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Are Retirees Falling Short? Reconciling the Conflicting Evidence

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  • Alicia H. Munnell
  • Matthew S. Rutledge
  • Anthony Webb

Abstract

The brief’s key findings are: *Federal Reserve data show that retirement preparedness has been declining over time, but studies on the level of preparedness offer conflicting assessments. *The National Retirement Risk Index (NRRI) finds half of households are “at risk,” while studies of optimal savings suggest less than one-tenth will fall short. *The optimal savings results depend crucially on two assumptions: *households spend less when their kids leave home (the NRRI assumes no decline); and *households plan for declining consumption in retirement (the NRRI assumes steady consumption). *While the issue remains unsettled, the Federal Reserve data are consistent with the NRRI finding that retirement shortfalls are a growing problem.

Suggested Citation

  • Alicia H. Munnell & Matthew S. Rutledge & Anthony Webb, 2015. "Are Retirees Falling Short? Reconciling the Conflicting Evidence," Issues in Brief ib2015-5, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2015-5
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    Cited by:

    1. Ravit Rubinstein-Levi, 2021. "Disadvantaged Employees in the Trap of Defined Contribution Pension Plans," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 55-76.
    2. Burtless Gary, 2015. "Trends in the Well-Being of the Aged and Their Prospects through 2030," Forum for Health Economics & Policy, De Gruyter, vol. 18(2), pages 97-118, December.
    3. Kathleen McGarry & Robert F. Schoeni, 2015. "Understanding Participation in SSI," Working Papers wp319, University of Michigan, Michigan Retirement Research Center.
    4. Gizelle Demarie Willows, 2019. "South African individual retirement savings: An analysis of the social factors," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(3), pages 303-328, September.
    5. Benjamin M. Friedman, 2015. "Work and Consumption in an Era of Unbalanced Technological Advance," NBER Working Papers 21713, National Bureau of Economic Research, Inc.
    6. Alice Henriques Volz & Lindsay Jacobs & Elizabeth Llanes & Kevin B. Moore & Jeffrey P. Thompson, 2020. "Wealth Distribution and Retirement Preparation among Early Savers," Working Papers 20-4, Federal Reserve Bank of Boston.
    7. Wei Sun & Teresa Ghilarducci & Michael Papadopoulos & Anthony Webb, 2019. "The Impact of a Social Security Proposal for "Catch-Up" Contributions," SCEPA working paper series. 2019-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    8. Ummul Ruthbah, 2022. "The retirement puzzle," Australian Journal of Management, Australian School of Business, vol. 47(2), pages 342-367, May.

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