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Toward Improved Modeling of Retirement Income Policies Interim Report (1995) / Chapter Skim
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APPENDIX A EXAMPLES OF RETIREMENT-INCOME-RELATED POLICY MODELS
Pages 41-45

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From page 41...
... Processes modeled include death, birth, marriage, divorce, disability, leaving home, education level, migration; labor force participa tion, annual hours of participation, hourly wage, whether unemployed, proportion of labor force hours unemployed; job change, industry, pension coverage, plan participation; pension eligibility, type of plan, benefit formula, plan constants, benefit computation; Social Security retirement benefit eligibility, retirement benefit computation, disability benefit, spouse benefit, 41
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From page 42...
... . change, industry, pension coverage, pension plan assignment; decision to retire and accept pension, decision to retire and accept Social Security; IRA adoption, contributions; employer pension benefit computation; Social Security retirement benefit eligibility, retirement benefit computation, disability benefit, spouse benefit, children's benefit; IRA distribution; SSI eligibility, benefits, participation; federal and state income taxes, Social Security payroll tax.
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From page 43...
... System of large cell-based models linked to a macroeconomic growth model; originally developed in 1979 for the President's Commission on Pension Policy and the National Institute on Aging to address interactions of Social Security and the private pension system; subsequently expanded to simulate the effects of population aging on the health care system. The cell-based models in the system pertain to population growth, the labor market, pension benefits, family formation, consumer expenditures, housing demand, health care expenditures, and health care benefits; the macroeconomic mode!
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From page 44...
... Future labor supply patterns are based on the demographic projections of the Social Security actuary. Capital accumulation is derived from the identity relating saving and investment, and an assumed production function determines the relative returns to capital and labor.
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From page 45...
... The model has been used to address such issues as how much Social Security contribution rates must be increased to maintain current benefit levels; effects on national saving rates and real wages of changing population age structure; effects on international capital flows of changes in saving rates and real wages; effects on overall wellbeing of people in different generations of economic changes associated with demographic transition; effects on economic performance and generational welfare of reductions in Social Security benefits. Differs from the Aaron, Bosworth, and Burtless mode]
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Key Terms

  • labor force
  • dynamic microsimulation
  • force participation
  • desktop pcs
  • transfer income

  • benefit computation
  • retirement benefit
  • processes modeled
  • security payroll
  • income taxes

  • modeled include
  • state income
  • life histories
  • investment income
  • payroll tax

  • market module
  • private pension
  • projects life
  • job change
  • benefit eligibility

  • asset changes
  • assumes households
  • net immigration
  • defined benefit
  • leaving home

  • income tax
  • disability benefit
  • pension policy
  • spouse benefit
  • input variables


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