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Do Newly Retired Workers in the United States Have Sufficient Resources to Maintain Well-Being?

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Author Info
Robert Haveman
Karen Holden
Barbara Wolfe
Shane Sherlund

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Abstract

A current policy issue is the extent to which savings are sufficient to sustain economic well-being in retirement. We compare annuitized wealth at retirement to three preretirement consumption estimates. About one-half of new retirees have insufficient resources to enable the full maintenance of estimated preretirement consumption in retirement, and about 40% fail to meet the "0.7 of earnings" standard that is used in many studies. Using standards reflecting social (poverty) norms we find a less serious problem. About 5% (25%) of new retirees have insufficient resources to enable an above-poverty (near-poverty) level of living during retirement. (JEL J14, J26) Copyright 2006, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/ei/cbj023
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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 44 (2006)
Issue (Month): 2 (April)
Pages: 249-264
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Handle: RePEc:oup:ecinqu:v:44:y:2006:i:2:p:249-264

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Related research
Keywords:

Find related papers by JEL classification:
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

Cited by:
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  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!]
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This page was last updated on 2009-12-15.

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