Policy ForumEconomics

Individual Accounts: Lessons from International Experience

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Science  08 Jul 2005:
Vol. 309, Issue 5732, pp. 250-251
DOI: 10.1126/science.1113199

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Every country adopting individual pension accounts has encountered significant problems of one sort or another. The authors of this Policy Forum argue that these problems arise at each stage of the retirement saving process: participation and contribution, asset accumulation, and withdrawal. The problems that have been encountered at each of these stages indicate that more work is needed both in practice, to make accounts work better, and in research, to achieve better alignment between economic theory and observed behavior.