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Journal articles on the topic 'Individual retirement accounts – Korea'

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Author: Grafiati

Published: 10 December 2022

Last updated: 29 January 2023

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1

Choi, Sujung. "Determinants of Investing in Risky Assets by IRP(individual retirement pension) Holders: Analyses of Gender and Age Factors." Korean Data Analysis Society 24, no. 5 (October 31, 2022): 1837–48. http://dx.doi.org/10.37727/jkdas.2022.24.5.1837.

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This study investigates the determinants of investing in risky assets by IRP(individual retirement pension) holders. The KOSIS(Korean Statistical Information Service) recently started to provide individual-level annual microdata on retirement pension holders from 2015 to 2020 through Microdata Integrated Service(MDIS). The microdata includes all nationwide retirement pension holders with their demographic information such as gender and age. Using the microdata, this study examines the IRP tenure, gender, and age factors which could be related to the investors’ behavior of choosing risky products such as stocks and bonds relative to risk-free assets(i.e., time deposits). In particular, the number of IRP holders has dramatically increased because of the changes in regulation that allows special occupation pension holders and self-employed persons to join the IRP since 2017. The total number of IRP holders was 745,801 in 2015 and became 2,444,765 in 2020; the number of IRP holders who have a balance of risky assets in their accounts has also increased 4.73 times more in 2020 than in 2015. We compare odds ratios and marginal effects by employing the annual cross-sectional logistic regressions and find that the probability of investing in risky assets is 4.72%(2.58%) higher for male IRP holders than for female IRP holders in 2015(2020). Newly joining IRP holders since 2017 are more likely to keep their accounts than prior IRP holders; 20s and 30s IRP holders in 2019 and 2020 are more interested in choosing risky products than before.

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2

Yeh, Chung-Yang, Hyunwook Cheng, and Shih-Jiunn Shi. "Public–private pension mixes in East Asia: institutional diversity and policy implications for old-age security." Ageing and Society 40, no. 3 (September 25, 2018): 604–25. http://dx.doi.org/10.1017/s0144686x18001137.

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AbstractPrevious studies of East Asian welfare regimes focus on similarities between social security schemes. In contrast, this paper explores cross-national variations in public–private pension mixes in six welfare states: China, Hong Kong, Japan, Singapore, South Korea and Taiwan. Our research echoes the pension policy analysis of international organisations but takes a step forward with emphasis on the historical and institutional characteristics of the respective pension systems. The analysis identifies three institutional patterns. First, the statist pension system (Taiwan and China) primarily relies on public pensions to provide old-age security, with private pensions playing a rather minor role. Second, in the dualist pension system (Japan and Korea) both public and private pensions work in parallel to ensure retirement income, though a clear security gap exists between workers in the formal and informal economies. Finally, the individualist pension system (Hong Kong and Singapore) is characterised by genuine fully funded individual accounts, emphasising citizens’ own responsibilities for ensuring old-age security. These three types of pension systems demonstrate distinct institutional characteristics and policy outcomes, illustrated by the juxtaposition of their institutional structures as well as by the comparison of key indicators collected from government reports and Organisation for Economic Co-operation and Development statistics. The paper concludes with a theoretical reflection of East Asian pension policies and a diagnosis of the distinct challenges confronted by each of the various pension patterns.

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3

Garcia, Maria Teresa Medeiros. "Individual Retirement Accounts in Portugal." Mediterranean Journal of Social Sciences 11, no. 1 (January 10, 2020): 97. http://dx.doi.org/10.36941/mjss-2020-0010.

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In Portugal, Individual Retirement Accounts (IRAs) were created with significant tax incentives in 1989. To inform the debate with research findings, the purpose of this paper is to analyze the determinants of IRAs’ participation, both for retired and no-retired persons. The paper uses ASF (Portuguese Insurance and Pension Funds Supervisory Authority) Statistics and European Survey of Health, Ageing and Retirement in Europe (Share) database, Wave 4, and a probit model. The results show that the variables that have a positive and significant impact on the ownership of IRAs are age, years of education, income, and house ownership.

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4

Malliaris, A. G., and Mary E. Malliaris. "Investment principles for individual retirement accounts." Journal of Banking & Finance 32, no. 3 (March 2008): 393–404. http://dx.doi.org/10.1016/j.jbankfin.2007.06.008.

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5

Gravelle, Jane G. "Do Individual Retirement Accounts Increase Savings?" Journal of Economic Perspectives 5, no. 2 (May 1, 1991): 133–48. http://dx.doi.org/10.1257/jep.5.2.133.

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Do IRAs increase savings or are they merely a windfall for otherwise well-off taxpayers? A major objective of universal IRAs was to encourage saving for retirement. A spirited debate has ensued over the use of IRA tax deductions as a means of promoting private savings. The crucial policy issue is not whether IRA contributions were substantial; they clearly were, representing about 30 percent of personal savings from 1982 to 1986. Rather the important question is the source of IRA contributions. IRAs can be financed out of 1) tax savings themselves; 2) shifting existing assets into IRAs; 3) borrowing; 4) diverting new savings into IRAs; or 5) reducing consumption. The key question is how much of IRA savings comes from reduced consumption. For overall savings to increase, private savings must increase by more than the tax savings. Conventional economic theory and evidence strongly suggests that IRAs were not effective savings incentives. The challenge to this view rests largely on studies which have appealed to a variety of “psychological” factors not normally incorporated in economic analysis. This paper reviews both types of analysis and concludes that the conventional view remains sound. Thus, a dollar devoted to deficit reduction is likely to be a safer bet for increasing savings than a dollar devoted to IRA benefits.

