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An assessment of adequacy of pre-retirement savings for sustainable retirement income under the Nigerian 2014 pension scheme

Author

Listed:
  • Sogunro Ashim Babatunde

    (Department of Actuarial Science and Insurance, Faculty Business Administration, University of Lagos, Akoka, Yaba, Lagos, Nigeria)

  • Adeleke Ismaila Adedeji

    (Department of Actuarial Science and Insurance, Faculty Business Administration, University of Lagos, Akoka, Yaba, Lagos, Nigeria)

  • Ayorinde Richard Olusegun

    (Department of Actuarial Science and Insurance, Faculty Business Administration, University of Lagos, Akoka, Yaba, Lagos, Nigeria)

Abstract

Aim/purpose – The main objectives of this article are to estimate percentage of preretirement savings that is needed, based on the current salary scale, to sustain academic and non-academic staff of Federal Universities in Nigeria in retirement using University of Lagos as a case study.

Suggested Citation

  • Sogunro Ashim Babatunde & Adeleke Ismaila Adedeji & Ayorinde Richard Olusegun, 2019. "An assessment of adequacy of pre-retirement savings for sustainable retirement income under the Nigerian 2014 pension scheme," Journal of Economics and Management, Sciendo, vol. 35(1), pages 150-171, March.
    • Handle: RePEc:vrs:jecman:v:35:y:2019:i:1:p:150-171:n:2
    DOI: 10.22367/jem.2019.35.08
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    References listed on IDEAS

    as
    1. B. Douglas Bernheim, 2000. "How Much Should Americans Be Saving for Retirement?," American Economic Review, American Economic Association, vol. 90(2), pages 288-292, May.
    2. Kevin D. Moore & William Robson & Alexandre Laurin, 2010. "Canada’s Looming Retirement Challenge: Will Future Retirees Be Able to Maintain Their Living Standards upon Retirement?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 317, December.
    3. James F. Moore & Olivia S. Mitchell, 1997. "Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study," NBER Working Papers 6240, National Bureau of Economic Research, Inc.
    4. Alicia H. Munnell & Anthony Webb & Luke Delorme & Francesca Golub-Sass, 2012. "National Retirement Risk Index: How Much Longer Do We Need to Work?," Issues in Brief ib2012-12, Center for Retirement Research, revised Jun 2012.
    5. Chia, Ngee Choon & Tsui, Albert K. C., 2003. "Life annuities of compulsory savings and income adequacy of the elderly in Singapore," Journal of Pension Economics and Finance, Cambridge University Press, vol. 2(1), pages 41-65, March.
    6. Alicia H. Munnell & Anthony Webb & Francesca Golub-Sass, 2012. "The National Retirement Risk Index: An Update," Issues in Brief ib2012-20, Center for Retirement Research, revised Nov 2012.
    7. Brady, Peter J., 2010. "Measuring retirement resource adequacy," Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(2), pages 235-262, April.
    8. Bonnie-Jeanne MacDonald & Kevin D. Moore & He Chen & Robert L. Brown, 2011. "The Canadian National Retirement Risk Index: Employing Statistics Canada's LifePaths to Measure the Financial Security of Future Canadian Seniors," Canadian Public Policy, University of Toronto Press, vol. 37(s1), pages 73-94, February.
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    More about this item

    Keywords

    adequacy; replacement rates; actuarial assumptions; salary-scale and consumption smoothing;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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