Journal articles on the topic 'Individual retirement accounts – Management'
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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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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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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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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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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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Trippner, Paweł. "Determinants of pension capital management in Poland." Investment Management and Financial Innovations 17, no. 4 (December 11, 2020): 315–26. http://dx.doi.org/10.21511/imfi.17(4).2020.27.
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The pension system’s construction is an important element of the public finance system and the state budget policy. It is a relevant and important topic from the perspective of the level of cash benefits for future retirees after they finish their professional careers.The aim of the paper is to present and analyze the evolution of solutions in the construction of the pension system in Poland since its first reform in 1999. The paper analyzes various options of investing for future pensions allowed by law in Poland. Simulations of the levels of future pension benefits are based on different variations, including membership or non-membership in an Employee Capital Plan and membership or non-membership in an Individual Retirement Account after the liquidation of Open Pension Funds.According to the calculations, the future pensioner can count on the total payment from the commercial pillars, assuming the average life expectancy in Poland is reached: PLN 230,100 (Option I), PLN 346,698 (Option II), PLN 187,643 (Option III), and PLN 304,240 (Option IV), respectively.It is an emphasized fact that ensuring the living standard’s expected level after reaching retirement age is strictly dependent on voluntary investments for future benefits during professional activity.
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CHAVEZ-BEDOYA, LUIS. "The effects of risk aversion and density of contribution on comparisons of administrative charges in individual account pension systems." Journal of Pension Economics and Finance 16, no. 1 (April 26, 2016): 1–20. http://dx.doi.org/10.1017/s1474747216000068.
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AbstractThis paper studies the effects of risk aversion and density of contribution (DoC) on comparisons of proportional charges on flow (contributions) and balance (assets) during the accumulation phase of a defined-contribution pension plan in a system of individual retirement accounts. If the participant's degree of risk aversion increases and both charges yield the same expected terminal wealth, then the charge on balance improves with respect to the charge on flow when performing comparisons that examine the ratio between the resulting expected utilities of terminal wealth. When this methodology is applied to the Peruvian Private Pension System, empirical results demonstrate that the aforementioned result also holds for arbitrary charges on flow and balance and that the effect of DoC on these comparisons is nearly negligible for most of the assessed scenarios.
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CHIA, NGEE CHOON, and ALBERT K. C. TSUI. "Life annuities of compulsory savings and income adequacy of the elderly in Singapore." Journal of Pension Economics and Finance 2, no. 1 (March 2003): 41–65. http://dx.doi.org/10.1017/s1474747203001239.
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Singapore has a publicly managed central provident fund (CPF) system, which is compulsory and based on individual accounts with an explicit link between contribution and benefits. This paper assesses the adequacy of the CPF saving to meet the retirement needs of the elderly in Singapore. Instead of emphasizing the mechanism of accumulation, we focus on the expenditure side of the lifetime budget of the elderly and estimate the present value of retirement consumption (PVRC). The estimated PVRC is obtained by simulations through three major components: calibration of subsistence and medical expenses of the elderly; forecast of cohort survival probability by age and by sex; and generation of yield curves to discount the future cash flows. Our results indicate that the existing CPF-decreed minimum sum is inadequate to meet the future consumption needs of the female elderly. The inadequacy becomes more severe when medical expense is set at higher growth rates. Moreover, the monthly payouts of a single premium deferred annuity are computed as illustrative examples.
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KARAMCHEVA, NADIA S., and GEOFFREY SANZENBACHER. "Bridging the gap in pension participation: how much can universal tax-deferred pension coverage hope to achieve?" Journal of Pension Economics and Finance 13, no. 4 (February 20, 2014): 439–59. http://dx.doi.org/10.1017/s147474721400002x.
