, Social Issues, Quality-of-Life Issues

RESEARCH AND COMMENTARY

Save to My PortfolioRestructuring the Pension Benefit Guaranty Corporation’s Board

Douglas J. Elliott, July 29, 2009, The Brookings Institution

Restructuring the Pension Benefit Guaranty Corporation’s BoardThe Senate is introducing legislation to reform the Pension Benefit Guaranty Corporation (PBGC), which currently protects the pensions of nearly 44 million American workers and retirees. The PBGC is simply too large, complex, and important to maintain its current governance system, according to Douglas Elliott. With the PGBC chronically underfunded, and a deficit that could rise to $100 billion over time, Elliott says one useful step would be to increase the effectiveness of its Board of Directors, making it more in line with other public sector corporations. Read More

Retirement, Governance, U.S. Economy

VIDEO

Save to My PortfolioCan the PBGC Ensure Pension Plans during the Bad Economy?

Douglas J. Elliott, July 27, 2009

Can the PBGC Ensure Pension Plans during the Bad Economy?The Pension Benefit Guaranty Corporation ensures the retirement funds of nearly 44 million American workers and retirees, and now plans to assume responsibility for the pension plans of 70,000 GM workers. Lawmakers are concerned about PBGC's growing deficit, which has tripled to roughly $33.5 billion in six months. Douglas Elliott says they have good reason to be worried, given the current economy.

Retirement, Pensions, Regulation, U.S. Economy

PAST EVENT

Save to My PortfolioAustralia and International Pension Reform: Lessons for the United States

Thursday, July 16, 2009
10:00 AM to 12:00 PM
Washington, DC

Australia and International Pension Reform: Lessons for the United StatesOn July 16, the Retirement Security Project and the Urban-Brookings Tax Policy Center hosted Australian Assistant Treasurer Nick Sherry, to discuss the Superannuation Guarantee- Australia's mandatory retirement savings system- and its relevance to American policy-makers. Read More

Australia and New Zealand, Retirement, Saving, Pensions

BOOK

Save to My PortfolioAutomatic: Changing the Way America Saves

William G. Gale, J. Mark Iwry, David John and Lina Walker, July 01, 2009

Automatic argues for a fresh approach to increase saving, simplify retirement planning, and help manage the risks associated with today's individual account environment. Read More

Retirement, Saving, Aging, Cost of Living

RESEARCH AND COMMENTARY

Save to My PortfolioThe Tripling of the PBGC’s Deficit: What Does it Tell Us?

Douglas J. Elliott, June 04, 2009, The Brookings Institution

The Pension Benefit Guaranty Corporation’s deficit tripled over the last six months and could top out at more than $100 billion. According to Douglas Elliott, this accelerated loss is the result of a combination of factors, including the PBGC’s inability—thanks to Congress—to charge premium rates that would cover its risk, and the investment and funding choices made by the companies that sponsor the pension plans insured by the PBGC. Is another massive bailout in store? Read More

Retirement, Regulation, Quality-of-Life Issues, Economic Mobility

RESEARCH AND COMMENTARY

Save to My PortfolioWhat Happens to the GM Pensions in Bankruptcy?

Douglas J. Elliott, May 29, 2009, The Brookings Institution

What Happens to the GM Pensions in Bankruptcy?General Motors has filed for bankruptcy, and one of many questions is what will happen to its pension promises, which are underfunded by $20 billion. Douglas Elliott says GM is very likely to continue to shoulder the full obligations after restructuring, rather than passing them to the Pension Benefit Guaranty Corporation and taxpayers—for now. Read More

Retirement, Auto Industry, Quality-of-Life Issues, Corporate Social Responsibility

RESEARCH AND COMMENTARY

Save to My PortfolioA Guide to the Pension Benefit Guaranty Corporation

Douglas J. Elliott, May 20, 2009, Center On Federal Financial Institutions

A Guide to the Pension Benefit Guaranty CorporationAs Chrysler and GM face bankruptcy proceedings and restructuring, the Senate held a hearing on whether the Pension Benefit Guaranty Corporation (PBGC) has the capacity to insure the pensions of nearly 44 million Americans who work or have worked at those firms. Douglas Elliott explores the particulars of the PBGC, the precarious situation that the automotive industry finds itself in, and offers 14 possible solutions to the problems that plague the government’s pension program. Read More

Retirement, Regulation, Quality-of-Life Issues, Economic Mobility, Social Issues

VIDEO

Save to My PortfolioSocial Security and Medicare Solvency

Henry J. Aaron, May 14, 2009

The latest report on the solvency of the Social Security and Medicare trust funds reveals that these entitlement programs will likely run out of money sooner than expected. Senior Fellow Henry Aaron assesses the future of these two programs.

