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The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians

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  • Sule Alan
  • Kadir Atalay
  • Thomas F. Crossley

Abstract

We examine retired Canadians' subjective survey reports of satisfaction with finances, and with life, relative to the period before retirement. Many more retired Canadians report enjoying life more than before retirement than the converse, and in 2002 three-quarters of retired Canadians reported being either as satisfied or more satisfied with their finances than they were in the year prior to retirement. The most significant correlate of financial dissatisfaction that our analysis uncovers is involuntary retirement and, in particular, involuntary retirement associated with poor health.

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 34 (2008)
Issue (Month): s1 (November)
Pages: 95-118

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Handle: RePEc:cpp:issued:v:34:y:2008:i:s1:p:95-118

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References

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  1. Blanchflower, David G. & Oswald, Andrew J., 2007. "Is Well-Being U-Shaped over the Life Cycle?," IZA Discussion Papers 3075, Institute for the Study of Labor (IZA).
  2. Michael D. Hurd & Susann Rohwedder, 2006. "Some Answers to the Retirement-Consumption Puzzle," NBER Working Papers 12057, National Bureau of Economic Research, Inc.
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  9. Banks, James & Kapteyn, Arie & Smith, James P. & van Soest, Arthur, 2004. "International Comparisons of Work Disability," IZA Discussion Papers 1118, Institute for the Study of Labor (IZA).
  10. Sule Alan & Kadir Atalay & Thomas F. Crossley, 2008. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 95-118, November.
  11. Matthew Brzozowski & Yuqian Lu, 2006. "Home Cooking, Food Consumption and Food Production among the Unemployed and Retired Households," Social and Economic Dimensions of an Aging Population Research Papers 151, McMaster University.
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  16. Daniel Kahneman & Alan B. Krueger, 2006. "Developments in the Measurement of Subjective Well-Being," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 3-24, Winter.
  17. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2004. "Are Americans Saving "Optimally" for Retirement?," NBER Working Papers 10260, National Bureau of Economic Research, Inc.
  18. Thomas F. Crossley & Krishna Pendakur, 2002. "Consumption Inequality," Department of Economics Working Papers 2002-09, McMaster University.
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Cited by:
  1. Frank T. Denton & Ross Finnie & Byron G. Spencer, 2009. "Income Replacement in Retirement: Longitudinal Evidence from Income Tax Records," Social and Economic Dimensions of an Aging Population Research Papers 261, McMaster University.
  2. Barrett, Garry F. & Brzozowski, Matthew, 2010. "Involuntary Retirement and the Resolution of the Retirement-Consumption Puzzle: Evidence from Australia," Working Papers 2010-10, University of Sydney, School of Economics.
  3. Bonnie-Jeanne MacDonald & Doug Andrews & Robert L. Brown, 2011. "The Canadian Elder Standard - Pricing the Cost of Basic Needs for the Canadian Elderly," Social and Economic Dimensions of an Aging Population Research Papers 286, McMaster University.
  4. Garry F. Barrett & Milica Kecmanovic, 2012. "Changes in Subjective Well-being with Retirement: Assessing Savings Adequacy in Australia," Social and Economic Dimensions of an Aging Population Research Papers 296, McMaster University.
  5. Dekkers, Gijs, 2008. "Are the old poor? A discussion and some cursory evidence," MPRA Paper 29436, University Library of Munich, Germany.
  6. Sule Alan & Kadir Atalay & Thomas F. Crossley, 2007. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Social and Economic Dimensions of an Aging Population Research Papers 199, McMaster University.

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