Articlegreen2005

DO NEWLY RETIRED WORKERS IN THE UNITED STATES HAVE SUFFICIENT RESOURCES TO MAINTAIN WELL‐BEING?

ROBERT H. HAVEMAN · Karen Holden · Barbara L. Wolfe · Shane M. Sherlund

52 citations0/0 files storedEconomic Inquiry

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Financial Literacy, Pension, Retirement Analysis Labor market dynamics and wage inequality Retirement, Disability, and Employment

Abstract

A current policy issue is the extent to which savings are sufficient to sustain economic well‐being in retirement. We compare annuitized wealth at retirement to three preretirement consumption estimates. About one‐half of new retirees have insufficient resources to enable the full maintenance of estimated preretirement consumption in retirement, and about 40% fail to meet the “0.7 of earnings” standard that is used in many studies. Using standards reflecting social (poverty) norms we find a less serious problem. About 5% (25%) of new retirees have insufficient resources to enable an above‐poverty (near‐poverty) level of living during retirement. (JEL J14, J26)

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1983Limited-dependent and qualitative variables in econometrics 2002Consumption Over the Life Cycle 1981The Role of Intergenerational Transfers in Aggregate Capital Accumulation 1980The Role of Intergenerational Transfers in Aggregate Capital Accumulation 2001What Accounts for the Variation in Retirement Wealth Among U.S. Households?1995Is there a retirement-savings puzzle?2004Are Americans Saving "Optimally" for Retirement?1999The Adequacy of Household Saving

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2007Assessing the maintenance of savings sufficiency over the first decade of retirement 2007Is There Really a Retirement Savings Crisis? An NRRI Analysis 2009How Seniors Change Their Asset Holdings During Retirement 2009What Replacement Rates Should Households Use?2015Unearthing Psychological Predictors of Financial Planning for Retirement Among Late Career Older Workers: Do Self-perceptions of Aging Matter?2008A NEW LOOK AT THE WEALTH ADEQUACY OF OLDER U.S. HOUSEHOLDS

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