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KMID : 1124019980140010021
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Korean Social Security Studies
1998 Volume.14 No. 1 p.21 ~ p.59
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Privatization of Retirement Income in U . S . A
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Abstract
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This paper examines the effects of privatization of retirement income on the income status of the elderly in the United States. Privatization of retirement income is measured by the changes of the role of Social Security and private pensions benefits in the income composition of the elderly.
The empirical study using Current Population Survey data from 1976 to 1992 reveals that private pension benefits are an increasingly important source of retirement income in the United States. In addition, the relative role of private pension benefits in retirement income has been increased without reducing real dollar amounts of Social Security benefits in most cases. Thus, privatization of retirement income has helped the elderly improve their income adequacy in all income quintiles.
However, as private pension benefits were increased by a comparatively large amount in the higher income quintile in which Social Security benefits have kept fairly constant, the privatization of retirement income has produced a widened inequality of retirement income among the elderly.
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