Simulating the Future Pension Wealth and Retirement Saving in Sweden
AbstractIn this paper the wealth consequences of the Swedish pension system in the transition from a defined benefit to notional defined contribution system are simulated with almost exact institutional detail, using life cycle profiles estimated from detailed longitudinal micro data. Projected wealth, including different types of pension wealth, are computed and compared between cohorts, gender, wealth deciles and occupational categories. Consistent saving rates and replacement rates allowing consumption to stay constant after retirement are computed. Two different macroeconomic scenarios are considered, one using stylised values for growth, inflation etc. and another using demographically based forecasts. Some conclusions are that the cohorts born in the 1940s are relatively favoured, and so are the wealthiest deciles. Stylised macro assumptions yield more optimistic wealth projections than those corresponding to demographically based projections.
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Bibliographic InfoPaper provided by Institute for Futures Studies in its series Arbetsrapport with number 2005:6.
Length: 59 pages
Date of creation: Sep 2004
Date of revision:
Note: ISSN 1652-120X ISBN 91-89655-64-8
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Postal: Institute for Futures Studies, Box 591, SE-101 31 Stockholm, Sweden
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Future Pension Wealth; Retirement Saving in Sweden;
Find related papers by JEL classification:
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-05-23 (All new papers)
- NEP-CMP-2005-05-23 (Computational Economics)
- NEP-EEC-2005-05-23 (European Economics)
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