Synonyms
Definitions
Retirement is a time after a worker stops working, either due to illness, reaching a predetermined age, or personal choice – often because they have an adequate pension (Gillespie 2011).
Pay-as-you-go (PAYG) retirement system is a retirement plan where benefits to current retirees are paid by the retirement contributions of current workers.
Fully funded retirement system is a retirement plan where worker’s contributions to the plan during their working years are sufficient to pay the scheduled benefits upon retirement.
Introduction
The International Monetary Fund predicts that, before 2050, the social security system in each of the world’s seven major industrialized nations will face a shortfall (Escamilla 1999). Each is a manifestation of a global retirement crisis. Inflows and outflows are symptoms and not the underlying problem. “Social security reforms” usually increase taxes and/or cut benefits, but the crisis...
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Trogen, P. (2018). Retirement Crisis: Global. In: Farazmand, A. (eds) Global Encyclopedia of Public Administration, Public Policy, and Governance. Springer, Cham. https://doi.org/10.1007/978-3-319-31816-5_2854-2
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Retirement Crisis: Global- Published:
- 22 September 2017
DOI: https://doi.org/10.1007/978-3-319-31816-5_2854-2
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Retirement Crisis: Global- Published:
- 22 December 2016
DOI: https://doi.org/10.1007/978-3-319-31816-5_2854-1