BOOK
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
RESEARCH AND COMMENTARY
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
RESEARCH AND COMMENTARY
Douglas J. Elliott, May 29, 2009, The Brookings Institution
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
RESEARCH AND COMMENTARY
Douglas J. Elliott, May 20, 2009, Center On Federal Financial Institutions
As 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
VIDEO
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.
PAST EVENT
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
PAST EVENT
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.
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RESEARCH AND COMMENTARY
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
RESEARCH AND COMMENTARY
William G. Gale and Benjamin H. Harris, December 08, 2008, Tallahassee Democrat
Innovative 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
RESEARCH AND COMMENTARY
Gary Burtless, October 31, 2008, The Brookings Institution
While Social Security’s long-term problems represent a major policy challenge, the sharp fall in stock prices serves as a reminder that many substitutes for Social Security – such as individual retirement accounts -- have problems of their own. Gary Burtless analyzes how personal retirement savings accounts have performed historically, including over the past 12 months, and finds that retirement funds invested solely or mainly in the stock market offer a very shaky foundation for retirement income. Read More
RESEARCH AND COMMENTARY
Jeffrey R. Kling, Jeffrey R. Brown, Sendhil Mullainathan, Garth R. Wiens and Marian V. Wrobel, October 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
RESEARCH AND COMMENTARY
Henry J. Aaron, September 22, 2008, The Brookings Institution
In the midst of the financial chaos enveloping Wall Street and threatening the U.S. and global economy, Henry Aaron says it is worth a moment to recall the quite serious debate just three years ago about partly privatizing Social Security, a step that would have exposed retirement and disability pensions to risks like those now confronting private investors. Read More
PAST EVENT
Wednesday, July 30, 2008
10:00 AM to 12:00 PM
Washington, DC
As baby-boomers begin to retire and health care spending continues to outpace income growth, Medicare faces a dire financial future and needs reform. To help guide the debate that will precede this reform, Henry Aaron and Jeanne Lambrew have written Reforming Medicare: Options, Tradeoffs, and Opportunities which outlines three broad approaches to reform. At this event, Aaron, Lambrew and other advocates discussed the three different reform strategies. Read More
RESEARCH AND COMMENTARY
J. Mark Iwry and David C. John, July 16, 2008, Senate Special Committee on Aging
Fully half of America’s working families lack any employer-sponsored retirement savings plan. Testifying before a Senate panel, J. Mark Iwry and David C. John called for a common strategy to preserve and expand retirement savings in a manner that transcends partisan differences, an approach that includes preserving employer-sponsored retirement plans and broadening participation and coverage options. Read More
RESEARCH AND COMMENTARY
J. Mark Iwry, June 26, 2008, House Committee on Ways and Means, Subcommittee on Select Revenue Measures
J. Mark Iwry and David C. John propose an automatic IRA approach which offers most employees not covered by an employee-sponsored retirement plan the opportunity to save through the powerful mechanism of regular payroll deposits that continue automatically. Read More