Social Security, Social Security Administration, Medicare, Retirement, U.S. Department of Health and Human Services

PAST EVENT

Save to My PortfolioInsufficient Funds: Savings, Assets, Credit and Banking Among Low-Income Households

Monday, May 04, 2009
9:00 AM to 11:00 AM
Washington, DC

More low-income families now need assistance on how to find financial vehicles that will allow them to more effectively manage debt, savings and their financial lives. Brookings hosted a discussion on how recommendations from Insufficient Funds: Savings, Assets, Credit, and Banking among Low-Income Households—a new book edited by Rebecca M. Blank and Michael S. Barr—might be realized in this current economic environment. Read More

U.S. Poverty, Financial Services, Children & Families, Retirement

PAST EVENT

Save to My PortfolioFinancial Literacy in Times of Turmoil and Retirement Insecurity

Friday, March 20, 2009
8:50 AM to 04:30 PM
Washington, DC

On March 20, the Brookings Institution; the Wharton School's Pension Research Council and Boettner Center; the University of Michigan Retirement Research Center; and The Retirement Security Project co-sponsored a conference on financial literacy and retirement preparedness. The keynote address was given by Michael Astrue, commissioner of the Social Security Administration.
Read More

Retirement, Social Security, U.S. Economy

RESEARCH AND COMMENTARY

Save to My PortfolioA Vision for the U.S. Pension System at 100

Henry J. Aaron, January 29, 2009, The Fiscal High Road

Despite criticism of the Social Security Act, and it's application to twenty fist century America, Henry Aaron believes that those views are wrong. In broad outline, he says, the system is sound, sensibly designed, and affordable though some changes are now desirable, and that others will, and should, be made as economic and political conditions warrant. But he urges, they should affirm and strengthen the system, not scale it back or repeal it. Read More

Pensions, Saving, Retirement, Social Security

RESEARCH AND COMMENTARY

Save to My PortfolioFixing the Tax System

William G. Gale and Benjamin H. Harris, December 08, 2008, Tallahassee Democrat

Fixing the Tax SystemInnovative and sound tax policy may be one way out of our financial rut, argue Bill Gale and Ben Harris. An effective tax code can buoy an economic recovery; down the road, taxation can help achieve the Obama administration's goals in health care, in energy policy and, ultimately, for fiscal balance. Read More

Taxes, Tax Reform, Saving, Retirement, U.S. Economy

RESEARCH AND COMMENTARY

Save to My PortfolioFraming, Reference Points, and Preferences for Life Annuities

Jeffrey R. Kling, Jeffrey R. Brown, Sendhil Mullainathan, Garth R. Wiens and Marian V. Wrobel, October 31, 2008, The Brookings Institution

In this paper, Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, Garth R. Wiens and Marian V. Wrobel test the relative effectiveness of their two framing contexts for life annuities when different reference points are introduced, testing for loss aversion in both investment and consumption frames. Read More

Retirement, Financial Services, Saving

In Brief

With millions of workers nearing age 65, retirement saving remains a crucial issue to the American public. But only half of American workers have access to an employer-based retirement plan and many observers are concerned that Americans are saving too little for retirement.

Featured Experts

William G. Gale

William G. Gale

Senior Fellow, Economic Studies
Arjay and Frances Miller Chair in Federal Economic Policy

Bill Gale, the Arjay and Frances Miller Chair in Federal Economic Policy in the Economic Studies Program at Brookings, is an expert on tax policy, fiscal issues, pensions, and saving behavior. He is also co-director of the Tax Policy Center and director of the Retirement Security Project.
Read More

Barry P. Bosworth

Barry P. Bosworth

Senior Fellow, Economic Studies, Global Economy and Development
The Robert V. Roosa Chair

A former presidential advisor, Barry Bosworth is an expert on fiscal and monetary policy, economic growth, capital formation, and Social Security. His recent projects include studies of U.S. saving behavior and economic growth in China and India.
Read More

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ExpertFederiga Bindi

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Research ProjectLatin America Initiative

The Latin America Initiative provides high-quality, in-depth, and independent research across a range of economic and political issues, and offers policy recommendations aimed at U.S. and Latin American policymakers.

ExpertVanda Felbab-Brown

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ExpertSuzanne Maloney

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ProgramGovernance Studies

Governance Studies explores political institutions of the United States and other democracies to assess how they govern, how their practices compare and how citizens and public servants can advance sound governance.

TopicEducation

The economic and political well-being of any society requires a well-educated citizenry. Brookings’s work extends beyond the K-12 bookends to include pre-school interventions, higher education and the challenges of education in developing countries.

ExpertIsabel V. Sawhill

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Policy CenterEngelberg Center for Health Care Reform

The Engelberg Center for Health Care Reform provides practical solutions to achieve high-quality, innovative, affordable health care with particular emphasis on identifying opportunities on the national, state and local levels.

ExpertDomenico Lombardi

As president of the Oxford Institute for Economic Policy, Domenico Lombardi’s work at Brookings focuses on the international financial crisis and the reform of the IMF and the World Bank. He is an expert on G-20 and G8 Summits.

TopicHealth Care

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Mark McClellan works on promoting high-quality, innovative and affordable health care. Once commissioner of the Food and Drug Administration and administrator of the Centers for Medicare & Medicaid Services, Dr. McClellan now directs the Engelberg Center for Health Care Reform.

ExpertMwangi S. Kimenyi

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Research ProjectBrookings-Bern Project on Internal Displacement

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