publication . Preprint . Report . Article . 1989

Imperfect annuity markets, unintended bequests, and the optimal age structure of social security benefits

Martin Feldstein;
Open Access
  • Published: 01 Jan 1989
Abstract
The social security program now provides a constant real benefit throughout each retirees lifetime. This paper examines whether total welfare would rise if benefits were lower in early retirement years (when most individuals have some saving with which to finance consumption) and higher in later years (when the uncertainty of survival and the absence of actuarially fair private annuities makes the availability of social security benefits more important.) The analysis shows that there is a potentially important difference between the structure of benefits that would be preferred by the current population of workers and retirees and the structure of benefits that ...
Subjects
free text keywords: Economics and Econometrics, Finance
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