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6

Kilgour, John G. "The Role and Importance of Individual Retirement Accounts." Compensation & Benefits Review 52, no. 1 (January 2020): 19–26. http://dx.doi.org/10.1177/0886368720903842.

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What are now called “traditional IRAs” (Individual Retirement Accounts) were created by the Employee Retirement Income Security Act of 1974. Roth IRAs were added in 1997. Employer-sponsored Simplified Employee Pensions–IRAs were added in 1978 and Savings Investment Match Plans for Employees–IRAs (and 401(k)s) in 1996. Together IRAs hold $8.8 trillion in assets, one third of the total $27.1 trillion in all retirement plans. This article examines the role and importance of IRAs in the U.S. retirement system and the development of the different types of IRAs and their interaction with each other.

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7

Shobe, M. A., and S. L. Sturm. "Youth Individual Development Accounts: Retirement Planning Initiatives." Children & Schools 29, no. 3 (July 1, 2007): 172–81. http://dx.doi.org/10.1093/cs/29.3.172.

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8

Kelly, William A., and James A. Miles. "A fisherian analysis of individual retirement accounts." Atlantic Economic Journal 15, no. 2 (July 1987): 1–10. http://dx.doi.org/10.1007/bf02316841.

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9

Kitao, Sagiri. "Individual Retirement Accounts, saving and labor supply." Economics Letters 108, no. 2 (August 2010): 197–200. http://dx.doi.org/10.1016/j.econlet.2010.05.011.

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10

Le Blanc, Julia, and Almuth Scholl. "OPTIMAL SAVINGS FOR RETIREMENT: THE ROLE OF INDIVIDUAL ACCOUNTS." Macroeconomic Dynamics 21, no. 6 (July 7, 2016): 1361–88. http://dx.doi.org/10.1017/s1365100515000899.

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We employ a life-cycle model with income risk to analyze how tax-deferred individual accounts affect households' savings for retirement. We consider voluntary accounts as opposed to mandatory accounts with minimum contribution rates. We contrast add-on accounts with carve-out accounts that partly replace social security contributions. Quantitative results suggest that making add-on accounts mandatory has adverse welfare effects across income groups. Carve-out accounts generate positive welfare effects across all income groups, but gains are lower for low income earners. Default investment rules in individual accounts have a modest impact on welfare.

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11

Fryar, Jr., Johnny, Joe Warther, Todd Thibodeau, and Meyer Drucker. "Retirement And Estate Planning With An Emphasis On Individual Retirement Accounts." Journal of Business & Economics Research (JBER) 10, no. 7 (July 16, 2012): 397. http://dx.doi.org/10.19030/jber.v10i7.7144.

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Tax sheltering earned income for use in later years has become the cornerstone of many taxpayers retirement plans since so many companies have dropped their defined benefit pension plans in order to remain competitive in todays international market place. Many taxpayers are utilizing Traditional IRAs, Roth IRAs and designated Roth accounts as important financial planning tools when the other plans are not readily available or no longer useful for their situations.

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12

O'NEIL, CHERIE J., and G. RODNEY THOMPSON. "PARTICIPATION IN INDIVIDUAL RETIREMENT ACCOUNTS: AN EMPIRICAL INVESTIGATION." National Tax Journal 40, no. 4 (December 1, 1987): 617–24. http://dx.doi.org/10.1086/ntj41788700.

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13

Kitao, Sagiri. "Pension reform and individual retirement accounts in Japan." Journal of the Japanese and International Economies 38 (December 2015): 111–26. http://dx.doi.org/10.1016/j.jjie.2015.06.002.

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14

Gan, Su (Sally), Richard Heaney, and Paul Gerrans. "Individual investor portfolio performance in retirement savings accounts." Australian Journal of Management 40, no. 4 (July 28, 2014): 652–71. http://dx.doi.org/10.1177/0312896214528187.

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15

Byung-Jin Yim. "A Study on the Individual Retirement Accounts Tax Improvement for Successful Retirement Planning." Global Business Administration Review 6, no. 4 (December 2009): 217–32. http://dx.doi.org/10.17092/jibr.2009.6.4.217.

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16

Lei, Shan. "Single women and stock investment in individual retirement accounts." Journal of Women & Aging 31, no. 4 (August 27, 2018): 304–18. http://dx.doi.org/10.1080/08952841.2018.1510241.

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17

Leśna-Wierszołowicz, Elwira. "The development of individual retirement accounts market in Poland." Studia i Prace WNEiZ 44 (2016): 183–94. http://dx.doi.org/10.18276/sip.2016.44/1-15.

