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Reconstructing RetirementWork and Welfare in the UK and USA$
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David Lain

Print publication date: 2016

Print ISBN-13: 9781447326175

Published to Policy Press Scholarship Online: January 2017

DOI: 10.1332/policypress/9781447326175.001.0001

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Changing retirement incomes

Changing retirement incomes

(p.21) Two Changing retirement incomes
Reconstructing Retirement

David Lain

Policy Press

This chapter examines changes to retirement incomes that increase the financial need for individuals to work beyond age 65 in the UK and US. It starts by returning to the original guiding principles of pension provision, namely, self-reliance in the US and paternalism in the UK. After this, it reviews changes that increase the financial need to work at age 65-plus – state pension age increases; a withdrawal/reduction of social assistance benefits available at/before age 65; and a decline in defined benefit occupational pensions. Change is shown to be part of an incremental process, with governments/policymakers constructing, and then reconstructing, key institutions that influence work and retirement transitions.

Keywords:   state pension, pension provision, work beyond age 65, self-reliance, paternalism, social assistance benefits

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