2021

On the Distribution and Dynamics of Medical Expenditure Among the Elderly

WP 2021-436 , UM19-11
Using data from the Health and Retirement Study linked to administrative Medicare and Medicaid records along with the Medical Expenditure Panel Survey, we estimate the stochastic process for total and out-of-pocket medical spending. By focusing on dynamics, we consider not…

The Role of Physical Job Demands and the Physical Work Environment in Retirement Outcomes

WP 2021-437 , UM21-05
We provide new evidence on the role of physical job demands and the physical work environment on retirement outcomes by linking occupation-level data on job requirements from the Occupational Requirements Survey (ORS) to individual-level data from the Health and Retirement…

Work Capacity Assessments for Disability Benefit Determinations: An International Comparison

WP 2021-438 , UM21-03
Disability protection programs constitute a critical safety net for individuals unable to work due to disabling health conditions. Yet countries differ along a number of dimensions in terms of how their social safety nets assist people with disabilities. Learning from…

Social Security Coverage Around the World: The Case of China, India, and Mexico (2021)

WP 2021-439 , UM18-Q1
We describe the current state and recent trends in the landscape of social security programs in China, Mexico and India. A common thread across these countries is the introduction and recent expansion of old-age pension programs with non-contributory components. We…

2020

Estimating the Macroeconomic Effects of Each Totalization Agreement

WP 2020-408 , UM20-07
Totalization agreements coordinate the United States Social Security program with other countries’ comparable programs. We estimate each totalization agreement’s impact on a variety of bilateral trade outcomes. We find the impact is quite heterogeneous, both across agreements/countries and across sectors…

The Risk of High Out-of-Pocket Health Spending among Older Americans

WP 2020-409 , UM20-09
Traditional Medicare imposes significant cost-sharing on beneficiaries. Most but not all beneficiaries obtain supplemental insurance through Medigap, Medicare Advantage, Medicaid, or employer-sponsored retiree coverage, which may vary in how well they protect against the risk of high spending. This paper…

A Framework for Cost-Benefit Analysis of Totalization Agreements

WP 2020-410 , UM20-08
International social security totalization agreements eliminate double social security taxation for workers who reside and work in different country from their home country. Because totalization agreements affect a number of economic agents in a variety of ways, we develop a…

Cognitive Ability, Cognitive Aging, and Debt Accumulation

WP 2020-411 , UM20-11
In the past few decades, financial products target to consumers have become increasingly complex and recent evidence suggests that older adults are entering retirement with more debt than previous generations. We examine how cognitive ability is related to debt burdens…

The Impact of Growing Health and Mortality Inequalities on Lifetime Social Security Payouts

WP 2020-412 , UM20-04
The prevalence of obesity, diabetes, and other health problems has increased in recent decades in the United States, and there is a growing gap between the health and longevity of individuals with high socioeconomic status (SES) and low SES. These…

Saving Regret: Self-assessed Life-cycle Saving Behavior in the U.S. and Singapore

WP 2020-413 , UM20-17
Based on the belief that many people have under-saved and that the reason for under-saving is procrastination, paternalistic nudging to foster saving is often advocated by policy researchers. However, there is little empirical evidence that on hindsight individuals would wish…
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