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Retirement and Older Americans

Retired CoupleOur extensive work on retirement policy covers the many ways the aging of America will trigger changes in how we work, retire, and spend federal resources.

The number of Americans age 65 and over will rise from about 13 percent in 2008 to 20 percent by 2040. The recession dealt a heavy blow to retirement accounts, leaving many older adults worried about their retirement security. Read more.

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Evaluating Retirement Income Security for Illinois Public School Teachers (Research Report)
Richard W. Johnson, Benjamin G. Southgate

The financial problems afflicting Illinois’s teacher pension plan have grabbed headlines. An equally important problem, though underappreciated, is that relatively few teachers benefit much from the plan. Long-serving teachers receive generous pensions, but only 18 percent of teachers remain employed for at least 25 years. Only 24 percent of those who complete at least five years of service receive pensions worth more than the value of their required plan contributions. Alternative plan designs, such as cash balance plans, could distribute benefits more equitably and put more teachers on a path to a financially secure retirement.

Posted to Web: July 30, 2014Publication Date: July 30, 2014

What Every Worker Needs to Know About an Unreformed Social Security System: Testimony before the Subcommittee on Social Security Committee on Ways and Means, United States House of Representatives (Testimony)
C. Eugene Steuerle

In this testimony before the House Ways and Means Committee Subcommittee on Social Security, Eugene Steuerle, Institute Fellow and Richard B. Fisher Chair at the Urban Institute discusses the fairness, efficiency and adequacy questions that arise almost no matter how much growth Congress maintains in Social Security. In particular he addresses three troubling aspects of an otherwise successful program: unequal justice; middle age retirement; and impact on the young.

Posted to Web: July 29, 2014Publication Date: July 29, 2014

Wealth in America: Policies to Support Mobility (Research Brief)
Signe-Mary McKernan, Caleb Quakenbush, Caroline Ratcliffe, C. Eugene Steuerle

What role can policymakers play in helping families rebuild their balance sheets after the Great Recession and in helping young families, families of color, and those with less education who were falling behind even prior to it? This brief, based on a convening of nearly 25 national wealth-building experts, presents the facts and identifies four promising policy reforms: (1) providing universal children’s savings accounts; (2) reforming the mortgage interest deduction to better target incentives; (3) expanding access to retirement accounts and automatic enrollment; and (4) promoting emergency savings while addressing barriers such as asset tests in safety net programs.

Posted to Web: July 22, 2014Publication Date: July 22, 2014

Understanding Older Drivers: An Examination of Medical Conditions, Medication Use, and Travel Behavior (Research Report)
Sandra Rosenbloom, Robert Santos

Almost 90% of people 65 and older are drivers. While older people are among the safest on the road they are more likely to use multiple medications which could interfere with driving safely. This report provides baseline information on the relationship between medical conditions, medication use, and the travel behavior of older drivers from two large national data bases: the 2009 National Household Travel Survey and the 2011 National Health and Aging Trends Study. We found that most older drivers take multiple medications and drive frequently but also self-regulate their behavior in important ways that reduce crash risk.

Posted to Web: July 15, 2014Publication Date: April 01, 2014

Flattening Tax Incentives for Retirement Saving (Research Report)
Barbara Butrica, Benjamin H. Harris, Pamela Perun, C. Eugene Steuerle

Under current law, a large share of tax benefits for retirement saving accrues to high-income employees. We simulate the short- and long-term effect of three policy options for flattening tax incentives and increasing retirement savings for low- and middle-income workers. Our results show that reducing 401(k) contribution limits increases taxes for high-income taxpayers; expanding the saver's credit raises saving incentives and lower taxes for low- and middle-income taxpayers; and replacing the exclusion for retirement saving contributions with a 25 percent refundable credit benefits primarily low- and middle-income taxpayers, and raises taxes and reduces retirement assets for high-income taxpayers.

Posted to Web: June 30, 2014Publication Date: June 30, 2014

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