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Trends and Projections in Income Replacement during Retirement

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Author Info

  • James P. Smith

    (RAND Corporation)

Abstract

This article calculates retirement incomereplacement rates for all labor market cohorts across the last 25 years and describes the changing contributions made by private pensions, social security, and assets. The factors on which replacement rates are sensitive include position in the income distribution, the use of after-tax instead of pretax incomes, the changing family composition of households between their pre- and postretirement years, and differential underreporting of income by age. The debate about reforming the U.S. retirement income system starts from a base where the current system offers high income-replacement rates for most households, especially low-income households.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 21 (2003)
Issue (Month): 4 (October)
Pages: 755-782

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Handle: RePEc:ucp:jlabec:v:21:y:2003:i:4:p:755-782

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Web page: http://www.journals.uchicago.edu/JOLE/

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Cited by:
  1. Sanders, E.A.T., 2011. "Annuity market imperfections," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4960701, Tilburg University.
  2. Edward N. Wolff, 2006. "The Adequacy of Retirement Resources among the Soon-to-Retire, 1983-2001," Economics Working Paper Archive wp_472, Levy Economics Institute.
  3. Russell Cooper & Guozhong Zhu, 2013. "Household Finance: Education, Permanent Income and Portfolio Choice," NBER Working Papers 19455, National Bureau of Economic Research, Inc.
  4. 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.
  5. Flood, Lennart & Klevmarken, Anders & Mitrut, Andreea, 2006. "The income of the Swedish baby boomers," Working Papers in Economics 209, University of Gothenburg, Department of Economics.
  6. Douglas Hershey & Joy Jacobs-Lawson, 2012. "Bridging the Gap: Anticipated Shortfalls in Future Retirement Income," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 306-314, September.
  7. Finnie, Ross & Spencer, Byron G., 2013. "How do the level and composition of income change after retirement? Evidence from the LAD," CLSSRN working papers clsrn_admin-2013-21, Vancouver School of Economics, revised 29 Apr 2013.
  8. Picot, Garnett & Larochelle-Cote, Sebastien & Myles, John, 2008. "Securite et stabilite du revenu a la retraite au Canada," Direction des etudes analytiques : documents de recherche 2008306f, Statistics Canada, Direction des etudes analytiques.
  9. Picot, Garnett & Larochelle-Cote, Sebastien & Myles, John, 2008. "Income Security and Stability During Retirement in Canada," Analytical Studies Branch Research Paper Series 2008306e, Statistics Canada, Analytical Studies Branch.

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