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18

Carter, Susan Payne, and William Skimmyhorn. "Can Information Change Personal Retirement Savings? Evidence from Social Security Benefits Statement Mailings." AEA Papers and Proceedings 108 (May 1, 2018): 93–97. http://dx.doi.org/10.1257/pandp.20181041.

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Despite concern about the viability of public retirement programs and potential undersaving for retirement, we still know little about the impact of government provided information on individual behavior. We exploit plausibly exogenous variation in exposure to the world's largest personalized retirement benefits statement from the US Social Security Administration to evaluate the effects of information and encouragement on individual retirement savings decisions. Using three natural experiments between 2011 and 2014 and administrative data, we find no impact of the statements on individual retirement savings in their employer provided retirement accounts.

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19

Rutecka-Góra, Joanna. "Individual Pension Products Offered by Banks in Poland - a Multidimensional Comparative Analysis." Financial Internet Quarterly 17, no. 4 (December 1, 2021): 91–104. http://dx.doi.org/10.2478/fiqf-2021-0029.

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Abstract The supplementary old-age pension system in Poland consists of group and individual plans. This research covers the latter, namely the individual retirement accounts and individual retirement security accounts that were introduced in 2004 and 2012 respectively. The main aim of the paper is to conduct a multidimensional comparative analysis of bank retirement products including the linguistic complexity of documents creating the retirement contracts offered to individuals by banks, and the costliness and profitability of such products in the period 2012-2019. Moreover, it identifies the dependencies between the linguistic and economic traits of retirement contracts offered by banks. The correlation analysis conducted using the Spearman’s rank correlation coefficient showed that the more readable a document of a bank contract is, the higher the interest rate is and the higher the cancellation fees. The results of the study are relevant for both financial institutions and public bodies as they show the key characteristics that may influence the demand for individual retirement products in Poland and may serve as either a stimulator or a barrier in the development of supplementary old-age pension provision.

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20

PACKARD, TRUMAN G. "Are there positive incentives from privatizing social security? A panel analysis of pension reform in Latin America." Journal of Pension Economics and Finance 1, no. 2 (July 2002): 89–109. http://dx.doi.org/10.1017/s1474747202001087.

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The paper estimates the impact of social security reform – specifically, the transition from a purely public pay-as-you-go (PAYGO) system to one with private individual retirement accounts – on the share of the workforce that contributes to formal retirement security systems. Using a simple model of a segmented labor market, the paper exploits variation in data from a panel of eighteen Latin American countries, observed from 1980 to 1999. Results show a positive incentive effect after the introduction of individual retirement accounts that, ceteris paribus, increases the share of the economically active population who contribute to the reformed system. However, this takes place only gradually as employers and workers become familiar with the set of new social security institutions that reforms put in place.

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21

Garcia, Maria Teresa Medeiros, and Pedro Deslandes Correia Vasconcelos Marques. "Ownership of individual retirement accounts – an empirical analysis based on SHARE." International Review of Applied Economics 31, no. 1 (August 23, 2016): 69–82. http://dx.doi.org/10.1080/02692171.2016.1221389.

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22

Attanasio, Orazio P., and Thomas DeLeire. "The Effect of Individual Retirement Accounts on Household Consumption and National Saving." Economic Journal 112, no. 481 (July 1, 2002): 504–38. http://dx.doi.org/10.1111/1468-0297.00728.

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23

GODA, GOPI SHAH, SHANTHI RAMNATH, JOHN B. SHOVEN, and SITA NATARAJ SLAVOV. "The financial feasibility of delaying Social Security: evidence from administrative tax data." Journal of Pension Economics and Finance 17, no. 4 (April 19, 2017): 419–36. http://dx.doi.org/10.1017/s147474721700004x.

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AbstractDespite the large and growing returns to deferring Social Security benefits, most individuals claim Social Security before the full retirement age. In this paper, we use a panel of administrative tax data on individuals likely to financially benefit from delaying Social Security claiming to explore the relationship between Social Security claiming and distributions from tax-advantaged retirement savings accounts. We find that the majority of our sample claim Social Security prior to taking distributions from Individual Retirement Accounts (IRAs). We also find that a third of our sample have IRA balances equivalent to at least two additional years of Social Security benefits, and a quarter have IRA balances equivalent to at least 4 years of Social Security benefits. We complement our analysis with data from the Health and Retirement Study and find that these percentages are considerably higher when other financial assets are taken into account.

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24

Hindle, Don, and Ian McAuley. "Would employment-based healthsavings accounts help Medicare?" Australian Health Review 23, no. 4 (2000): 3. http://dx.doi.org/10.1071/ah000003b.

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This paper was stimulated by the Editorial of Dr Vince FitzGerald in the last issue of AHR on health aspectsof a comprehensive retirement policy (FitzGerald 2000). His main arguments were that increased retirementsavings are desirable, that there should be savings specifically for health care, and that the health savings shouldbe a mix of pooled and individual savings. He justified savings mainly on the grounds of economic prudenceand equity for our children.

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25

Hayes, Adam. "The social meaning of financial wealth: Relational accounting in the context of 401(k) retirement accounts." Finance and Society 5, no. 1 (May 9, 2019): 61–83. http://dx.doi.org/10.2218/finsoc.v5i1.3018.