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AbstractIn light of the declining pension coverage of low-income workers, policy makers have discussed requiring all employers to offer individual retirement accounts, similar to defined contribution plans. How likely to participate are workers who currently do not have access to a pension plan? We address this question by using plausibly exogenous variation in pension-plan availability to estimate the determinants of participation in a standard selection on unobservables model. We find that currently uncovered low-income workers are fairly likely to participate in a newly offered plan, yet they are much less likely to do so than currently covered workers.
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Bishop, Christine, and Karen Zurlo. "Economic Uncertainties in Retirement: Risk Factors, Strategies, and Resilience." Innovation in Aging 4, Supplement_1 (December 1, 2020): 685. http://dx.doi.org/10.1093/geroni/igaa057.2392.
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Abstract Even with forethought and planning, a lot can threaten economic wellbeing in the years ahead for older adults retiring at typical retirement ages. Although results for any individual cannot be predicted with certainty, some risks are quantifiable: for example, mortality/ longevity and disability risks are reasonably well-defined. Risk of dementia is not so well understood, and may be changing. Financial risk might be seen as manageable, but older adults relying on retirement income sources can be especially vulnerable to unprecedented shocks to the general economy. We consider four aspects of this dilemma. First, older adults retiring with outstanding debts may have difficulty weathering financial shocks. Our first presentation provides up-to-date information about trends in indebtedness at older ages, especially focusing on newly salient types of indebtedness: medical and student loan debt, and debt incurred to smooth finances in the recent recession. Stewardship of finances during retirement can be a challenging personal management undertaking. Our second presentation will consider how dementia can complicate this process. Protection against outliving one’s resources is more complex and costlier in the era of defined contribution retirement accounts. Our third presentation will discuss strategies to combine retirement assets, including Social Security claiming, to hedge longevity risk. Finally, needs for long-term services and supports may be met with either paid or informal (family) care, or both, but cannot be predicted with certainty. Our fourth presentation examines the long-term impacts on families due to the difficulty in insuring against this risk. Economics of Aging Interest Group Sponsored Symposium.
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Lee, Yi-Tsung, Yu-Jane Liu, and Ning Zhu. "The Costs of Owning Employer Stocks: Lessons from Taiwan." Journal of Financial and Quantitative Analysis 43, no. 3 (September 2008): 717–40. http://dx.doi.org/10.1017/s0022109000004269.
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AbstractUsing data on all employees at listed companies in Taiwan, we find that the bias toward employer stocks is generic to individual investor decision making, but not limited to retirement plans. Seventy-one percent of the sample employees invest in employer stocks and employer stocks make up on average 47% of employee equity portfolios. The underdiversification resulting from the bias toward employer stocks is very costly. Holding current portfolio risk constant, employees forego 4.89% per annum in raw returns by investing in employer stocks, which represents 39.74% of their average 1998 salary income. Our findings have important implications for social security reform and retirement account management.
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JAMES, ESTELLE. "How can China solve its old-age security problem? The interaction between pension, state enterprise and financial market reform." Journal of Pension Economics and Finance 1, no. 1 (March 2002): 53–75. http://dx.doi.org/10.1017/s1474747202001026.
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Like most countries, China faces a rapidly aging population and a looming social security crisis. Prefunding and unifying a fragmented system are at the heart of the government's projected reforms that are intended to prevent this crisis. The Chinese plan to set up individual accounts to deal with these problems is retarded by three key factors:1 transition costs must be covered in any move toward prefunding, and the Chinese government is still trying to figure out how to accomplish this;2 the current social security system is characterized by fragmentation and decentralized administration, which lead to principal–agent/ moral hazard issues that make it more difficult to cover transition costs, decrease early retirement and increase compliance;3 the funds that have accumulated have not been invested in diversified portfolios by competitive management and have not earned a high rate of return.This paper focuses on these three problems as well as the complex interactions between pension, financial market and state-owned enterprise (SOE) reform. We summarize the bold steps that the government has announced during second half of 2001 to link pension, financial market and SOE reform.
