Research
The Illusory Benefit of Working Longer on Financial Preparedness for Retirement
Working paper— Contrary to the predictions of theoretical models, working longer does not significantly increase the share of older workers who are financially prepared for retirement.
This paper entertains two distinct hypotheses about the meaning and effect of the Lucas critique.
Economic shocks, such as job-loss, have particularly adverse effects on retirement savings of workers in low-income households, exacerbating retirement savings inequality.
Inadequate wealth accumulations reflect well-known design flaws in the 401(k) system.
Financial necessity is an important reason low-wage households are more likely to make pre-retirement withdrawals from their 401(k) plans.
This paper further explores the plausibility of the Keynesian stability condition by enriching the Kaleckian growth model with a more fully developed Keynesian theory of expectations formation.
The plan proposes a simple, effective solution to address the fundamental flaws in today’s broken retirement system.
The issue of who is responsible for funding climate mitigation and adaptation is central to climate negotiations.
The recent proliferation of state level retirement reform proposals indicates a broad recognition of the looming retirement crisis and suggests that political will for reform is present.
About SCEPA
SCEPA works to focus the public economics debate on the role government can and should play in the real productive economy - that of business, management, and labor - to raise living standards, create economic security, and attain full employment.