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Behavioral economics has become a dominant set of theories in explaining economic behavior, yet such behavior remains under the limited purview of psychological, cognitive, or neural approaches. This article draws on and extends Viviana Zelizer’s social meaning of money framework in conjunction with new work in ‘relational accounting’ to suggest a sociological counterpoint, focusing in particular on the social and symbolic meaning attached to individual 401(k) retirement accounts. Following a market downturn, neoclassical and behavioral economics predict various types of behavioral responses, in particular loss aversion – where investors seek to increase risk-taking rather than locking in a sure loss (a loss is more painful to bear than an equivalent gain). A sociological theory that understands the shared meaning of retirement saving would predict something different, a behavior I call durable conservatism. In this article, I show how this concept better explains observed risk behavior in Americans’ 401(k) accounts following the 2002 and 2008 bear markets in stocks, and how that response differed from the behavior documented in non-retirement brokerage accounts.

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26

Kang, Jooyeon, Jungmin Park, and Jaemin Cho. "Inclusive Aging in Korea: Eradicating Senior Poverty." International Journal of Environmental Research and Public Health 19, no. 4 (February 14, 2022): 2121. http://dx.doi.org/10.3390/ijerph19042121.

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Poverty for the elderly is one of the most urgent social problems when discussing the social problems facing Korean society. The purpose of this study is to identify the causes of elderly poverty problems and to seek countermeasures. According to a systematic analysis of the economic difficulties of the elderly population that applies a socioecological model, the cause of elderly poverty is complicated by the specificity of the labor market and pension system in Korean society. This is compounded by the lack of a public support system that can overcome insufficient family care and a lack of individual preparation. To alleviate elderly poverty, this paper recommends three policy alternatives. First, a robust multipillar retirement income security system must be established. To secure a minimal retirement income for the elderly in poverty, who have been marginalized from the public pension system design, the basic pension should be raised for the bottom 70% of senior citizens. Second, in order to tackle labor market duality and early retirement, the seniority-oriented wage system should be reformed into a job-based wage system. Third, to minimize unemployment and promote quality among re-employment jobs, the government should strengthen vocational skills development by expanding programs tailored to older people.

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27

Saftner, Donald V., and Cherie J. O'Neil. "Early withdrawals from individual retirement accounts (IRAs) after the 1986 Tax Reform Act." Journal of Accounting and Public Policy 7, no. 2 (1988): 113–36. http://dx.doi.org/10.1016/0278-4254(88)90014-2.

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28

Lee, Lorraine S., Victoria Hansen, and William Brink. "Tax Retirement Savings Decisions Using an Excel Spreadsheet Approach." Issues in Accounting Education 35, no. 3 (May 26, 2020): 39–55. http://dx.doi.org/10.2308/issues-19-013.

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ABSTRACT Accounting academia and professional organizations alike emphasize the need for the integration of technology and information systems into the accounting curriculum. This case integrates taxation concepts (individual retirement savings) and information systems and technology skills (advanced Excel). The case, which can be implemented at the undergraduate or graduate level, requires students to use advanced Excel technical functionality to calculate the tax implications of retirement investing scenarios using three specific types of tax-deferred retirement accounts—a traditional 401(k), a traditional IRA, and a Roth IRA. As many students who complete this case will work for public accounting firms that offer retirement plans, they will benefit academically, professionally, and personally from the knowledge and skills learned in this case.

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Zhang, Annie Claire. "Financial advice and asset allocation of individual investors." Pacific Accounting Review 26, no. 3 (November 10, 2014): 226–47. http://dx.doi.org/10.1108/par-04-2013-0030.

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Purpose – The purpose of this paper is to explore the differences in KiwiSaver portfolio composition between investors who receive financial advice and those who do not. Design/methodology/approach – Using proprietary data which contain information of 405,107 individual KiwiSaver accounts, this paper examines who receives advice, compares the asset allocations of advised accounts with non-advised accounts, explores the relation of asset allocation with demographic characteristics and compares differences in returns between advised and non-advised investors. Findings – Three key findings are presented in this paper. First, female investors, relatively older investors and investors with higher levels of funds under management (invested wealth) are more likely to receive financial advice. Second, advised investors hold more equity assets. Third, differences in performance between advised and non-advised accounts are marginal. Research limitations/implications – Panel data are not used, which prohibit investigating asset allocation choices overtime. The time series for returns is short, as KiwiSaver has only been operating since 2007. The total portfolio that people own is not known; thus, the values on investment fund information do not represent the total wealth of each person, as other accounts elsewhere may exist. Practical implications – There are broad implications for the New Zealand capital market, retirement policy, financial advice industry and development of financial literacy programmes. Originality/value – The paper examines individual investor behaviour on a nationwide sample and explores how receiving financial advice relates to asset allocation.

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Wojtasiewicz, Tomasz. "Zachowanie społeczeństwa wykorzystującego Indywidualne Konta Emerytalne na tle WIG20." Central European Review of Economics and Management 1, no. 1 (June 12, 2017): 65. http://dx.doi.org/10.29015/cerem.182.

