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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

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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Bibliographic Info

Article provided by Western Economic Association International 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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Cited by:
  1. David Love & Michael Palumbo & Paul Smith, 2008. "The Trajectory of Wealth in Retirement," Department of Economics Working Papers 2008-10, Department of Economics, Williams College.
  2. Karen Smith & Mauricio Soto & Rudolph G. Penner, 2009. "How Seniors Change Their Asset Holdings During Retirement," Working Papers, Center for Retirement Research at Boston College wp2009-31, Center for Retirement Research, revised Dec 2009.
  3. David A. Love & Paul A. Smith & Lucy C. McNair, 2008. "A new look at the wealth adequacy of older U.S. households," Finance and Economics Discussion Series 2008-20, Board of Governors of the Federal Reserve System (U.S.).
  4. Jeffrey Thompson & Timothy M. Smeeding, 2010. "Recent Trends in the Distribution of Income: Labor, Wealth and More Complete Measures of Well Being," Working Papers wp225, Political Economy Research Institute, University of Massachusetts at Amherst.
  5. Elsa Fornero & Annamaria Lusardi & Chiara Monticone, 2009. "Adequacy of Saving for Old Age in Europe," CeRP Working Papers 87, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  6. Marilyn Clark-Murphy & Paul Gerrans & Craig Speelman, 2009. "Return Chasing as a Driver in Individual Retirement Savings Investment Choices: Evidence from Australia," Journal of Family and Economic Issues, Springer, vol. 30(1), pages 4-19, March.
  7. Hugo Benitez-Silva & Na Yin, 2007. "An Empirical Study of the Effects of Social Security Reforms on Claming Behavior and Benefits Receipt Using Aggregate and Public-Use Administrative Micro Data," Department of Economics Working Papers 07-05, Stony Brook University, Department of Economics.

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