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Are You Sure You’re Saving Enough for Retirement?

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Author Info
Jonathan Skinner

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Abstract

Many view the soon-to-retire Baby Boomers as woefully unprepared for their golden years, while other economists have taken a more sanguine view of American levels of saving. And if Americans are failures at saving enough for retirement, why are some retirees so happy? The seemingly simple question of "Am I saving enough for retirement?" is apparently not so simple at all. Instead, it touches on a variety of deeper issues in economics, psychology, and health policy. I use the program ESPlanner to present life-cycle retirement wealth targets for a range of incomes and situations typical of American Economic Association members. (Readers are warned that life-cycle retirement wealth targets presented in this paper may lead to feelings of financial inadequacy.)

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 21 (2007)
Issue (Month): 3 (Summer)
Pages: 59-80
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Handle: RePEc:aea:jecper:v:21:y:2007:i:3:p:59-80

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Keith A. Bender, 2004. "The Well-Being of Retirees: Evidence Using Subjective Data," Working Papers, Center for Retirement Research at Boston College 2004-24, Center for Retirement Research. [Downloadable!]
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    Other versions:
  5. Richard W. Johnson & Rudolph G. Penner, 2004. "Will Health Care Costs Erode Retirement Security?," Issues in Brief ib23, Center for Retirement Research. [Downloadable!]
  6. B. Douglas Bernheim et al., 2000. "How Much Should Americans Be Saving for Retirement?," American Economic Review, American Economic Association, vol. 90(2), pages 288-292, May. [Downloadable!] (restricted)
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  7. Steven F. Venti & David A. Wise, 2004. "Aging and Housing Equity: Another Look," NBER Chapters, in: Perspectives on the Economics of Aging, pages 127-180 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  8. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2006. "Are Americans Saving "Optimally" for Retirement?," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 607-643, August. [Downloadable!] (restricted)
    Other versions:
  9. Orazio P. Attanasio & James Banks & Costas Meghir & Guglielmo Weber, 1995. "Humps and Bumps in Lifetime Consumption," NBER Working Papers 5350, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Steven F. Venti & David A. Wise, 1989. "Aging, Moving, and Housing Wealth," NBER Working Papers 2324, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  11. B. Douglas Bernheim & Antonio Rangel, 2005. "Behavioral Public Economics: Welfare and Policy Analysis with Non-Standard Decision-Makers," NBER Working Papers 11518, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Timothy Smeeding & Barbara Boyle Torrey & Jonathon Fisher & David S. Johnson, 2006. "No Place Like Home: Older Adults and Their Housing," Working Papers, Center for Retirement Research at Boston College wp2006-16, Center for Retirement Research, revised Aug 2006. [Downloadable!]
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  14. Mark J. Warshawsky & John Ameriks, . "How Prepared Are Americans for Retirement?," Pension Research Council Working Papers 98-11, Wharton School Pension Research Council, University of Pennsylvania.
  15. James Smith, 2005. "Consequences and Predictors of New Health Events," NBER Chapters, in: Analyses in the Economics of Aging, pages 213-240 National Bureau of Economic Research, Inc. [Downloadable!]
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  16. Richard W. Johnson & Gordon B.T.Mermin & Cori Uccello, 2006. "How Secure Are Retirement Nest Eggs?," Issues in Brief ib2006-45, Center for Retirement Research, revised Apr 2006. [Downloadable!]
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  18. Jonathan Skinner & Stephen P. Zeldes, 2002. "The Importance of Bequests and Life-Cycle Saving in Capital Accumulation: A New Answer," American Economic Review, American Economic Association, vol. 92(2), pages 274-278, May. [Downloadable!]
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  21. Katharine L. Bradbury & Helen F. Ladd, 1987. "City Taxes and Property Tax Bases," NBER Working Papers 2197, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  23. JohnKarl Scholz & Ananth Seshadri, 2007. "Children and Household Wealth," Working Papers wp158, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  24. John Ameriks & Andrew Caplin & John Leahy, 2002. "Retirement Consumption: Insights from a Survey," NBER Working Papers 8735, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  25. Shlomo Benartzi & Richard Thaler, 2007. "Heuristics and Biases in Retirement Savings Behavior," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 81-104, Summer.
  26. James J. Choi & David Laibson & Brigitte C. Madrian & Andrew Metrick, 2004. "Saving or Retirement on the Path of Least Resistance," Levine's Bibliography 122247000000000606, UCLA Department of Economics. [Downloadable!]
  27. Richard W. Johnson & Gordon B.T. Mermin & Cori E. Uccello, 2006. "How Secure Are Retirement Nest Eggs?," Issues in Brief ib45, Center for Retirement Research. [Downloadable!]
  28. Annamaria Lusardi & Olivia S. Mitchell, 2006. "Financial Literacy and Planning: Implications for Retirement Wellbeing," DNB Working Papers 078, Netherlands Central Bank, Research Department. [Downloadable!]
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  29. Pauly, Mark V, 1990. "The Rational Nonpurchase of Long-term-Care Insurance," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 153-68, February. [Downloadable!] (restricted)
  30. Schwerdt, Guido, 2005. "Why does consumption fall at retirement? Evidence from Germany," Economics Letters, Elsevier, vol. 89(3), pages 300-305, December. [Downloadable!] (restricted)
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  33. Michael Hurd & Julie Zissimopoulos, 2003. "Saving for Retirement: Wage Growth and Unexpected Events," Working Papers wp045, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Alicia H. Munnell & Anthony Webb & Francesca Golub-Sass, 2007. "Is There Really a Retirement Savings Crisis? An NRRI Analysis," Issues in Brief ib2007-7-11, Center for Retirement Research, revised Aug 2007. [Downloadable!]
  2. Dalen, H.P. van & Henkens, K. & Hershey, D.A., 2008. "Are Pension Savings sufficient? Perceptions and Expectations of American and Dutch Workers," Discussion Paper 2008-58, Tilburg University, Center for Economic Research. [Downloadable!]
  3. Binswanger, J. & Schunk, D., 2008. "What is an Adequate Standard of Living During Retirement?," Discussion Paper 2008-82, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
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