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Belogrud, I. N. "DEVELOPMENT OF THE ORGANIZATION'S PERSONNEL MANAGEMENT TECHNOLOGIES TAKING INTO ACCOUNT SOCIAL EXPECTATIONS." Scientific Review Theory and Practice 10, no. 12 (2020): 3093–100. http://dx.doi.org/10.35679/2226-0226-2020-10-12-3093-3100.
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Human resource management technologies of an organization are one of the varieties of social technologies. Management technologies aim to optimize the management process for working with the organization's personnel. The problem with measuring their effectiveness is that each individual technology is applied differently, which makes determining its effectiveness very difficult. With the development of digitalization, the field of personnel management has changed a lot in technical terms. New technologies are increasingly being used to create flexible jobs such as telecommuting and freelancing. This creates some difficulties for specialists in the field of personnel management. COVID - 19 betrays these processes even more acceleration and significance. Polls show that almost three quarters of employees would like to work remotely after the end of the pandemic. Among managers, the share of those loyal to telecommuting is also growing. At the same time, neither management nor employees for the most part see much difference in the efficiency of work in the office or from home. The nature of certain types of work, working relationships and control has changed. Socio-psychological technologies can also apply new technical means. The growing trend in staff attitudes towards early retirement should also be taken into account. Technology has had a major impact on organizational processes, including those related to human resource management. Technology continues to reshape human resources management as organizations strive to lower their costs and focus on mobility and innovation. They are one of the most important points of corporate strategy and provide the prospect of a complete change in the methods of organizing personnel and communication, taking into account the dynamics of social expectations of employees.
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Liao, Jing, Jing Zhang, Jinzhao Xie, and Jing Gu. "Gender Specificity of Spousal Concordance in the Development of Chronic Disease among Middle-Aged and Older Chinese Couples: A Prospective Dyadic Analysis." International Journal of Environmental Research and Public Health 18, no. 6 (March 11, 2021): 2886. http://dx.doi.org/10.3390/ijerph18062886.
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This study aimed to explore the gender specificity of spousal concordance in the development of chronic diseases among middle-aged and older Chinese couples. Data of 3420 couples were obtained from the China Health and Retirement Longitudinal Study (CHARLS). Multivariate logistic regression was used to analyze the incidence of chronic disease development over 4 years, conditional on the spousal baseline chronic disease status; and stepwise adjusting for the couples’ sociodemographic characteristics (i.e., age, education, retirement status and household income), and their individual lifestyle (i.e., smoking, drinking, exercise, social participation and BMI) all measured at baseline. The incidence of chronic diseases after 4 years of follow-up was 22.95% in the husbands (605/2636) and 24.71% in the wives (623/2521). Taking the couples’ baseline sociodemographic and lifestyle covariates into account, husbands whose wife had chronic diseases at baseline showed an increased risk of developing chronic diseases over 4 years (ORadjusted = 1.24, 95%CI: 1.02, 1.51), but this risk was not statistically-significant for wives (ORadjusted = 0.88, 95%CI: 0.71, 1.08). Our study identified gender specificity of spousal concordance in the development of chronic diseases among middle-aged and older Chinese couples. This finding may contribute to the design of couple-based intervention for disease prevention and management for community-dwelling older adults.
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Tomlinson, Jennifer, Marian Baird, Peter Berg, and Rae Cooper. "Flexible careers across the life course: Advancing theory, research and practice." Human Relations 71, no. 1 (November 13, 2017): 4–22. http://dx.doi.org/10.1177/0018726717733313.
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This introductory article sets out a framework for conceptualizing flexible careers. We focus on the conditions, including the institutional arrangements and the organizational policies and practices, that can support individuals to construct flexible and sustainable careers across the life course. We ask: What are flexible careers? Who are the (multiple) actors determining flexible careers? How do institutions and organizational settings impact upon and shape the career decisions and agency of individuals across the life course? We begin our review by providing a critique of career theory, notably the boundaryless and protean career concepts, which are overly agentic. In contrast, we stress the importance of institutions, notably education and training systems, welfare regimes, worker voice, working-time and leave regulations and retirement systems alongside individual agency. We also emphasize the importance of various organizational actors in determining flexible careers, particularly in relation to flexible work policies, organizational practices, culture and managerial agency. Finally we argue for the importance of a life course framing taking into account key transition points and life stages, which vary in sequence and significance, in the analysis of flexible careers. In concluding remarks, we urge researchers to use and refine our model to the concept of flexible careers conceptually and empirically.
