scholarly journals Promoting work at older ages: the role of hybrid pension plans in an aging population

2004 ◽  
Vol 3 (3) ◽  
pp. 315-337 ◽  
Author(s):  
RICHARD W. JOHNSON ◽  
EUGENE STEUERLE
Keyword(s):  
Older Adults ◽  
Population Aging ◽  
Later Life ◽  
Work Capacity ◽  
Pension Plans ◽  
Defined Benefit ◽  
Defined Benefit Plans ◽  
Private And Public ◽  
Changes Over Time ◽  
The Impact

Employers are beginning to search for ways to elicit more labor supply from older adults as the population ages, the ability to work in later life increases, and younger workers become relatively scarce. Many employers are turning to hybrid pension plans, such as cash balance plans and pension equity plans. Whereas traditional defined benefit plans often subsidize workers who retire early and penalize those who remain at work beyond the plan's retirement age, most hybrid plans reward work at older ages. This paper documents the impact of population aging on the labor market and changes over time in work capacity at older ages. It then shows how movement toward hybrid pension plans, among other types of private and public retirement plan reforms and redesigns, can be used to increase work incentives for older adults.

scholarly journals The impact of aggregate mortality risk on defined benefit pension plans

2010 ◽  
Vol 9 (4) ◽  
pp. 481-503 ◽  
Author(s):  
IRENA DUSHI ◽  
LEORA FRIEDBERG ◽  
TONY WEBB
Keyword(s):  
Mortality Risk ◽  
Pension Plans ◽  
Defined Benefit ◽  
Benefit Plan ◽  
Defined Benefit Plans ◽  
The Impact ◽  
Carter Model ◽  
Male Workers ◽  
Defined Benefit Pension Plans

AbstractWe calculate the risk faced by defined benefit plan providers arising from uncertain aggregate mortality – the risk that the average participant will live longer than expected. First, comparing the widely cited Lee–Carter model to industry benchmarks that are commonly employed by plan providers, we show that these benchmarks appear to substantially underestimate longevity. The resultant understatement of liabilities may reach 12.2% for typical male participants in defined benefit plans and may reach 22.4% for male workers aged 22. Next, we consider consequences for plan liabilities if aggregate mortality declines unexpectedly faster than is predicted by a putatively unbiased projection. There is a 5% chance that liabilities of a terminated plan would be 3.1% to 5.3% higher than what is expected, depending on the mix of workers covered.

The outlook for pension contributions and profits in the US

2004 ◽  
Vol 3 (1) ◽  
pp. 77-97 ◽  
Author(s):  
ALICIA H. MUNNELL ◽  
MAURICIO SOTO
Keyword(s):  
Stock Market ◽  
Pension Plan ◽  
Pension Plans ◽  
Ageing Population ◽  
Defined Benefit ◽  
Bear Market ◽  
Defined Benefit Plans ◽  
Legislative Changes ◽  
Corporate Profits ◽  
The Impact

The bear market that began in 2000 focused attention on two issues – pensions and profits. The initial pension problem was the big decline in value of individual 401(k) accounts. The profit issue was misconduct and stock options. In fact, there is another compelling issue involving both pensions and profits – the impact of the bear market on defined benefit pension plans.Plan sponsors have a projected benefit liability, which until recently was covered by the rise in asset values during the extended bull market. When stock values fell by 50 percent, sponsors for the first time in decades had to contribute to their pensions. But even without the decline in the stock market, sponsors of defined benefit plans were going to face increased pension contributions in the coming decade. The reason is a host of regulatory and legislative changes in the late 1980s that slowed or limited pension contributions.Our analysis suggests that in the absence of the stock market boom and the regulatory and legislative changes that reduced funding, the average firm's contribution to its pension plan would have been 50 percent higher during the 1982–2001 period; corporate profits would have been roughly 5 percent lower.The deferred contributions are coming due. The decline in the stock market and an ageing population imply that contributions would double from their current level. As the economy emerges from recession and the bear market draws to a close, firms and investors must be prepared to contend with a strong headwind from pension funding obligations that could slow the recover.

