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The Adequacy of Retirement Resources among the Soon-to-Retire, 1983–2001

In: Government Spending on the Elderly

Author

Listed:
  • Edward N. Wolff
  • Brooke Harrington

Abstract

A central issue confronting the soon-to-retire workers (that is, in the age group 47–64) is whether they will have command over enough resources (both private and public) to maintain a decent standard of living in retirement. Typically, the adequacy of projected retirement income is judged in relation to some absolute standard (for example, poverty threshold) and preretirement income (“replacement rate”). In a previous study, utilizing data up to 1998 (Wolff, 2002b), I found that among the households headed by a soonto-retire worker, the proportion expected to be in poverty or unable to replace at least half their pre-retirement income rose from 1989 to 1998. Since 1998 until 2001 at least, the economy boomed, the stock market surged, and the unemployment rate fell sharply. The principal focus of this chapter is to update the findings of the earlier study utilizing the 2001 Survey of Consumer Finances in order to shed light on the retirement income security of the soonto-retire. Particular attention will be paid to the adequacy of pensions, Social Security, and financial wealth in relation to pre-retirement income.

Suggested Citation

  • Edward N. Wolff & Brooke Harrington, 2007. "The Adequacy of Retirement Resources among the Soon-to-Retire, 1983–2001," Palgrave Macmillan Books, in: Dimitri B. Papadimitriou (ed.), Government Spending on the Elderly, chapter 12, pages 315-346, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59144-8_12
    DOI: 10.1057/9780230591448_12
    as

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