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How much would people save if there were no Social Security?

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Pay-as-you-go pension systems are vulnerable to changes in demographics, such as increased longevity and declining fertility. To deal with these demographic changes, over the last two decades, many European nations have reformed their pension systems. These reforms, which often reduced expected pension payments, have created incentives for people to work longer and save more for retirement. These reforms have also created an opportunity to answer two important questions: whether lower future benefits nudge people to save more on their own, and if so, how much people would save if there were no public pension system. In a recent working paper, Michal Myck of the Centre for Economic Analysis and I attempt to answer these questions.  Read more…


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