Transitions from career employment among public- and private-sector workers

2019 ◽  
Vol 18 (04) ◽  
pp. 529-548 ◽  
Author(s):  
Joseph F. Quinn ◽  
Kevin E. Cahill ◽  
Michael D. Giandrea
Keyword(s):  
Public Sector ◽  
Private Sector ◽  
Pension Plans ◽  
Full Time ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Private And Public ◽  
Public And Private Sector ◽  
Career Employment ◽  
Public Sector Workers

AbstractDo the retirement patterns of public-sector workers differ from those in the private sector? The latter typically face a retirement landscape with exposure to market uncertainties through defined-contribution pension plans and private saving. Public-sector workers, in contrast, are often covered by defined-benefit pension plans that encourage retirement at relatively young ages and offer financial security at older ages. We examine how private- and public-sector workers transition from full-time career employment, with a focus on the importance of gradual retirement. To our surprise, we find that the prevalence of continued work after career employment, predominantly on bridge jobs with new employers, is very similar in the two sectors, a result with important implications in a rapidly aging society.

scholarly journals The Value of Vaccination in Older Adults: The Why

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 806-807
Author(s):  
Philip Buck
Keyword(s):  
Older Adults ◽  
Time Horizon ◽  
Pneumococcal Disease ◽  
Population Aging ◽  
Indirect Costs ◽  
Health Behavior Change ◽  
Vaccine Preventable Diseases ◽  
Time Period ◽  
The Us ◽  
The Impact

Abstract The incidence of vaccine-preventable diseases remains high among older adults in the US, despite longstanding immunization recommendations, and is projected to increase as the population ages. The impact of US population aging on the burden of four vaccine-preventable diseases (influenza, pneumococcal disease, shingles, and pertussis) was modeled over a 30-year time horizon, with cumulative direct and indirect costs increasing from $378 billion over 10 years to $1.28 trillion over 30 years. Compared to current levels of vaccination coverage, increasing coverage was predicted to avert over 33 million cases of disease and greater than $96 billion in disease-associated costs, with a corresponding increase in vaccination costs of approximately $83 billion over the entire 30-year time period. Specific examples of cost-effectiveness analyses that assess the epidemiologic and economic impact of vaccination against shingles and pertussis in older adults will be discussed. Part of a symposium sponsored by the Health Behavior Change Interest Group.

scholarly journals Loving Others: The Impact of Compassionate Love on Later-Life Psychological Well-Being

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 480-481
Author(s):  
Eva Kahana ◽  
Tirth Bhatta ◽  
Boaz Kahana ◽  
Nirmala Lekhak
Keyword(s):  
Older Adults ◽  
Depressive Symptoms ◽  
Negative Affect ◽  
Positive Affect ◽  
Emotional Support ◽  
Later Life ◽  
Well Being ◽  
Psychological Well Being ◽  
Compassionate Love ◽  
The Impact

Abstract Existing scholarship in social gerontology has surprisingly paid little attention to broader loving emotions, such as compassionate and altruistic love, as potentially meaningful mechanisms for improving later life psychological well-being. This study examined the influence of feeling love toward other persons and experiencing love from others on later life psychological well-being. We conducted a 3-wave longitudinal study of a representative sample of 340 ethnically heterogeneous community dwelling older residents of Miami, Florida. The increase in feeling of being loved (β=-1.53, p<0.001) and love for others (β=-1.43, p<0.001) led to decline in odds of reporting greater level of depressive symptoms over time. The odds of reporting higher level of positive affect were significantly greater for older adults who reported feeling loved by others (β=1.16, p<0.001) and expressed love for other people (β=1.18, p<0.01). Older adults who felt loved had 0.92-point lower ordered log odds of reporting higher negative affect than those who reported lower level of love. The impact of compassionate love on depressive symptoms and negative affect remained statistically significant even after adjustment for altruistic attitudes and emotional support. The influence of loving emotions on positive affect was, however, explained by altruistic attitudes and emotional support. Our findings underscore the powerful influence of both receiving and giving love for the maintenance of later life psychological well-being. We offer support for the expectation that love is a significant force in the lives of older adults that transcends intimate relationships.

