Population developments in a global context : A brief historical perspective ; Underlying forces driving changing population structures ; Changing life expectancy ; Changing fertility rates ; Immigration rates ; Evolving national populations ; National population age structures ; The prospects of growing age dependency
Pension options, motivations and choices : Retirement plans as a consumption allocation mechanism ; Approaches to financing pensions ; Factors behind national retirement choices ; Why pay-go pensions became so popular ; New realities spur new considerations on pension choices ; Demographics and the efficiency of alternative pension systems ; Labor supply patterns and the efficiency of alternative pension systems ; Interest rates and wage growth and the efficiency of alternative pension systems ; Aging populations in the context of total economic dependency ; New realities raise concerns for policy analysts
Pension structures and the implications of aging : Contemporary approaches to providing income security for the elderly ; Public first tiers in the retirement system ; Public second tiers in the retirement system ; Employer-sponsored third tiers in the retirement system ; Retirement ages, retirement patterns, and retiree populations ; Retiree income levels ; Sources of retiree income
Retirement systems and the economic costs of aging : Consumption and savings rates under alternative retirement systems ; Retirement saving versus consumption loans ; Another view of consumption and savings rates under retirement systems ; Retirement patterns under alternative retirement systems ; Retirement living standards under alternative retirement systems ; Pension funding realities ; What appears to be pension funding might not be real funding ; Funded pensions cannot overcome all demographic challenges ; Pension transitions are costly and raise equity issues
Beyond pensions to health care considerations : Age and health consumption patterns ; Factors other than aging driving up health costs ; Longer lives and health care consumption in old age ; Explaining the intensity spiral in health care consumption ; Policy concerns over the evolution of health technology ; Long term care provision in changing societies ; The health care dilemma
Labor supply and living standards : Building blocks for producing national output ; The story behind changing labor productivity levels ; Improving productivity leads to improved living standards ; Demographics and output demand ; The linkages between output demand and labor demand ; The foundation for growth in the coming decades ; Retirement systems' role in determining retirement burden levels.
Too many wants or too few workers? : Framework and baseline for viewing the labor market options ; Increasing labor force participation generally ; Increasing female labor force participation rates ; Increasing labor force participation of older people ; Increasing labor force participation of young adults ; Matching labor force participation rates of high-rate countries ; Immigration as a potential source of added workers
Alternatives to finding more workers : Capital deepening as a possible alternative to additional labor supply ; Utilizing existing human capital more efficiently
Aligning retirement policy with labor needs : The role of plan structure on retirement and work behavior ; Factors affecting early labor force withdrawals ; Effects of occupational programs on labor markets ; Workforce incentives created by non-employment benefits
Funding pensions and securing retiree claims : Case studies of nations shifting to funded pensions ; Asset management and utilization in funded pension systems ; Investing pension funds in government bonds ; Motivations for individual account systems and their operation ; Foreign investment as a means to achieving fair returns ; Potential international demand for pension fund savings
Macroeconomic policies for improved living standards : Pursuing higher labor force participation levels ; Pursuing higher rates of productivity growth ; Spreading the benefits of added economic growth ; Investing in developing economies
Risks associated with alternative public policies : Insuring against economic risks during the working period ; Insuring against economic risks during the retirement period ; The political economy risks in aging societies ; The risks of denial of a problem ; Political risks from delay in addressing aging issues
Roadmap to the future : Principles for reforming national pensions ; Maintain disability and early survivors programs as social insurance ; Continue to provide extra protection to the economically vulnerable ; Saving through retirement savings programs increases flexibility ; Pension reform should provide equitable treatment between participants ; Pension funding transition costs should be spread across generations ; Pension accounting should be done on an accrual basis ; The pension system should be structured to encourage economic efficiency ; Assure that risks borne by individuals are diversified and at tolerable levels ; Keep administrative costs low
Some portion of retirement savings should be annuitized at retirement ; Annuitization should be on a joint and survivor basis for couples ; Reforms should assure long-term solvency of the pension system ; Pension reforms should be explicit and transparent ; Benefits in reformed pension systems should be transparent ; Pension reforms should be undertaken as soon as possible ; Principles for reforming employer-based pensions ; Bringing health care under control ; Facilitating cross-national capital flows ; Conclusion.
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