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Adequacy of Economic Resources in Retirement and Returns-toscale in Consumption

Author

Listed:
  • Michael D. Hurd

    (RAND and NBER)

  • Susann Rohwedder

    (RAND)

Abstract

Most assessments of the adequacy of retirement resources are expressed as a comparison of preretirement income to immediate post-retirement income. Yet, among couples a substantial fraction of retirement years is eventually spent by the surviving spouse living alone. To the extent that singles need less than couples to maintain the same standard of living, assessments of the adequacy of economic resources that make no adjustment for widowing will ystematically misstate economic preparation. We estimate returns-to-scale parameters in spending by older households, using data from the Consumption and Activities Mail Survey and apply these to assessments of adequacy of retirement resources.

Suggested Citation

  • Michael D. Hurd & Susann Rohwedder, 2008. "Adequacy of Economic Resources in Retirement and Returns-toscale in Consumption," Working Papers wp174, University of Michigan, Michigan Retirement Research Center.
  • Handle: RePEc:mrr:papers:wp174
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    File URL: http://mrdrc.isr.umich.edu/publications/Papers/pdf/wp174.pdf
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    References listed on IDEAS

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    1. Hurd, M., 1999. "Mortality Risk and Consumption by Couples," Papers 99-03, RAND - Labor and Population Program.
    2. Gan, Li & Gong, Guan & Hurd, Michael & McFadden, Daniel, 2015. "Subjective mortality risk and bequests," Journal of Econometrics, Elsevier, vol. 188(2), pages 514-525.
    3. Donaldson, David & Pendakur, Krishna, 2004. "Equivalent-expenditure functions and expenditure-dependent equivalence scales," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 175-208, January.
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    Cited by:

    1. Matthew Weinzierl, 2014. "Seesaws and Social Security Benefits Indexing," NBER Working Papers 20671, National Bureau of Economic Research, Inc.
    2. Filip Chybalski & Edyta Marcinkiewicz, 2016. "The Replacement Rate: An Imperfect Indicator of Pension Adequacy in Cross-Country Analyses," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 126(1), pages 99-117, March.
    3. Aaron George Grech, 2013. "How best to measure pension adequacy," CASE Papers case172, Centre for Analysis of Social Exclusion, LSE.
    4. Matthew Weinzierl, 2014. "Seesaws and Social Security Benefits Indexing," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 45(2 (Fall)), pages 137-196.
    5. Matthew Weinzierl, 2014. "Seesaws and Social Security Benefits Indexing," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 137-196.

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