Retirement and Pensions in American Economic History

2018 ◽  
pp. 354-374
Author(s):  
Robert Clark ◽  
Lee A. Craig
Keyword(s):  
Public Sector ◽  
Private Sector ◽  
Economic History ◽  
Pension Plans ◽  
Federal State ◽  
Defined Benefit ◽  
Retirement Plans ◽  
The Us ◽  
Defined Benefit Plans ◽  
State And Local

The proportion of the US population that survives to retirement age has increased over time, as has the share of the older population that retires. Higher incomes at older ages explain the increase in the incidence of retirement. Pensions provide much of that income. In general, public-sector workers, especially military personnel, were covered by pensions before their private-sector counterparts, and coverage in the public sector remains more widespread, and generous, than it is in the private sector. Public-sector pension plans are more likely to be defined benefit plans than are private-sector plans. Many public-sector employers have promised their employees more in benefits than they have set aside to pay for those benefits. Estimates suggest that the federal, state, and local retirement plans currently in operation are underfunded by as much as $5 trillion.

scholarly journals Television Viewing and Cognitive Dysfunction of Korean Older Adults

Healthcare ◽  
2020 ◽  
Vol 8 (4) ◽  
pp. 547
Author(s):  
Mi Sook Jung ◽  
Eunyoung Chung
Keyword(s):  
Older Adults ◽  
Cognitive Dysfunction ◽  
Cognitive Aging ◽  
Significant Risk ◽  
Multivariate Logistic Regression Analysis ◽  
Later Life ◽  
Significant Risk Factor ◽  
Tv Viewing ◽  
Increased Risk ◽  
The Impact

This study examined the association between television (TV) viewing and cognitive dysfunction in elderly Koreans. Among participants of the 2014 National Survey of Older Koreans, 9644 were considered in this study. To better identify the association between two factors, propensity score (PS) matching with exact method was used. Finally, 168 viewers and non-viewers each were selected based on estimated PS on key variables and eliminating double matches. Multivariate logistic regression analysis was performed when controlling for possible covariates. Viewers were more likely to have cognitive dysfunction than non-viewers, with significant differences in most covariates. After correcting confounding effects of these covariates with PS matching, TV viewing was found to be a significant risk factor of cognitive dysfunction, along with absence of diagnosed hypertension and non-participation in physical leisure activities. TV viewing might be associated with increased risk of cognitive dysfunction in later life. Appropriate education and strategies to minimize TV viewing among older adults should be established to contribute to attenuating cognitive aging. More interventional studies can help older adults, caregivers, and healthcare professionals explore the cognitively beneficial alternatives to TV use considering the impact of socioeconomic factors of selecting TV viewing as a preferred leisure activity.

scholarly journals SOCIAL ACTIVITIES AND DEPRESSIVE SYMPTOMS AMONG OLDER ADULTS IN MEXICO: IMPLICATIONS OF GENDER AND PHYSICAL HEALTH

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S215-S215
Author(s):  
Maria Monserud
Keyword(s):  
Mental Health ◽  
Older Adults ◽  
Depressive Symptoms ◽  
Physical Health ◽  
Later Life ◽  
Older Men ◽  
Developed Countries ◽  
Ordinary Least Squares ◽  
Social Activities ◽  
The Impact

Abstract Studies in developed countries indicate that social activities can make a difference in mental health in later life. Yet, research on potential benefits of social activities for older adults in developing countries, including Mexico, has been scarce. This study uses the two most recent waves (2012, 2015) of the Mexican Health and Aging Study to investigate the impact of social activities on depressive symptoms among older men (n = 4, 749) and women (n = 6,527), aged 50+, in Mexico. The results of Ordinary Least Squares regressions indicate that it is important to differentiate among specific social activities in later life. Particularly, not only group-based but also solitary social activities were predictive of better mental health. Moreover, the findings demonstrate several gender differences and similarities. Participation in clubs, communication with relatives and friends, physical exercise, and watching television were beneficial for mental health among men, whereas volunteering, playing games, and making crafts were associated with fewer depressive symptoms among women. At the same time, reading as well as doing household chores were related to better mental health among older Mexicans, regardless of gender. Furthermore, this study shows that self-reported health, functional limitations, chronic conditions, and frequent pain might shape the implications of social activities for depressive symptoms among older adults in Mexico. The insights from this study can be helpful for intervention programs that are being developed to promote benefits of group-based and solitary social activities for mental health among older men and women with different levels of physical health.

