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Concepts and Measures of Earnings Replacement During Retirement

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Author Info
Michael J. Boskin
John B. Shoven
Abstract

This paper compares the well-being of the Retirement History Survey of the elderly with their own previous levels of income and economic welfare. Traditional replacement rates are calculated, although a number of shortcomings of such measures are discussed. Modifications are made by examining career average rather than peak earnings, by adjusting for the fact that the incomes of the elderly are taxed more lightly, that the elderly do not have dependent children, and that Social Security income in retirement is a safer source ofincome than earnings earlier in life. The fully adjusted total income measures are at least as high for almost all classes of households in the survey as their career average pre-retirement earnings.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1360.

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Date of creation: Jul 1987
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Handle: RePEc:nbr:nberwo:1360

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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. Kotlikoff, Laurence J & Spivak, Avia & Summers, Lawrence H, 1982. "The Adequacy of Savings," American Economic Review, American Economic Association, vol. 72(5), pages 1056-69, December. [Downloadable!] (restricted)
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  2. Michael J. Boskin & Michael D. Hurd, 1986. "Are Inflation Rates Different for the Elderly?," NBER Working Papers 0943, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Michael D. Hurd & John B. Shoven, 1982. "The Economic Status of the Elderly," NBER Working Papers 0914, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Alan S. Blinder & Roger H. Gordon & Donald E. Wise, 1981. "Reconsidering the Work Disincentive Effects of Social Security," NBER Working Papers 0562, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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(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. Casey B. Mulligan & Xavier Sala-i-Martín, 2003. "Social Security, Retirement, and the Single-Mindedness of the Electorate," Economics Working Papers 686, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  2. Flood, Lennart & Klevmarken, Anders & Mitrut, Andreea, 2006. "The income of the Swedish baby boomers," Working Papers in Economics 209, Göteborg University, Department of Economics. [Downloadable!]
    Other versions:
  3. Casey B. Mulligan & Xavier Sala-i-Martin, 1999. "Gerontocracy, Retirement, and Social Security," Economics Working Papers 383, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  4. Boskin, Michael J, et al, 1998. "Consumer Prices, the Consumer Price Index, and the Cost of Living," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 3-26, Winter. [Downloadable!] (restricted)
  5. Armando Barrientos, 2000. "Work, retirement and vulnerability of older persons in Latin America: what are the lessons for pension design?," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(4), pages 495-506.
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