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The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians

Author

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  • Sule Alan
  • Kadir Atalay
  • Thomas F. Crossley

Abstract

We examine retired Canadians’ subjective survey reports of satisfaction with finances,and with life, relative to the period before retirement.

Suggested Citation

  • Sule Alan & Kadir Atalay & Thomas F. Crossley, 2007. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Social and Economic Dimensions of an Aging Population Research Papers 199, McMaster University.
  • Handle: RePEc:mcm:sedapp:199
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    File URL: http://socserv.mcmaster.ca/sedap/p/sedap199.pdf
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    References listed on IDEAS

    as
    1. Michael Baker & Jonathan Gruber & Kevin S. Milligan, 2009. "Retirement Income Security and Well-Being in Canada," NBER Working Papers 14667, National Bureau of Economic Research, Inc.
    2. Banks, James & Blundell, Richard & Tanner, Sarah, 1998. "Is There a Retirement-Savings Puzzle?," American Economic Review, American Economic Association, vol. 88(4), pages 769-788, September.
    3. repec:cup:apsrev:v:97:y:2003:i:04:p:567-583_00 is not listed on IDEAS
    4. Blanchflower, David G. & Oswald, Andrew J., 2008. "Is well-being U-shaped over the life cycle?," Social Science & Medicine, Elsevier, vol. 66(8), pages 1733-1749, April.
    5. Martin Browning & Thomas F. Crossley, 2001. "The Life-Cycle Model of Consumption and Saving," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 3-22, Summer.
    6. James Banks & Arie Kapteyn & James P. Smith & Arthur Van Soest, 2004. "International Comparisons of Work Disability," Working Papers WR-155, RAND Corporation.
    7. repec:cup:apsrev:v:98:y:2004:i:01:p:191-207_00 is not listed on IDEAS
    8. Sarah Smith, 2006. "The Retirement-Consumption Puzzle and Involuntary Early Retirement: Evidence from the British Household Panel Survey," Economic Journal, Royal Economic Society, vol. 116(510), pages 130-148, March.
    9. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
    10. A. L. Robb & J. B. Burbidge, 1989. "Consumption, Income, and Retirement," Canadian Journal of Economics, Canadian Economics Association, vol. 22(3), pages 522-542, August.
    11. Michael D. Hurd & Susann Rohwedder, 2006. "Some Answers to The Retirement-Consumption Puzzle," Working Papers WR-342, RAND Corporation.
    12. Arie Kapteyn & James P. Smith & Arthur VanSoest, 2005. "Vignettes and Self Reported Work Disability," Labor and Demography 0511005, EconWPA.
    13. John Ameriks & Andrew Caplin & John Leahy, 2007. "Retirement Consumption: Insights from a Survey," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 265-274, May.
    14. Michael D. Hurd & Susann Rohwedder, 2006. "Some Answers to the Retirement-Consumption Puzzle," NBER Working Papers 12057, National Bureau of Economic Research, Inc.
    15. Matthew Brzozowski & Yuqian Lu, 2006. "Home Cooking, Food Consumption and Food Production among the Unemployed and Retired Households," Social and Economic Dimensions of an Aging Population Research Papers 151, McMaster University.
    16. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2006. "Are Americans Saving "Optimally" for Retirement?," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 607-643, August.
    17. Thomas F. Crossley & Krishna Pendakur, 2002. "Consumption Inequality," Department of Economics Working Papers 2002-09, McMaster University.
    18. Daniel Kahneman & Alan B. Krueger, 2006. "Developments in the Measurement of Subjective Well-Being," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 3-24, Winter.
    19. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, July.
    20. Sule Alan & Kadir Atalay & Thomas F. Crossley, 2008. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 95-118, November.
    21. Mark Aguiar & Erik Hurst, 2005. "Consumption versus Expenditure," Journal of Political Economy, University of Chicago Press, vol. 113(5), pages 919-948, October.
    22. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
    23. Sendhil Mullainathan & Marianne Bertrand, 2001. "Do People Mean What They Say? Implications for Subjective Survey Data," American Economic Review, American Economic Association, vol. 91(2), pages 67-72, May.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Frank T. Denton & Ross Finnie & Byron G. Spencer, 2009. "Income Replacement in Retirement: Longitudinal Evidence from Income Tax Records," Social and Economic Dimensions of an Aging Population Research Papers 261, McMaster University.
    2. Garry F. Barrett & Milica Kecmanovic, 2012. "Changes in Subjective Well-being with Retirement: Assessing Savings Adequacy in Australia," Social and Economic Dimensions of an Aging Population Research Papers 296, McMaster University.
    3. Bonnie-Jeanne MacDonald & Doug Andrews & Robert L. Brown, 2011. "The Canadian Elder Standard - Pricing the Cost of Basic Needs for the Canadian Elderly," Social and Economic Dimensions of an Aging Population Research Papers 286, McMaster University.
    4. Sule Alan & Kadir Atalay & Thomas F. Crossley, 2008. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 95-118, November.
    5. Umar M. A. Boodoo & Rafael Gomez & Morley Gunderson, 2014. "Relative income, absolute income and the life satisfaction of older adults: do retirees differ from the non-retired?," Industrial Relations Journal, Wiley Blackwell, vol. 45(4), pages 281-299, July.
    6. Garry F. Barrett & Matthew Brzozowski, 2010. "Involuntary Retirement and the Resolution of the Retirement-Consumption Puzzle: Evidence from Australia," Social and Economic Dimensions of an Aging Population Research Papers 275, McMaster University.
    7. Dekkers, Gijs, 2008. "Are the old poor? A discussion and some cursory evidence," MPRA Paper 29436, University Library of Munich, Germany.

    More about this item

    Keywords

    retirement; savings; subjective survey reports;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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