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Household Economic Shocks Increase Retirement Wealth Inequality

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Abstract

Economic shocks, such as job-loss, have a particularly adverse effect on the retirement savings of workers in low-income households, exacerbating retirement savings inequality. Low income households are more likely than moderate- and upper-income households to experience economic shocks. Workers in low-income households are also more likely to withdraw from their retirement account after a shock. This study shows that these shocks have significant effects on the finances of low-income households, causing up to a third of all withdrawals, and possibly more.

Suggested Citation

  • Teresa Ghilarducci & Siavash Radpour & Bridget Fisher & Anthony Webb, 2016. "Household Economic Shocks Increase Retirement Wealth Inequality," SCEPA policy note series. 2016-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  • Handle: RePEc:epa:cepapn:2016-01
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    File URL: https://www.economicpolicyresearch.org/images/docs/research/retirement_security/Household_Economic_Shocks_Increase_Retirement_Wealth_Inequality.pdf
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    Cited by:

    1. Ghilarducci, Teresa & Radpour, Siavash & Webb, Anthony, 2022. "Retirement plan wealth inequality: measurement and trends," Journal of Pension Economics and Finance, Cambridge University Press, vol. 21(1), pages 119-139, January.

    More about this item

    Keywords

    Retirement; 401(k); GRA; Social Security;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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