A Comparison of Early Retirement Pensions in the United States and Russia

Abstract

Early retirement pensions for particular occupations free national policy to establish the social security early retirement age at a later age that is more appropriate for the population as a whole. This paper focuses on early retirement pensions in the United States and the Russian Federation. While comparing early retirement pensions generally, the paper provides a more detailed discussion of the pensions for musicians. While this is an unconventional group to choose for the study of pensions, study of their pensions yields insights into the principles underlying retirement age policy in the two countries.

Pushed, pulled, or blocked? The elderly and the labor market in post-Soviet Russia

“…People who reach pension age but do not qualify for a labor pension were entitled to a so-called state pension which only provides subsistence-level support (OECD, 2011). Historically, an important role has been played by special early-retirement pensions for working in the far northern regions or in specific occupations (including not only hazardous occupations but also occupations such as teachers, ballet dancers and musicians), which allowed pension ages of 50 or less (Turner and Guenther, 2005). According to calculations for the year 2003, over 25% of men aged 55–59 and of women aged 50–54 received an early-retirement pension (Sinyavskaya, 2005; OECD, 2011).…”

Individual accounts for Social Security reform: international perspectives on the U.S. debate

“…Russia has introduced funded individual accounts (Turner and Guenther 2005). Beginning in 2004, 4 percent of the employer's contributions could be paid to private funds rather than to the State Pension Fund.…”