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Baby Boomer Retirement Security: the Roles of Planning, Financial Literacy, and Housing Wealth

120 citations0/0 files storedNational Bureau of Economic Research

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Financial Literacy, Pension, Retirement Analysis Aging, Elder Care, and Social Issues Retirement, Disability, and Employment

Abstract

We compare wealth holdings across two cohorts of the Health and Retirement Study: the early Baby Boomers in 2004, and individuals in the same age group in 1992.Levels and patterns of total net worth have changed relatively little over time, though Boomers rely more on housing equity than their predecessors.Most important, planners in both cohorts arrive close to retirement with much higher wealth levels and display higher financial literacy than non-planners.Instrumental variables estimates show that planning behavior can explain the differences in savings and why some people arrive close to retirement with very little or no wealth.

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References

1999Implementation intentions: Strong effects of simple plans.2003Household Financial Management: The Connection between Knowledge and Behavior 2004Liquidity Constraints, Household Wealth, and Entrepreneurship 1993Sticking it Out: Entrepreneurial Survival and Liquidity Constraints 1996The Volitional Benefits of Planning 2008Financial Literacy and Planning: Implications for Retirement Wellbeing 1996Financial Illiteracy, Education, and Retirement Saving 1999Effects of pensions on savings: analysis with data from the health and retirement study

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