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Vigodchikova, I. Y. "About the Management of the Pension Accumulation Taking into the Risk’s Control." Izvestiya of Saratov University. Economics. Management. Law 13, no. 2 (2013): 227–32. http://dx.doi.org/10.18500/1994-2540-2013-13-2-227-232.
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Introduction. To stably receive a high enough retirement in the future, the individual should early start to make pension savings and efficiently and deliberately be engaged in pension schemes not only to return but also to increase his/her savings. For this, pension savings schemes should be analyzed from the viewpoint of personal preferences and effective interest rates, and the risks of possible losses due to the activity of pension funds should be taken into account. The aim of this work is to develop recommendations for the individual to play an active role in the management of his/her pension savings and offer a mathematically-based model for making decisions on the structure of savings. To achieve this object, a version of pension savings is considered on the basis of preliminary analysis of pension funds’ performance indicators and making decisions on entering pension schemes by comparison of the investment risk (due to instable financial indicators) and the effective interest rate of the pension scheme selected. Methods. A number of new mathematical models of pension schemes and a new method of pension savings optimization on the basis of the uniform distribution of the risk of investment are proposed. Results. A model example of pension savings is provided with the account of the equitable distribution of the investment risk in three funds. Conclusion. To reduce risks, the participant himself can manage his/ her savings portfolio, entering several pension funds simultaneously and taking into account his/her assessments of profitability and risks. For this, it is desirable to develop an investment risk estimation system. It is advisable to take an appropriate effective interest rate as the profitableness of a pension scheme. The work presents a mathematical model for the management structure of pension savings and demonstrates its application. The obtained solution on the structure of savings can remain unchanged for a number of years, and may vary by reviewing main parameters and indicators of the risk of pension schemes.
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Turner, John A., and Bruce W. Klein. "Improving on Defaults: Helping Pension Participants Manage Financial Market Risk in Target Date Funds." Risks 9, no. 4 (April 19, 2021): 79. http://dx.doi.org/10.3390/risks9040079.
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The central issue of this paper is analysis and resulting proposals to help unsophisticated pension participants achieve pension portfolios that match their level of risk aversion when there is a large amount of unexplained heterogeneity in risk aversion. Target date funds are commonly used as the default investment in defined contribution plans in the U.S., UK and other countries. These funds recognize that individuals usually should hold less risky investment portfolios as their expected retirement date approaches because their ability to bear financial market risk declines as the time horizon decreases. However, these funds do not account for differences in risk aversion among people with the same target date. Empirical studies find large amounts of unexplained heterogeneity in risk aversion. Target date funds cannot deal with this issue simply by sorting people into demographic groupings, other than age, that are known to affect risk aversion, such as gender. Financial education can help people do a better job of managing financial market risk in their pension portfolios, but we argue that it is unreasonable to expect millions of pension participants to attain advanced levels of financial literacy. This paper considers three innovations in target date funds that can help individual pension participants do a better job of managing financial market risk. The analysis can be applied to other situations where defaults are used for investing pension participants’ portfolios. The paper suggests new lines of research relating to individual differences in risk aversion.
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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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PRYIMAK, Iryna, and Bohdana VYSHYVANA. "NON-STATE PENSION PROVISION IN THE SYSTEM OF SOCIAL PROTECTION OF THE UKRAINIAN POPULATION." WORLD OF FINANCE, no. 3(60) (2019): 121–38. http://dx.doi.org/10.35774/sf2019.03.121.
