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Personal Retirement Accounts and Saving.

ABSTRACT: Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. However, at a micro level, changes in retirement wealth affect individuals' saving and consumption patterns through their working lives. Retirement wealth increased for lower-income workers after Mexico introduced PRAs, crowding out saving, increasing consumption, and offsetting some of the PRA effect on private savings. (JEL D14, E21, H55, J26, O16).

SUBMITTER: Aguila E

PROVIDER: S-EPMC5345943 | biostudies-literature | 2011 Nov

REPOSITORIES: biostudies-literature

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Personal Retirement Accounts and Saving.

Aguila Emma E

American economic journal. Economic policy 20111101 4

Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. However, at a micro level, changes in retirement wealth affect individuals' saving and consumption pattern ...[more]

PMID: 28286607

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