Overview on Heterogeneity in Longevity and Pension Schemes
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World Bank, Washington, DC
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Differences in life expectancy between
high and low socioeconomic groups are often large and have
widened in recent decades. In the United States, the
differences may now be as large as ten to fourteen years.
These longevity gaps strongly affect the actuarial fairness
and progressivity of many public pension systems, raising
the question of possible policy reforms to address this
issue. This paper reviews the empirical literature on the
longevity differences across socioeconomic groups and their
impacts on lifetime benefits, considers how these impacts
depend on four different pay-as-you-go pension structures
(calibrated on the US case), and discusses some policy options.
Palabras clave
LIFE EXPECTANCY, PENSION SYSTEMS, PUBLIC PENSIONS, PAY-AS-YOU-GO, PENSION REFORM, PROGRESSIVITY