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Introduction. The Ukrainian system of social protection, which is mainly financed by the budget funds and funds of state social insurance funds, is currently unable to provide a decent level of pensions. Involving non-state financial institutions in solving this problem allows to increase the efficiency and flexibility of the system of social protection of the population in old age. Purpose. The purpose of the article is to analyze the situation, outline the problems of development and develop practical recommendations for improving the non-state pension provision as an instrument of social protection for people of retirement age. Results. The essence and structure of the system of the population social protection is uncovered, which unites state and non-state constituents. The dynamics of budget expenditures on social protection and expenditures of the Pension Fund of Ukraine are analyzed. The increasing deficit of the Pension Fund has been revealed, which indicates a profound financial crisis in the pension system. There has been made an evaluation of the development of nonstate pension provision as a mechanism for the formation of additional financial resources for the payment of pensions. It has been established that non-state pension funds (NPFs) are the main financial institutions that provide accumulation of pension assets. The analysis of NPF activity in Ukraine shows a reduction in their number, exceeding the number of NPF participants over the number of contracts concluded, a small amount of contributions from individuals, an increase in retirement benefits, a slight increase in the value of retirement assets, as well as imbalances in the volume of assets by types of NPFs. There has been highlighted the role of life insurance companies in non-state pension provision, which consists in entering into life insurance pension insurance contracts with an NPF participant, calculation and payment of an additional pension. The directions of activity of banking institutions in the system of non-state pension provision regarding the establishment of an NPF, the role of the custodian bank of NPF, maintenance of insurance companies engaged in pension insurance, and the attraction of pension funds through the opening of pension deposit accounts are disclosed. Conclusions. The proposals on the necessity of developing well-balanced rational and effective of socio-economic, normative-legal, organizational management decisions for the preparation and implementation of an effective strategy for the development of non-state pension provision, are substantiated.
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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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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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Jędrzychowska, Anna, Ilona Kwiecień, and Ewa Poprawska. "The Motherhood Pension Gap in a Defined Contribution Pension Scheme—the Case of Poland." Sustainability 12, no. 11 (May 29, 2020): 4425. http://dx.doi.org/10.3390/su12114425.
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A gender gap in pensions has recently been discussed in the context of non-discrimination and the sustainability of pension systems. Such systems in Europe are evolving towards strengthening the role of individual contributions from periods of paid work. Among other factors, the women’s pension gap is affected by interruptions in employment arising from care responsibilities. The purpose of this article is to measure the pension gap associated with having children in defined contribution pension systems. Using financial mathematics, the retirement capital of a childless woman (without breaks in work) was determined and compared with mothers of 1–4 children. The results indicate that the motherhood pension gap is approximately 4.5%–9.5%, 7.5%–15%, 9%–20%, and 12.5%–25% for mothers of 1, 2, 3, and 4 children, respectively. Measuring these individual gaps allows the cost of investing in children to be estimated. Significant for systemic and individual decisions is that the gap size is highest by the first and the second child, however the decision about the third child—relevant to the demography as ensuring the generational replacement—means the whole pension gap could rise to 20%. This could help support a policy of counteracting adverse demographic trends in fertility rates through the building of socially sustainable pensions schemes. In terms of future research, it forms the basis for building a gap measurement model that takes into account various drivers of the gender gap.
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Dzvinchook D. I., Liutyi M. O., and Petrenko V. P. "GRAPHO-ANALYTICAL MODELING OF PROCESSES OF INTERACTION OF ELEMENTARY COMPONENTS OF A MANAGEMENT PAIR." International Journal of Innovative Technologies in Economy, no. 8(20) (November 30, 2018): 8–15. http://dx.doi.org/10.31435/rsglobal_ijite/30112018/6208.
