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A balancing approach: using the living standards framework to assess different retirement income policies

Author

Listed:
  • Andrew Coleman

    (Department of Economics, University of Otago, New Zealand)

Abstract

This paper evaluates four retirement income policies that could be adopted in response to increasing longevity in terms of their marginal effects on economic performance, equity, risk, social infrastructure, and sustainability. Compared to three policies involving save-as-you-go funding (voluntary saving, government prefunding, or a supplementary mandatory saving scheme), a pay-as-you-go funded expansion New Zealand Superannuation is unattractive as it has the most disadvantages for all but current middle-aged people. The other schemes provide different tradeoffs between risk, economic growth, and equity. There are many good arguments to use structured saving schemes in addition to New Zealand Superannuation.

Suggested Citation

  • Andrew Coleman, 2017. "A balancing approach: using the living standards framework to assess different retirement income policies," Working Papers 1703, University of Otago, Department of Economics, revised Mar 2017.
    • Handle: RePEc:otg:wpaper:1703
    as

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    File URL: https://deptcontrib.otago.ac.nz/economics/otago637902.pdf
    File Function: First version, 2017
    Download Restriction: no
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    More about this item

    Keywords

    Retirement income policy; intergenerational economics; Treasury Living Standards framework;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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