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Aim: The topic of the pension pillar III, a voluntary pension scheme, is occasionally addressed in the media making the public wonder whether it is possible to live a dignified life after retirement. The article makes the attempt to show how households’ interest in Individual Retirement Accounts (in the paper referred to as IKE) has changed in relation to the WIG 20 index. The author believes that the behavior of the capital market influences the public in its decision-making with regard to funds accumulation under the IKE pension system.The aim of the paper is to examine the relationship between household’s showing interest in setting up an individual retirement account and the WIG20 index fluctuation. The study was conducted based on data spanning 12 years, i.e. from 2004 to 2015. The paper outlines the characteristic features of IKE pension accounts, as well as the impact of the stock index WIG20 on the flow of funds placed with IKE.Research method: The analysis using Pearson’s correlation coefficient indicated a small dependency between the number of IKEs and WIG20.Findings: Having examined the different segments if IKE, an unexpected dependency between IKE in a voluntary pension scheme managed by PTE /Universal Pension Fund Company/ and the WIG20 was found.Implications: Investors may find the paper interesting seeing it as a determinant in making investment decisions; it could also be of interest to scholars seeking to investigate in more depth the topic relating to the third-pillar.Limitations: The limitation of the study was lack of data on inactive accounts which have not been deleted.

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Arnold, Séverine, and Anca Jijiie. "Retirement Ages by Socio-Economic Class." Risks 8, no. 4 (October 4, 2020): 102. http://dx.doi.org/10.3390/risks8040102.

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We are interested in defining the optimal retirement age by socio-economic class, given a Defined Benefit and a Notional Defined Contribution scheme. We firstly implement a utilitarian framework. Depending on the risk aversion coefficients and individual time preference factors, the results differ significantly. Since this approach is individualistic, with no consensus in the existing literature on what values these parameters should take, it is not suitable to be used by policy makers. Therefore, we provide an alternative based on two accounts. We look for the retirement age allowing the accumulated value, at the last age with survivors, of the pensions received under each system, held in one account, to be close in value to the accumulated amount should the actuarially fair pension be paid, representing the second account. Our approach results in setting a lower retirement age for lower socio-economic classes and a higher retirement age for wealthier individuals.

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Morgan, L. A., and S. A. Lothian. "Designing successful post-retirement solutions by blending growth, income and protection." British Actuarial Journal 22, no. 1 (March 2017): 177–206. http://dx.doi.org/10.1017/s1357321717000034.

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AbstractThe move from defined benefit to defined contribution (DC) has transferred the longevity and investment risks from the plan sponsor to the individual plan member. Without the actuarial cross-subsidies implied by pooling these risks, the danger of outliving one’s savings is significant. Much attention has been focussed on pre-retirement investment design but less on post-retirement. In most countries, the post-retirement systems in place are insufficient to solve this challenge for small asset sizes or small proportions of individuals’ retirement accounts. However, a number of DC markets are mature, such as Australia and Chile, and the principles of a solution that works for all must be identified. This paper researches a number of post-retirement systems around the world and identifies ten key factors that contribute to post-retirement solution design. These factors can result in an inconsistency between countries regarding the most appropriate post-retirement solution. Additionally, a disconnect is apparent between what retirees need and want in post-retirement. Successful post-retirement solutions will inevitably blend investment and insurance components in a balanced manner. With lengthening life expectancies, research supports strategies that blend a growth and income account-based approach for the first 15–20 years after retirement with longevity protection in later life.

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Homocianu, Daniel. "A Methodology of Discovering Comparable Models. The Case of Investing in Retirement Accounts when Considering Age, Main Residence and Education before 1989 vs. Globalization." Scientific Annals of Economics and Business 67, SI (2020): 19–31. http://dx.doi.org/10.47743/saeb-2020-0026.

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This paper provides a way to discover strong individual influences on investments in retirement accounts. Data are from SHARE-ERIC (Wave7). Principal residences in ex-communist countries or not and full-time education before 1989 served as filters. Two particular models with good classification accuracy resulted based on data mining, variable selection methods, and logistic regressions. A statistical script generated tables with comparable coefficients (average marginal effects). Common influences from the same financial category as the outcome emerged (having life insurance or ever investing in mutual funds or stocks). The younger respondents, those with computer skills or exposed to high stress, are more likely to invest in retirement accounts regardless of the presence of the communist heritage. Specific influences (personality traits and life experiences) also resulted despite the increasing globalization, which, in the case of people over a certain age, was not able to erase some behavioral differences reflected until today.

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YANG, YUNJEONG. "Is adjustment to retirement an individual responsibility? Socio-contextual conditions and options available to retired persons: the Korean perspective." Ageing and Society 32, no. 2 (March 17, 2011): 177–95. http://dx.doi.org/10.1017/s0144686x11000183.

