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On the Distributional Effects of Social Security Reform

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Abstract

How will the distribution of welfare, consumption and leisure across households be affected by social security reform? This paper answers this question for a social security reform with a two-tier structure by comparing steady states under a realistic version of the current US system and under the two-tier system. The first tier is a mandatory, defined-contribution pension offering a retirement annuity proportional to the value of taxes paid, whereas the second tier guarantees a minimum retirement income. Our findings do not in general favor the implementation of pay-as-you go versions of the two-tier system for the US. The main findings are summarized in the introduction.

Suggested Citation

  • Huggett, Mark & Ventura, Gustavo, 1997. "On the Distributional Effects of Social Security Reform," University of Western Ontario, Departmental Research Report Series 9710, University of Western Ontario, Department of Economics.
    • Handle: RePEc:uwo:uwowop:9710
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    File URL: https://ir.lib.uwo.ca/cgi/viewcontent.cgi?article=1426&context=economicsresrpt
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    Keywords

    SOCIAL RECURITY; INCOME; SOCIAL POLICY;
    All these keywords.

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs

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