Thread by @tammyschirle

Released today @CDHoweInstitute :

Rich Man, Poor Man: The Policy Implications of Canadians Living Longer,
by @kevinmilligan @ubcVSE & @tammyschirle @LazaridisSchool

cdhowe.org/public-policy-…

Here’s the highlights…

@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool Since 1965, men have gained 7.7 years of life after age 50! Women have gained 6.4 years! That’s worth looking at more seriously.
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool We wanted to know more about who is living longer. So we got some great data & lined up CDNs by their mid-career earnings. Two key findings…

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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool Rich Man, Poor Man
1. There’s an 8 year difference in life expectancy between CDN men with the highest and lowest earnings. That’s big, but much smaller than the 14 year difference found in the US.
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool Rich Man, Poor Man
2. Comparing folks born in the 1920s to the 1950s, we see gains for all! Low & high career earners have seen similar gains in life expectancy over time. Again, big difference in US where the gains have gone to the top earners.
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool Aside from caring about the distribution of longevity, which we think is a highly valued aspect of well-being, why might this information matter?
Here’s a few thoughts…
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool i. Understand challenges in annuities markets.
e.g. buy an annuity that pays $1 each year from age 65 to death. That annuity is worth about 30% more for men in the top 20% of earners than men in the bottom 20%. Folks with shorter life expectancy won’t buy in.
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool ii. Employer-sponsored DB pensions are great because they pool longevity risk, but there will be cross-subsidy between those with lower and higher earnings.
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool iii. Programs like CPP will offer shorter payout periods to those with lower career earnings. Targeting GIS and OAS to lower and middle income seniors may be seen as partial compensation.
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool There is a lot more detail and analysis offered in our NBER working paper released earlier this week:
nber.org/papers/w24929
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@CDHoweInstitute @kevinmilligan @ubcVSE @LazaridisSchool Or check out this thread @kevinmilligan that lays it all out

https://twitter.com/kevinmilligan/status/1032506206630232071

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For the data nerds, it includes some interesting work on methodology that really highlights the Canada-US differences in longevity
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Also, I have a page where I’ve started collecting any of my health-related research. Check it out here:
tammyschirle.org/longevity.html

I’ve spent much of the past few years looking at mortality, and it’s not at all depressing! Hope you enjoy the paper.
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