By Gary Burtless, Henry Aaron
As the typical age of the inhabitants maintains to upward thrust in industrialized international locations, the economic affects of getting older call for ever-closer recognition. remaining the Deficit examines one oft-discussed method of the difficulty —encouraging humans to paintings longer than they now do.
Workers may spend extra years paying taxes and less years drawing pension and future health merits. yet how a lot distinction to spending and sales may longer operating lives make? What steps will be taken to make longer operating lives beautiful? And what could occur to older americans now not capable of delay their paintings lives? best students learn those concerns in Closing the Deficit, edited via Brookings economists Gary Burtless and Henry Aaron.
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Additional info for Closing the Deficit: How Much Can Later Retirement Help?
There is no evidence, especially past age 65, that the increase in employment has been disproportionately concentrated among older workers who are employed on part-time schedules. On the contrary, gains in full-time employment have been proportionately a bit faster than gains in part-time employment. It is nonetheless the case that part-time work remains much more common among older workers than it is in the prime-age workforce. The crucial point is that gains in employment linked to the delay in retirement have not been concentrated solely or even disproportionately in part-time work.
On the contrary, the wages of 62–74-year-olds have improved compared with the wages earned by prime-age workers (that is, workers between 35 and 54 years old). Some of the wage gain can be explained by the relative improvement in older workers’ educational credentials. Compared with aged workers in the 1980s, today’s older workers have educational attainment that is more similar to that of prime-age workers. In addition, older workers have seen an improvement in their relative earnings even if we compare them with prime-age workers who have the same educational credentials.
8 percent. High-income workers, who typically work full time for the full year, are negligibly affected by the assumed delayed retirement. The big gainers are workers in the bottom half of the income distribution. Net income of 65–69-year-olds is projected to increase 38 percent for those in the bottom income quintile and 20 percent for those in the second-lowest quintile. African Americans, Hispanics, and lower-educated seniors gain more than whites and better-educated seniors. 4. Butrica, Smith, and Steuerle (2006).
Closing the Deficit: How Much Can Later Retirement Help? by Gary Burtless, Henry Aaron