The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence

William G. Gale

236 citations0/0 files storedJournal of Political Economy

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Financial Literacy, Pension, Retirement Analysis Income, Poverty, and Inequality Retirement, Disability, and Employment

Abstract

This paper examines the extent to which households offset pension wealth with reductions in other wealth. Systematic econometric biases imply that the estimated offsets in previous empirical studies are smaller than the true offset and may even have the wrong sign. New empirical estimates that do not correct for the biases generate little offset between pensions and other wealth. Estimates that correct for the biases show substantially more offset (a smaller impact of pensions on overall saving) than in most previous studies. The estimates also indicate that the effects of pensions on wealth vary significantly across households.

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References

1989Consumption and Liquidity Constraints: An Empirical Investigation 1974Social Security, Induced Retirement, and Aggregate Capital Accumulation 1990Anomalies: Saving, Fungibility, and Mental Accounts 1997The nature of precautionary wealth 1991How Strong Are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities 1984Individual retirement and savings behavior

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