Economic well-being in retirement has been of increasing interest for economic researchers. The policy implications are large. As the baby boom generation nears retirement, understanding the factors that determine economic well-being enables policymakers to evaluate and possibly reform present retirement institutions, such as public and private pension programs. Of particular interest in this field has been the focus on retirement income adequacy, that is, the financial resources retirees need to be above some minimal level. While this area of research is important, focusing on just the economic well-being of individuals may miss other factors that influence overall welfare. Indeed, there has been a lack of research on other aspects of well-being for retirees in the economics literature. This brief attempts to fill this void by examining the determinants of the overall well-being of retirees, using the 2000 Health and Retirement Study. The brief is organized as follows. The next section reviews the economics literature on well-being measures. The second section explains the data used in the analysis presented in this brief, while the third section reviews the results. A final section summarizes the study and offers areas of future research.
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Paper provided by Center for Retirement Research in its series Issues in Brief with number
ib28.
Find related papers by JEL classification: D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
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