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ABSTRACTAlthough the socio-economic and structural contexts of retirement have been the subject of previous research, few studies state explicitly how societal ageism and structural constraints obstruct retired persons' choices or options available in post-retirement life. This study attempts to contribute to the literature of ageing, retirement, and wellbeing in later life in general, by providing real examples of ageism around the time of retirement as structural constraints of old persons. It also illustrates how they consequently reduce the choices of retired persons, and in turn affect their later life. The study draws on data from interviews with 34 retirees aged in their late fifties and sixties in Korea. Within the socio-economic context of ageism around the time of retirement, four options/strategies appear to be available; namely reconciling, complaining and not knowing what to do, finding roles in other activities, and disengaging. Older persons' decisions to continue to work after retirement are often reconciling ones, that is, taken within a context of limited choice and control. Permanent leavers' decisions not to work are also influenced by the limited quality of work available in the labour market. The study concludes by arguing that policies for older persons should take into consideration their diverse expectations and aspirations for their later life, but, at the same time, should remain aware of their constraints within socio-economic contexts.

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Xu, Ganlin. "Practical Applications of Static and Dynamic Tax Diversification of Withdrawals from Multiple Individual Retirement Accounts." Practical Applications 7, no. 3 (November 13, 2019): 1.8–5. http://dx.doi.org/10.3905/pa.7.3.357.

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CALVO, ESTEBAN, FABIO M. BERTRANOU, and EVELINA BERTRANOU. "Are Old-age Pension System Reforms Moving Away from Individual Retirement Accounts in Latin America?" Journal of Social Policy 39, no. 2 (January 13, 2010): 223–34. http://dx.doi.org/10.1017/s0047279409990663.

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AbstractThis article reviews two rounds of pension reform in ten Latin American countries to determine whether they are moving away from individual retirement accounts (IRAs). Although the idea is provocative, we conclude that the notion of ‘moving away from IRAs’ is insufficient to characterise the new politics of pension reform. As opposed to the politics of enactment of IRAs of the late twentieth century, pension reform in Latin America in recent years has combined significant revival of public components in old-age income maintenance with improvement of IRAs. Clearly, the policy prescriptions that were most influential during the first round of reforms in Latin America have been re-evaluated. The World Bank and other organisations that promoted IRAs have recognised that pension reform should pay more attention to poverty reduction, coverage and equity, and to protect participants from market risks. The experience and challenges faced by countries that introduced IRAs, the changes in policies by international financing institutions, and the recent financial volatility and heavy losses experienced in financial markets may have tempered the enthusiasm of other countries from applying the same type of reforms. Scholars and policy-makers around the globe could benefit from looking closely at these changes in pension policy.

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Frydrych, Sylwia. "Assessment of the functioning of individual retirement in Poland accounts in the years 2012–2017." Studia i Prace WNEiZ 56 (2019): 7–18. http://dx.doi.org/10.18276/sip.2019.56-01.

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JAMES, ESTELLE, GUILLERMO MARTINEZ, and AUGUSTO IGLESIAS. "The payout stage in Chile: who annuitizes and why?" Journal of Pension Economics and Finance 5, no. 2 (May 11, 2006): 121–54. http://dx.doi.org/10.1017/s1474747205002404.

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In 1981 Chile adopted its new multi-pillar system, which featured privately managed individual accounts. Starting in 1983 payouts from the accounts were permitted and detailed rules about payouts were put in place. The Chilean scheme therefore gives us an opportunity to examine how pensioners and pension providers react when individual accounts replace DB systems, and how detailed regulations shape these reactions.Retirees in Chile have a choice between early versus normal retirement (before or after age 65M/60W) and between annuitization versus programmed withdrawals; lump sum withdrawals are largely ruled out. Almost two-thirds of all retirees have annuitized – a very high proportion compared with other countries. This paper argues that this high rate of annuitization is the result of guarantees and regulations that constrain payout choices, insure retirees through the minimum pension guarantee, eliminate other DB components, and give a competitive advantage to insurance companies selling annuities. The minimum pension financed by the government provides insurance to workers with small accumulations, who retire at the normal age with programmed withdrawals, while those with large accumulations retire early and must purchase annuities to acquire longevity and investment insurance. Insurance companies further induce annuitization by marketing aggressively, facilitating early retirement for those who annuitize and offering a high money's worth ratio for price-indexed annuities. We find evidence of adverse selection based on asymmetric information about short-run health status, but this does not seem to deter the high rate of annuitization.

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Lee, Ayoung, and Joonmo Cho. "Effects of Working Couple's Retirement Sequence on Satisfaction in Patriarchal Culture Country." International Journal of Aging and Human Development 87, no. 3 (August 28, 2017): 244–67. http://dx.doi.org/10.1177/0091415017727210.

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We examined the effects of the differences in the retirement sequence (i.e., who retires first between spouses) on satisfaction in Korea of patriarchal culture. Our empirical study demonstrates that households where men retired first had a much lower satisfaction than households where women retired first. In addition, men were found to show lower satisfaction than wives in both households where women retire first and the households where men retire first. Retirement sequence affecting their satisfaction at the point when only one of the spouses is retired continues to affect their satisfaction after both of them are retired. This means that the difference in the couple's retirement sequence has an ongoing effect on their later happiness. The analysis of the effect of a couple's retirement sequence on the satisfaction in their old life may be useful for improving an individual and couples' quality of life in countries with similar cultures.

