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Effects Of Stock Market Fluctuations On The Adequacy Of Retirement Wealth Accumulation

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  • Eric M. Engen
  • William G. Gale
  • Cori E. Uccello

Abstract

This paper examines the relation between fluctuations in the aggregate value of equities and the adequacy of households' saving for retirement. Using more recent data than most studies on this topic, we find that many and perhaps most households appear to be saving adequate amounts for retirement, and that there is almost no link between aggregate equity values and the adequacy of retirement saving. A simulated 40 percent decline in stocks has little effect on the adequacy of saving. The substantial growth in equity values and ownership in the 1980s and 1990s did not lead to a surge in the adequacy of retirement saving provisions. The results occur because equity holdings are concentrated among households with significant amounts of other wealth. Copyright 2005 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by International Association for Research in Income and Wealth in its journal Review of Income and Wealth.

Volume (Year): 51 (2005)
Issue (Month): 3 (09)
Pages: 397-418

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Handle: RePEc:bla:revinw:v:51:y:2005:i:3:p:397-418

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Cited by:
  1. Davies, James B. & Yu, Xiaoyu, 2013. "Impacts of Cyclical Downturns on the Third Pillar of the RIS and Policy Responses," CLSSRN working papers clsrn_admin-2013-20, Vancouver School of Economics, revised 29 Apr 2013.
  2. David A. Love & Michael G. Palumbo & Paul A. Smith, 2008. "The trajectory of wealth in retirement," Finance and Economics Discussion Series 2008-13, Board of Governors of the Federal Reserve System (U.S.).
  3. James Banks & Rowena Crawford & Thomas Crossley & Carl Emmerson, 2012. "The effect of the financial crisis on older households in England," IFS Working Papers W12/09, Institute for Fiscal Studies.

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