By Richard F. DeMong
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Extra info for Broader Perspectives on the Interest of Pension Plan Participants
Retired workers are living longer and inflation has been much worse than in past generations. No doubt attempts will be made to pass on the risk of inflation to the Federal Government, but there are obvious limits here. Even the inflation adjustments for Social Security benefits and for other retirement benefits paid are a serious strain on the Federal budget. This leaves the nation's pension funds as the logical institutions to respond to the human needs of the retired work force by creating the option of providing indexed pensions.
Smaller deficits when the economy is operating at potential would contribute to national saving and capital formation. Altogether, the economy is not currently suffering from a shortage of private-sector saving. References: Franco Modigliani. " Social Research vol. 33, no. 2 (1966). James Tobin. " I n William Fellner, editor, Ten Economic Studies in the Tradition of Irving Fisher. New York: John Wiley and Sons, 1967. Martin Feldstein. " Journal of Political Economy, 82 (September-~ctober1974): 905-26.
Worker can expect to receive a Social Security check equal to about forty percent of his pay at retirement. The formulas determining Social Security benefits are complex. Benefits are related to average pay during the working years, with an inflation adjustment to increase pay in earlier years so that the average more closely approaches the pay level at retirement. Benefits do not go u p precisely in line with average pay. The table below gives a general impression of Social Security benefits paid in 1982.
Broader Perspectives on the Interest of Pension Plan Participants by Richard F. DeMong