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In order to analyze and justify the choice of the recommended modes of interaction of people in organizational entities, the article covers the main possibilities of increasing the effectiveness of human interaction on the basis of interpreting a typical management pair in the form of two elementary components that can interact in the "subject-object", "subject-subject”, “object-subject” and “object-object” modes, taking into account the fact that each component is characterized by a certain level of subjectivity. At the same time, the authors take into account the fact that during the life of a person and its life cycle in an organizational formation the level of subjectivity of any person varies within the boundary of the linear continuum object - subject, and its subjectity in organizational formation is defined by no means other, as the current state of the ratio of the number of formal and informal influences of the individual as a subject to other members of the organization to the number of the same effects on it as an object from other members of the organization. Due to the fact that the life cycles of the elementary components are characterized by the presence of each of the periods of increase in subjectivity with the achievement of each peak value and the subsequent gradual loss after release or retirement, it is demonstrated that the joint and equally effective activity of the components is possible only provided that they maintain the subject-subject mode of interaction, which corresponds to the dialogue of the two parties, rather than management of or management by one side of the other. Using the superposition of graph- analytic dependencies of Dunig-Kruger and changes in subjectivity throughout life, it is proved that the basic condition for the implementation of such a managerial dialogue is the awareness of both components of the managerial pair of the fact that the concept of the subject loses meaning without the existence of the object, and therefore maintaining the process of dialogue-cooperation is possible only under the condition of equality and freedom of the participants and the inter-orientation of each of the partners as the subject, the tool for establishing partnerships is management on the basis of the dialogue communication process with the mutual recognition of each of the participants in their freedom, equality and value - subjectivity. It has been established that the priority factors determining the results of the operation of a typical management pair are not the structure and the relationship between its constituent elements, but the intellectual, moral and psychological characteristics of these elements and the awareness of the latter as partners that jointly solve the problem with the achievement of mutually established and harmonized goals.
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ALONSO, JAVIER, CARMEN HOYO, and DAVID TUESTA. "A model for the pension system in Mexico: diagnosis and recommendations." Journal of Pension Economics and Finance 14, no. 1 (March 25, 2014): 76–112. http://dx.doi.org/10.1017/s147474721400016x.
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AbstractThe reform of the pension system of the Mexican Social Security Institute (IMSS) in 1997, limited the growing fiscal cost of the previous pay-as-you-go scheme. Sixteen years on from its creation, the Retirement Savings System (SAR) has had favourable macroeconomic effects for Mexico, as it has significantly increased financial savings and encouraged the development of local financial markets.However, the employment and pension coverage has not developed as hoped, due to the high rate of informality in the labour market. In addition, the replacement rates (RR) forecast for old-age pensions from the defined-contribution scheme will be low, due to problems exogenous to the pension system, such as low contribution rates and low contribution densities. The main objective of this study is to develop a macroeconomic and actuarial projection model to simulate the expected coverage and RR for the period 2012–2050, within the framework of a demographic and economic forecast that will allow a detailed diagnosis of the current conditions of the pension system. The results reveal the unpromising scenario that the pension system has and will continue to have in the long term, with limited improvements in coverage rates. The possibility of obtaining adequate pensions will be restricted to those who have socioeconomic conditions with a long employment history, who can thus make contributions to their individual accounts.Taking into account this baseline projection scenario, we simulate the expected effects of applying a set of proposals with the aim of tackling the main problems, such as the low coverage, low RR, and low level of participation by young people in the system.
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Aguila, Emma, Michael D. Hurd, and Susann Rohwedder. "How Do Management Fees Affect Retirement Wealth under Mexico's Personal Retirement Accounts System?" Latin American Policy 5, no. 2 (November 14, 2014): 331–50. http://dx.doi.org/10.1111/lamp.12051.
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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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Safin, O., and S. Sendetska. "State marketing in the improvement of pension provision in Ukraine." Ekonomìka ta upravlìnnâ APK, no. 2 (169) (December 9, 2021): 101–9. http://dx.doi.org/10.33245/2310-9262-2021-169-2-101-109.
