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Adequacy of Economic Resources in Retirement and Returns-toscale in Consumption

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  • Michael D. Hurd

    (RAND and NBER)

  • Susann Rohwedder

    (RAND)

Abstract

Most assessments of the adequacy of retirement resources are expressed as a comparison of preretirement income to immediate post-retirement income. Yet, among couples a substantial fraction of retirement years is eventually spent by the surviving spouse living alone. To the extent that singles need less than couples to maintain the same standard of living, assessments of the adequacy of economic resources that make no adjustment for widowing will ystematically misstate economic preparation. We estimate returns-to-scale parameters in spending by older households, using data from the Consumption and Activities Mail Survey and apply these to assessments of adequacy of retirement resources.

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File URL: http://www.mrrc.isr.umich.edu/publications/Papers/pdf/wp174.pdf
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Bibliographic Info

Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp174.

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Length: 33 pages
Date of creation: May 2008
Date of revision:
Handle: RePEc:mrr:papers:wp174

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  1. Michael D. Hurd, 1999. "Mortality Risk and Consumption by Couples," NBER Working Papers 7048, National Bureau of Economic Research, Inc.
  2. Li Gan & Guan Gong, 2005. "Subjective Morality Risks and Bequests," 2005 Meeting Papers 900, Society for Economic Dynamics.
  3. Donaldson, David & Pendakur, Krishna, 2004. "Equivalent-expenditure functions and expenditure-dependent equivalence scales," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 175-208, January.
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