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The Changing Landscape of Pensions in the United States

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Author Info
James Poterba
Steven Venti
David A. Wise

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Abstract

The pension landscape in the U.S. has changed dramatically over the past 25 years. Saving through personal retirement accounts has become the principal form of retirement saving. We document the transition from a defined benefit system to a personal account system and show the effect it has had on wealth at retirement. We summarize results from other research we have done to project the growth of retirement assets over the next three decades. Our projections suggest that the advent of personal account saving will increase wealth at retirement for future retirees across the lifetime earnings spectrum.

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Publisher Info
Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13381.

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Date of creation: Sep 2007
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Handle: RePEc:nbr:nberwo:13381

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Find related papers by JEL classification:
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions
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
J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Private Pensions

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References listed on IDEAS
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.:
  1. James Poterba & Steven F. Venti & David A. Wise, 2007. "Rise of 401(k) Plans, Lifetime Earnings, and Wealth at Retirement," NBER Working Papers 13091, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. James Poterba & Steven Venti & David A. Wise, 2007. "New Estimates of the Future Path of 401(k) Assets," NBER Working Papers 13083, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Ippolito, Richard A, 2001. "Reversion Taxes, Contingent Benefits, and the Decline in Pension Funding," Journal of Law & Economics, University of Chicago Press, vol. 44(1), pages 199-232, April.
  4. James J. Choi & David Laibson & Brigitte C. Madrian, 2004. "Plan Design and 401(k) Savings Outcomes," NBER Working Papers 10486, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Benjamin, Daniel J., 2003. "Does 401(k) eligibility increase saving?: Evidence from propensity score subclassification," Journal of Public Economics, Elsevier, vol. 87(5-6), pages 1259-1290, May. [Downloadable!] (restricted)
  6. Geoffrey Sanzenbacher, 2006. "Estimating Pension Coverage Using Different Data Sets," Issues in Brief ib2006-51, Center for Retirement Research, revised Aug 2006. [Downloadable!]
  7. Marric Buessing & Mauricio Soto, 2006. "The State Of Private Pensions: Current 5500 Data," Issues in Brief ib42, Center for Retirement Research. [Downloadable!]
  8. James Poterba & Joshua Rauh & Steven Venti & David Wise, 2006. "Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth," NBER Working Papers 12597, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Alicia H. Munnell & Pamela Perun, 2006. "An Update on Private Pensions," Issues in Brief ib2006-50, Center for Retirement Research, revised Aug 2006. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Jeffrey R. Brown, 2007. "Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning," NBER Working Papers 13537, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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