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Setty, Ofer. "Unemployment Insurance and Unemployment Accounts: The Best of Both Worlds." Journal of the European Economic Association 15, no. 6 (March 11, 2017): 1302–40. http://dx.doi.org/10.1093/jeea/jvx005.

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Abstract Unemployment accounts are mandatory individual savings accounts that can be used only during unemployment or retirement. Unlike unemployment insurance, unemployment accounts solve the moral hazard problem but provide no public insurance to workers. I study a hybrid system that borrows from concepts of both unemployment insurance and unemployment accounts, in which workers are mandated to save when employed and can withdraw from the account when unemployed. Once the account is exhausted, the unemployed worker receives unemployment benefits. This hybrid policy provides insurance to workers more efficiently than an unemployment insurance system because it provides government benefits selectively. As a consequence, young workers can reduce their precautionary savings and better smooth their consumption over the life cycle. Calibrating the model to the US economy, I find that, relative to an optimal unemployment insurance system, the optimal hybrid policy leads to a welfare gain of 2.4%, measured as consumption equivalent variation.

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Eaton, David H. "The Impact of the Source of Changes in Marginal Tax Rates on Participation in Individual Retirement Accounts." Journal of the American Taxation Association 24, no. 1 (March 1, 2002): 46–59. http://dx.doi.org/10.2308/jata.2002.24.1.46.

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This paper uses a series of two-year panels of tax return data to estimate the effects of two sources of tax rate changes on the participation in Individual Retirement Accounts (IRAs). This paper uses a panel logit approach to control for individual specific fixed effects, which may also influence IRA participation behavior. This paper examines participation during the years of open eligibility for IRAs, as well as examining the impact of the 1986 tax reform on participation. A key finding of this paper is that taxpayers' IRA participation decisions are more sensitive to changes in tax rates due to changes in taxable income than to direct changes in the tax tables.

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Kilgour, John G. "Required Minimum Distributions." Compensation & Benefits Review 52, no. 4 (June 5, 2020): 127–37. http://dx.doi.org/10.1177/0886368720925187.

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Required minimum distributions (RMDs) are an important part of individual requirement accounts and defined-contribution retirement plans including 401(k), 403(b) and 457(b) plans. Such plans are intended to provide retirement income for the account owner and his or her spouse. They are not intended to pass untaxed wealth on to the next generation. RMDs do that by requiring that a portion of the balance in an account is distributed (and taxed) each year beginning by age 70½ (recently extended to age 72). This article examines the origins and extensions of RMDs, how they are calculated and how they work. It then assesses the recently enacted SECURE Act and the proposed updated Internal Revenue Service tables of the life-expectancy factors used to calculate the amount of the annual RMDs.

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Hansson, Isabelle, Sandra Buratti, Valgeir Thorvaldsson, Boo Johansson, and Anne Ingeborg Berg. "Disentangling the Mechanisms of Retirement Adjustment: Determinants and Consequences of Subjective Well-Being." Work, Aging and Retirement 6, no. 2 (November 28, 2019): 71–87. http://dx.doi.org/10.1093/workar/waz021.

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Abstract Retirement from work is a major life event requiring adaptation to new life circumstances. The resource-based dynamic model of retirement adjustment suggests that well-being will change due to changes in individual resources. In the present study, we test this hypothesis by investigating longitudinal and bidirectional associations between life satisfaction and perceived resources (i.e., self-esteem, autonomy, social support, self-rated physical health, self-rated cognitive ability, and financial satisfaction) over a 4-year period in the transition from work to retirement. Our sample included annual assessment data from 497 older adults (aged 60–66) in the population-based HEalth, Ageing, and Retirement Transitions in Sweden (HEARTS) study. Results from bivariate latent change score models showed weak but consistent associations between changes in perceived resources and changes in life satisfaction over the retirement transition. Analyses of cross-lagged effects also revealed bidirectional associations. Self-esteem, self-rated physical health, and total resource capability were positively related to changes in life satisfaction, and life satisfaction was positively related to changes in self-esteem, autonomy, self-rated physical health, and self-rated cognitive ability. The total resource capability accounted for 12% of the changes in life satisfaction in the first years following retirement. Life satisfaction accounted for 16% of the changes in autonomy in the transition from work to retirement. Our findings demonstrate that perceived resources are important for life satisfaction in the retirement transition, at the same time as overall life satisfaction accounts for how we perceive and evaluate our own resources during this process.

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Lin, Hsuan-Chih, Atsuko Tanaka, and Po-Shyan Wu. "Shifting from pay-as-you-go to individual retirement accounts: A path to a sustainable pension system." Journal of Macroeconomics 69 (September 2021): 103329. http://dx.doi.org/10.1016/j.jmacro.2021.103329.

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Yildiz, Yilmaz, Mehmet Baha Karan, and Seyma Bayrak Salantur. "An Investigation on Early Voluntary Withdrawals from Individual Retirement Accounts: An Empirical Study on an Emerging Market." Geneva Papers on Risk and Insurance - Issues and Practice 42, no. 4 (February 17, 2017): 732–56. http://dx.doi.org/10.1057/s41288-016-0037-9.