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The paper aims to determine the features and justify the need to use state marketing to meet public needs as one of the types of marketing. It has been found out that the main goal of state marketing is to study and form a complex of needs (individual, group, public) and develop effective ways to satisfy them, taking into account real economic opportunities and other limiting factors. The study reveals the difference in state marketing and the political and social one. It is indicated that state marketing, along with well-known marketing tools, uses administrative, organizational, regulatory and other levers of influence. It has been established that the state represented by the central and local government bodies is the main subject of state marketing. The state can directly participate in meeting needs and (or) create an environment and conditions for their implementation. Some aspects of state marketing use are considered on the example of meeting the need for material support for people of retirement age. The main components of the set of state marketing in pension provision have been determined. It has been proven that they are all interconnected and interdependent and require research, further improvement and development. The key important tasks of the pension reform are considered. The decisive role of the state in pension provision has been proved. It is noted that radical measures are inappropriate to apply in the pension system reforming - it is necessary to predict the social consequences of the decisions taken, since they are often accompanied with active public protests. Therefore, any pension reform must be accompanied by appropriate marketing communications. The main goal of state marketing in pension provision is determined. It involves the development of a pension system aimed at qualitative satisfaction of individual and collective needs in pension provision, as well as in creating conditions conducive to its effective functioning. It is indicated that a comprehensive approach is required to reform the pension system along with improving the entire social protection system in the state, economic development stimulation, increase in the level of the population wages and employment. Key words: needs, state marketing, marketing, pension provision, pension, political marketing, social marketing.
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Volkova, T. G. "ORGANIZATION OF THE EMISSION OF THE BONDED LOAN OF THE PENSION FUND OF RUSSIA AS A WAY OF FINANCING ITS BUDGET DEFICIT." Bulletin of Udmurt University. Series Economics and Law 29, no. 5 (September 25, 2019): 564–73. http://dx.doi.org/10.35634/2412-9593-2019-29-5-564-573.
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In recent years, revenues and expenditures of the PFR budget are constantly growing, and their growth is about the same magnitude. The decrease in revenues in 2014 was due to a decrease in allocations from the Federal budget, as well as a change in the legislation on compulsory pension insurance, in accordance with which it was decided to send all insurance contributions at the individual rate to finance the insurance part of the labor pension. Since 2014, there has been a stable deficit. According to forecast data, the budget for the next years is also planned to be deficit. Taking into account that the state pension provision is planned and financed by the target method at the expense of allocations, it can be stated that the deficit of the PFR budget is associated with a shortage of incoming insurance contributions for the payment of insurance pensions. This may be due to the following reasons: a significant increase in the number of old-age pensioners with a relatively stable working-age population; insufficient income in the form of insurance contributions (informal wages, shadow business); lack of alternative sources of funding. With the first problem, the Russian Government decided to fight by an unpopular method - to reduce the increase in the number of pensioners by increasing the retirement age. This, in our view, exacerbates the existing problem of public distrust in the pension system in general and in the pension policy in particular. That in turn, among other factors, is the cause of the second problem - the growth of "gray" wages and unpaid insurance premiums. Thus, these problems need to be solved radically, which requires considerable time and a serious elaborated pension policy of the Government of the Russian Federation. It is proposed to use the issue of a pension bond loan as a measure in the operational management of the pension cash gap and strategic management of the budget deficit of the PFR.
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Huiskamp, Rien, and Kees Vos. "Life-course schemes and employability – The Netherlands, Germany and Belgium compared." Transfer: European Review of Labour and Research 17, no. 4 (November 2011): 533–46. http://dx.doi.org/10.1177/1024258911419779.
