Closing the Deficit: How Much Can Later Retirement Help?
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Closing the Deficit: How Much Can Later Retirement Help? Edited by Gary Burtless and Henry J. Aaron. Brookings Institution Press, Washington DC, 2013. 135pp., $22.95. ISBN: 978-0815704034.
Like many industrialized countries, a growing retiree population in the United States has raised concerns over the impact of aging on the economy. Closing the Deficit: How Much Can Later Retirement Help? weighs in on the fiscal impact of aging and whether policy nudges to extend the working life are necessary to balance the budget. This review will provide a broad overview of the analysis, findings, and rich commentary that the book offers to give the reader an appreciation of its relevance and contribution to current policy debates on raising the retirement age.
First, to clarify, the “deficit” referenced in the title jointly refers to the total federal budget deficit, the projected shortfall in the OASDI and Medicare trust funds, and the lagging retirement assets of individual households. Of...