Archive: Dan Murphy

Senior man calculating finances

Abstract The official poverty measure in the United States fails to reflect modern day economic resources and spending needs.  The official measure is based only on cash income and does not include in-kind transfers, capital gains and losses, taxes, out-of-pocket health spending, the value of owner-occupied housing, or the potential income from financial assets.  Also,…

Senior woman grocery shopping

Abstract Although health and employment shocks are fairly common at older ages and often derail retirement savings plans, Social Security’s disability insurance, spouse and survivor benefits, and progressive benefit formula may provide important protections.  By contrast, traditional employer-sponsored pension benefits may be especially vulnerable to health and employment shocks immediately before benefit take-up, because pension…