Pensions, Social Security, and the Distribution of Wealth

Arthur B. Kennickell · Annika E. Sunden

66 citations0/0 files storedFinance and Economics Discussion Series

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

Abstract

This paper uses the Survey of Consumer Finances (SCF) to examine pension coverage, estimate Social Security and pension wealth for U.S. households in 1989 and 1992, and estimate the effects of pension wealth on non-pension net worth. As expected, the SCF data show that including pensions and Social Security in net worth makes the distribution more even. The analysis of the effects of pension wealth on other types of savings indicates that there is a negative effect of defined benefit plan coverage on non-pension net worth. Surprisingly, the effect of defined contribution plans, such as 401(k) plans is insignificant.

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References

1974Social Security, Induced Retirement, and Aggregate Capital Accumulation 1988THE BEHAVIORAL LIFE‐CYCLE HYPOTHESIS 1992The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence 1994The importance of precautionary motives in explaining individual and aggregate saving 1990Bridge Jobs and Partial Retirement 1996How Retirement Saving Programs Increase Saving 1996The Illusory Effects of Saving Incentives on Saving 1987Worker Knowledge of Pension Provisions

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