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The Adequacy of Household Saving

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  • Engen, Eric
  • Gale, William
  • Uccello, Cori
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    Abstract

    DURING THE PAST half century, retirement income security in the United States has been based on a combination of social security, employer sponsored pensions, and households’ own saving. Social security was intended to provide a retirement income base. Pensions generated additional retirement income. Households’ own saving supplemented these sources. In many ways this combination has served retirees well, but recent and impending developments have raised concerns about the adequacy of households’ preparations for retirement.

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    File URL: http://mpra.ub.uni-muenchen.de/56442/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 56442.

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    Date of creation: 1999
    Date of revision:
    Publication status: Published in Brookings Papers on Economic Activity 2.1999(1999): pp. 65-187
    Handle: RePEc:pra:mprapa:56442

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    Keywords: saving; retirement; social security; pension;

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    References

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    1. Barsky, Robert B, et al, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 537-79, May.
    2. Kocherlakota, N., 1995. "The Equity Premium: It's Still a Puzzle," Working Papers 95-05, University of Iowa, Department of Economics.
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    5. Constantinides, George M, 1990. "Habit Formation: A Resolution of the Equity Premium Puzzle," Journal of Political Economy, University of Chicago Press, vol. 98(3), pages 519-43, June.
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    8. John Sabelhaus, 1997. "Public Policy and Saving in the United States and Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 30(2), pages 253-75, May.
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    15. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
    16. Robert B. Avery & Gregory E. Elliehausen & Glenn B. Canner & Thomas A. Gustafson, 1984. "Survey of consumer finances, 1983," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Sep, pages 679-692.
    17. Arthur B. Kennickell & Martha Starr-McCluer & Annika E. Sunden, 1997. "Family finances in the U.S.: recent evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-24.
    18. Karen E. Dynan, 1993. "How prudent are consumers?," Working Paper Series / Economic Activity Section 135, Board of Governors of the Federal Reserve System (U.S.).
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