How Do Lower-Income Families Think about Retirement?
AbstractHow do low-income households think about retirement? Do they think about retirement? If so, when do they think they will retire, and what is it they plan to live on? In this paper, we present evidence on these questions based on 51 qualitative interviews with low-income families in the Detroit area. We find that the great majority of low-income households think about retirement, although this does not necessarily mean they are able to plan and/or save actively for retirement. Most respondents plan to retire as soon as they become eligible for Social Security or, in a few cases, private pensions.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp195.
Length: 21 pages
Date of creation: Sep 2008
Date of revision:
Contact details of provider:
Postal: P.O. Box 1248, Ann Arbor, MI 48104
Phone: (734) 615-0422
Fax: (734) 647-4575
Web page: http://www.mrrc.isr.umich.edu/publications/papers/
More information through EDIRC
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jeff Dominitz & Charles F. Manski, 2006. "Measuring Pension-benefit Expectations Probabilistically," LABOUR, CEIS, vol. 20(2), pages 201-236, 06.
- Deborah A. Cobb-Clark & Steve Stillman, 2006.
"The Retirement Expectations of Middle-Aged Individuals,"
CEPR Discussion Papers
540, Centre for Economic Policy Research, Research School of Economics, Australian National University.
- Cobb-Clark, Deborah A. & Stillman, Steven, 2006. "The Retirement Expectations of Middle-Aged Individuals," IZA Discussion Papers 2449, Institute for the Study of Labor (IZA).
- Hugo Benítez-Silva & Debra S. Dwyer, 2005. "The Rationality of Retirement Expectations and the Role of New Information," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 587-592, August.
- B. Douglas Bernheim, 1987.
"The Timing of Retirement: A Comparison of Expectations and Realizations,"
NBER Working Papers
2291, National Bureau of Economic Research, Inc.
- B. Douglas Bernheim, 1989. "The Timing of Retirement: A Comparison of Expectations and Realizations," NBER Chapters, in: The Economics of Aging, pages 335-358 National Bureau of Economic Research, Inc.
- Hugo Benítez-Silva & Debra Dwyer & Wayne-Roy Gayle & Thomas Muench, 2008.
"Expectations in micro data: rationality revisited,"
Springer, vol. 34(2), pages 381-416, March.
- Hugo Benítez-Silva & Debra S. Dwyer & Wayne-Roy Gayle & Thomas J. Muench, 2003. "Expectations in Micro Data: Rationality Revisited," Working Papers wp059, University of Michigan, Michigan Retirement Research Center.
- Hugo Benitez-Silva & Debra S. Dwyer & Wayne-Roy Gayle & Tom Muench, 2005. "Expectations in Micro Data: Rationality Revisited," Department of Economics Working Papers 05-04, Stony Brook University, Department of Economics.
- Charles F. Manski, 2004. "Measuring Expectations," Econometrica, Econometric Society, vol. 72(5), pages 1329-1376, 09.
- Kathleen McGarry, 2004. "Health and Retirement: Do Changes in Health Affect Retirement Expectations?," Journal of Human Resources, University of Wisconsin Press, vol. 39(3).
- Shlomo Benartzi & Richard Thaler, 2007. "Heuristics and Biases in Retirement Savings Behavior," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 81-104, Summer.
- Jeff Dominitz & Charles F. Manski & Jordan Heinz, 2003. ""Will Social Security Be There For You?": How Americans Perceive Their Benefits," NBER Working Papers 9798, National Bureau of Economic Research, Inc.
- Nicole Maestas, 2004. "Back to Work: Expectations and Realizations of Work After Retirement," Working Papers wp085, University of Michigan, Michigan Retirement Research Center.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (MRRC Administrator).
If references are entirely missing, you can add them using this form.