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Over the last decade life-course arrangements have been introduced in several EU Member States with the aim of enhancing in a coherent way individual flexibility and employability over an employee’s whole working life. In this article we examine the effects of existing schemes with a life-course dimension in terms of employability, comparing four schemes in three countries. The conclusion we arrive at is that the schemes are mainly used for early retirement or achieving short-term benefits, while the uptake of provisions specifically related to employability is not very high. More attractive forms of working-life accounts should refocus on easily accessible basic schemes with short-term objectives and endowed with a sufficient budget for achieving long-term employability goals. They need to be underpinned and supplemented by collectively bargained company-level agreements. Au cours de la dernière décennie, des accords portant sur l’ensemble du parcours de vie ont été introduits dans plusieurs Etats membres de l’UE, dans le but d’améliorer de manière cohérente la flexibilité individuelle et l’employabilité sur l’ensemble du parcours professionnel d’un travailleur. Dans cet article, nous examinons les effets en termes d’employabilité des régimes actuels présentant une dimension portant sur l’ensemble du parcours de vie, en comparant quatre régimes dans trois pays. La conclusion à laquelle nous arrivons est que ces régimes sont principalement utilisés en vue d’une retraite anticipée ou pour obtenir des avantages à court terme, cependant que l’intérêt des dispositions spécifiquement relatives à l’employabilité n’est pas très élevé. Des formes plus attractives d’équilibre entre travail et vie privée devraient se recentrer sur des régimes de base aisément accessibles, dotées d’objectifs à court terme et d’un budget suffisant pour atteindre des objectifs d’employabilité à long terme. Ces efforts doivent être soutenus et complétés par des conventions collectivement négociées au niveau de l’entreprise. In den letzten zehn Jahren sind in mehreren EU-Mitgliedstaaten Regelungen eingeführt worden, die den gesamten Lebensverlauf in den Blick nehmen und darauf abzielen, die individuelle Flexibilität und Beschäftigungsfähigkeit der Arbeitnehmer über ihr gesamtes Berufsleben hinweg auf kohärente Weise zu erhöhen. In diesem Beitrag werden die Auswirkungen bestehender Regelungen mit einer Lebensverlaufsperspektive auf die Beschäftigungsfähigkeit untersucht. Der Vergleich von vier Regelungen in drei Ländern zeigt, dass diese hauptsächlich der vorzeitigen Pensionierung der Arbeitnehmer dienen oder ihnen kurzfristige Vorteile bringen, während die Bestimmungen, die ausdrücklich auf die Verbesserung der Beschäftigungsfähigkeit ausgerichtet sind, nur in geringem Maße umgesetzt werden. Es müssten attraktivere Formen von Lebensarbeits(zeit)konten geschaffen werden, in deren Mittelpunkt Grundsysteme stehen, die leicht zugänglich und auf kurzfristige Ziele ausgerichtet sind, aber mit ausreichenden Mitteln ausgestattet werden, um langfristige Ziele im Bereich der Beschäftigungsfähigkeit zu erreichen. Diese Regelungen müssen durch kollektiv ausgehandelte betriebliche Vereinbarungen unterstützt und ergänzt werden.
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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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Consigli, G., G. Iaquinta, V. Moriggia, M. di Tria, and D. Musitelli. "Retirement planning in individual asset-liability management." IMA Journal of Management Mathematics 23, no. 4 (September 17, 2012): 365–96. http://dx.doi.org/10.1093/imaman/dps019.
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Gale, William G., Sarah E. Holmes, and David C. John. "Retirement plans for contingent workers: issues and options." Journal of Pension Economics and Finance 19, no. 2 (December 17, 2018): 185–97. http://dx.doi.org/10.1017/s1474747218000288.
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AbstractThis paper examines retirement saving policy for independent – or contingent – workers, a growing segment of the workforce. Because few of these workers are covered by employer-sponsored retirement plans, they often do not benefit from payroll deduction, employer matching contributions, automatic enrollment, and other provisions that encourage retirement saving. Better use of fintech, judicious changes to tax policy, and expanded Automatic IRAs would help independent workers save for retirement. In addition, we propose the creation of retirement saving accounts that attach to the worker as a supplement to, and possible replacement for, the current system of employer-sponsored accounts.
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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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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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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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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.