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HEIM, BRADLEY T., and SHANTHI P. RAMNATH. "The impact of participation in employment-based retirement savings plans on material hardship." Journal of Pension Economics and Finance 15, no. 4 (March 30, 2015): 407–28. http://dx.doi.org/10.1017/s1474747215000050.

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AbstractTo contribute to a retirement plan (barring an increase in income), an individual must either reduce consumption or increase debt. Using data from the 2004 wave of the Survey of Income and Program Participation, we examine the extent to which contributing to 401(k)-type accounts leads to an increase in short-term financial difficulties, particularly among low-income individuals. After instrumenting for plan take-up, we find that contributing to a 401(k) plan appears to have a small positive impact on the presence of any material hardship and debt holding among the lowest income quintiles, though that effect diminishes further up the income distribution.

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Laverierre, Kenneth J., and Matthew H. Behrens. "The US department of labor’s final “fiduciary” rule incorporates concessions to financial service industry but still poses key challenges." Journal of Investment Compliance 17, no. 4 (November 7, 2016): 1–22. http://dx.doi.org/10.1108/joic-09-2016-0040.

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Purpose To describe the main provisions of the US Department of Labor’s final “fiduciary” rule and its related prohibited transaction exemptions and the key challenges the rule poses for financial advisers. Design/methodology/approach This article describes the impact of the new “fiduciary” rule on broker-dealers, banks and other financial organizations who will, for the first time since the passage of ERISA, be subject to ERISA’s fiduciary standards and remedies when providing investment and asset management recommendations to individual retirement accounts and other retail retirement clients. Findings The most immediate impact of the rule will be on the compensation practices at broker-dealers and other financial institutions and on the fee and revenue sharing arrangements among funds, fund sponsors and the financial institutions that offer investment advice to retail retirement clients. Although the new rule responds to many of the concerns raised by the financial services industry, compliance with the rule will require the restructuring of pay and compliance policies at financial institutions servicing retail clients. Originality/value Practical guidance from experienced ERISA lawyers.

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de Mesa, Alberto Arenas, and Verónica Monteemos. "The Privatization of Social Security and Women's Welfare: Gender Effects of the Chilean Reform." Latin American Research Review 34, no. 3 (1999): 7–37. http://dx.doi.org/10.1017/s0023879100039352.

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AbstractThe study shows that the new privately managed pension system in Chile has increased gender inequalities. Women are worse off than they were under the old pay-as-you-go system of social security, in which the calculation of benefits for men and women did not differ and women could obtain pensions with fewer requirements than men. Currently, benefits are calculated according to individuals’ contributions and levels of risk. Such factors as women's longer life expectancy, earlier retirement age, lower rates of labor-force participation, lower salaries, and other disadvantages in the labor market are directly affecting their accumulation of funds in individual retirement accounts, leading to lower pensions, especially for poorer women. Lessons from the Chilean reform should encourage scholars, policy makers, and the general public to engage in debates that more adequately incorporate gender variables in designing and implementing policy changes.

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Butler, Graham. "Private Pensions and EU Internal Market Law: Enhancing Retirement Provision through Harmonisation." European Business Law Review 32, Issue 5 (October 1, 2021): 853–76. http://dx.doi.org/10.54648/eulr2021030.

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Pensions, pension policy, and retirement provision has been historically associated with Member States alone. However, this is not so any longer. For years, occupational pension schemes have been brought within the scope of the internal market of the European Union. Extensive judgments from the Court of Justice of the European Union, as well as harmonised legislation from the EU legislature have followed to improve the marketplace for work-related pensions. Today, the market freedoms are now being furthered to cover not just occupational pension schemes, but also, the private pension market. In light of such developments at EU level, including the development of pan-European Personal Pension (PEPP) products, what is evident is a significant shift in the establishment of an EU-wide private pension market, mirroring developments in the United States in what are known as ‘individual retirement accounts’ (IRAs). In light of these EU advances emanating from free movement case law and the PEPP Regulation, with effects for both individual Europeans as future retirees, and financial services undertakings as pension product providers; this article analyses the complementary aspects of both positive and negative integration in the private pension market. The article elaborately demonstrates the significant effect of legal progress, through slow-moving developments, that are collectively contributing to closing the deficit in the retirement provision of Europe’s retirees of the future. EU internal market law, EU free movement law, pension law, private pensions, national personal pension products, PPP, Pan-European Personal Pension Products, PEPP, retirement, harmonisation

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Gramlich, Edward M. "Different Approaches for Dealing with Social Security." Journal of Economic Perspectives 10, no. 3 (August 1, 1996): 55–66. http://dx.doi.org/10.1257/jep.10.3.55.

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This paper discusses the report of the 1994 Quadrennial Advisory Council on Social Security, of which the author was chair. The system is out of long-term actuarial balance and, as a maturing defined benefit pay-as-you-go system, is giving younger cohorts ever lower returns on their payroll contributions. The council suggested three approaches--each of which involves higher national saving and a way to get some retirement funds invested in equities. One of these approaches preserves the present benefit structure, one shifts to large-scale individual accounts, and one is a hybrid.

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