Self-compassionate Aging: A Systematic Review

2018 ◽  
Vol 59 (4) ◽  
pp. e311-e324 ◽  
Author(s):  
Lydia Brown ◽  
Jeff C Huffman ◽  
Christina Bryant
Keyword(s):  
Systematic Review ◽  
Older Adults ◽  
Psychological Symptoms ◽  
Meta Analysis ◽  
Later Life ◽  
Well Being ◽  
Physical Symptoms ◽  
Search Term ◽  
Self Compassion ◽  
The Impact

Abstract Abstract Background and Objectives There is considerable heterogeneity in experiences of aging, with some experiencing greater well-being and adapting more successfully to the challenges of aging than others. Self-compassion is a modifiable psychological skill that might help explain individual differences in well-being and adjustment in later life. The aim of this study was to systematically review the literature on self-compassion and well-being outcomes in studies of older adults aged 65 and older. Research Design and Methods This systematic review was conducted according to PRISMA guidelines, using databases PsycINFO, Medline, and Embase. The search term self-compassion was paired with terms relating to well-being, psychological symptoms, and adjustment. Meta-analysis was used to synthesize results on the relationship between self-compassion and four outcomes including depression, anxiety, hedonic well-being, and eudaimonic well-being. Results Eleven studies met inclusion criteria for this review. Meta-analysis revealed that self-compassion was associated with lower levels of depression (r = −.58, 95% CI [−.66, −.48]) and anxiety (r = −.36, 95% CI [−.60, −.07]), and higher levels of hedonic (r = .41, 95% CI [.15, .62]) and eudaimonic (r = .49, 95% CI [.41, .57]) well-being. Further, three studies found self-compassion weakened the impact of physical symptoms on well-being outcomes. Discussion and Implications We found preliminary evidence that self-compassion is associated with well-being outcomes in older adults, and that self-compassion may buffer the psychological sequelae of health symptoms in later life. Higher quality studies with uniform outcome measures are needed to replicate and extend these results.

scholarly journals Network size and support in old age: differentials by socio-economic status in childhood and adulthood

2003 ◽  
Vol 23 (5) ◽  
pp. 625-645 ◽  
Author(s):  
MARJOLEIN I. BROESE VAN GROENOU ◽  
THEO VAN TILBURG
Keyword(s):  
Older Adults ◽  
Old Age ◽  
Living Arrangements ◽  
Economic Status ◽  
Later Life ◽  
Occupational Prestige ◽  
Personal Network ◽  
Level Of Education ◽  
Socio Economic Status ◽  
The Impact

This paper examines the impact of childhood and adulthood socio-economic status (SES) on personal network characteristics in later life. Data are derived from 2,285 married older adults (born between 1903 and 1937) who participated in face-to-face interviews for the Dutch survey on ‘Living arrangements and social networks of older adults’ conducted in 1992. Childhood and adulthood SES were indicated by the father's and own level of education and occupation. Multivariate analyses showed that SES in adulthood has more impact on network features in old age than father's SES. People with low lifetime SES or with downward SES mobility had small networks, low instrumental and emotional support from non-kin, but high instrumental support from kin, when compared with the upwardly mobile or those with high lifetime SES. The level of education was a better indicator of network differences than occupational prestige. It is concluded that obtaining a high SES during life pays off in terms of having more supportive non-kin relationships in old age. The small networks and less supportive non-kin relationships of low-status older adults make them more vulnerable to situations in which kin are unavailable or less willing to provide support. This study underscores the distinction between types of support and types of relationships in the SES–network association. Further research on the social pathways of socio-economic inequality in health and wellbeing should take these distinctions into account.

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