Chile's social security reform, after ten years

Article Abstract:

The privatized social security program that Chile adopted in 1981 has proven to be successful, addressing several deficiencies from the previous system while retaining relatively few difficulties. However, there arepotential problems: First, the ultimate level of retirement pensions will depend on a high investment return rate. Secondly, the government will have to meet the cost of minimum pensions, recognition bonds and the old system's deficit. These demonstrate the insuitability of this individual-savings approach for the United States, which will encounter significant general revenue payments.

Economic aspects

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Privatizing Latin-American retirement systems

Article Abstract:

Chile's reformation of its social security system has inspired other Latin-American nations to embark on efforts to privatize and improve their own social security systems. Chile's efforts have largely become the model for other Latin-American countries wishing to change their pension systems. Latin-American pension systems following Chile's experience, have for instance, provided a compulsory new system for employees in the formal sector. Also, countries including Peru, Argentina, Columbia, Uruguay and Mexico have adopted a twin pillar approach to pension reform that was also adopted by Chile.

Social policy, Latin America

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Is the only way to save social security to destroy it?

Article Abstract:

The proposal to shift from the US' present Social Security program to a Personal Social Security Account (PSSA) seeks to address issues such as the expected funding lack for Social Security programs by 2030. The employment of a PSSA program would allow future retirees to choose the manner in which funds are to be invested, while insuring certain benefits because of the so-called Target 42 Minimum. Meanwhile, the expected funding shortage of the Social Security program may also be addressed by implementing measures such as raising the Normal Retirement Age.

Analysis, Criticism and interpretation, Promises To Keep: Saving Social Security's Dream (book)

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