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Did you really save so little for your retirement? An analysis of retirement savings and unconventional retirement accounts

  • Mauro Mastrogiacomo

    ()

  • Rob Alessie

    ()

We use a confirmatory factor analysis to study the relation between the importance of a broad spectrum of saving motives, such as saving for retirement, and saving behavior. Survey data show that many respondents save for retirement in unconventional retirement accounts, such as investments in real estate. We show that finding the retirement motive important does not directly translate in additional retirement savings. We show that the annuity stream generated by conventional and unconventional accounts from age 65 onwards is small and that most savings are residual and are not being put aside for a specific motive. Also self-employed retirement savings are low, even though this group has generally no occupational pension.

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Paper provided by CPB Netherlands Bureau for Economic Policy Analysis in its series CPB Discussion Paper with number 200.

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Date of creation: Dec 2011
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Handle: RePEc:cpb:discus:200
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  1. Robert-Paul Berben & Kerstin Bernoth & Mauro Mastrogiacomo, 2007. "Households' response to wealth changes: do gins or losses make a difference?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 1, volume 25, pages 145-160 Bank for International Settlements.
  2. Christopher D. Carroll & Andrew A. Samwick, 1995. "How Important is Precautionary Saving?," NBER Working Papers 5194, National Bureau of Economic Research, Inc.
  3. Stas Kolenikov, 2006. "Confirmatory factor analysis in Stata," North American Stata Users' Group Meetings 2006 4, Stata Users Group.
  4. Apps, Patricia & Rees, Ray, 2001. "Household Saving and Full Consumption over the Life Cycle," IZA Discussion Papers 280, Institute for the Study of Labor (IZA).
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  6. Lusardi, Annamaria, 1997. "Precautionary saving and subjective earnings variance," Economics Letters, Elsevier, vol. 57(3), pages 319-326, December.
  7. Brown, Jeffrey R. & Liang, Nellie & Weisbenner, Scott, 2007. "Individual account investment options and portfolio choice: Behavioral lessons from 401(k) plans," Journal of Public Economics, Elsevier, vol. 91(10), pages 1992-2013, November.
  8. Horioka, C.Y. & Watanabe, W., 1996. "Why Do People Save? A Micro-Analysis of Motives for Household Saving in Japan," ISER Discussion Paper 0412, Institute of Social and Economic Research, Osaka University.
  9. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2001. "The Empirical Importance of Precautionary Saving," NBER Working Papers 8107, National Bureau of Economic Research, Inc.
  10. Mark van Duijn & Maarten Lindeboom & Mauro Mastrogiacomo & M. Lundborg, 2009. "Pension plans and the retirement replacement rates in the Netherlands," CPB Discussion Paper 118, CPB Netherlands Bureau for Economic Policy Analysis.
  11. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
  12. Erskine, Michele & Kier, Cheryl & Leung, Ambrose & Sproule, Robert, 2006. "Peer crowds, work experience, and financial saving behaviour of young Canadians," Journal of Economic Psychology, Elsevier, vol. 27(2), pages 262-284, April.
  13. Groenland, E. A. G. & Bloem, J. G. & Kuylen, A. A. A., 1996. "Prototypicality and structure of the saving concept for consumers," Journal of Economic Psychology, Elsevier, vol. 17(6), pages 691-708, December.
  14. Rabinovich, Anna & Webley, Paul, 2007. "Filling the gap between planning and doing: Psychological factors involved in the successful implementation of saving intention," Journal of Economic Psychology, Elsevier, vol. 28(4), pages 444-461, August.
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