US Pension Reform: Lessons from Other Countries

by Jacob Funk Kirkegaard | November 2009

It is generally accepted that Social Security must be reformed, but there is little agreement on how exactly this should be done. US Pension Reform: Lessons from Other Countries looks at the social pension reforms of twelve countries, assesses the current US Social Security program, and evaluates how these twelve models inform opportunities for adaptation of the current system. Authors Jacob Funk Kirkegaard and Martin Neil Baily consider governments’ current fiscal balances in order to contextualize countries’ initial financial liabilities and pension program infrastructure.

The book concludes with an integrated reform proposal for Social Security. These prescriptions suggest concrete plans to address issues such as underfunding, benefits for high-income participants and the elderly demographic segment, as well as the creation of an individual account program. This volume forges significant advances and boldly confronts the challenge of reconstructing the US Social Security program.