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Pension And Social Security Wealth In The Health And Retirement Study
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Book Synopsis Pension and Social Security Wealth in the Health and Retirement Study by : Alan L. Gustman
Download or read book Pension and Social Security Wealth in the Health and Retirement Study written by Alan L. Gustman and published by . This book was released on 1997 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in the 90th to 95th wealth percentiles. The HRS surveys households aged 51 to 61 in 1992, and obtains pension plan descriptions from respondents' employers. Pension accrual profiles, income and wealth distributions by type, wealth-income ratios and accrued wealth by pension status are also explored.
Book Synopsis Pensions in the Health and Retirement Study by : Alan L. Gustman
Download or read book Pensions in the Health and Retirement Study written by Alan L. Gustman and published by Harvard University Press. This book was released on 2010-05 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals’ work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.
Download or read book Growing Older in America written by and published by . This book was released on 2007 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cohort Changes in Social Security Benefits and Pension Wealth by : Chichun Fang
Download or read book Cohort Changes in Social Security Benefits and Pension Wealth written by Chichun Fang and published by . This book was released on 2017 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: We utilize three sets of data resources -- the Health and Retirement Study (HRS), linked Social Security earnings records of the HRS respondents, and publicly available pension plan descriptions -- to study pension wealth accumulations among the recent HRS cohorts. We document the trends in pension wealth over time and across cohorts during a period in which the economic consequences of the Great Recession were significant. However, given that pension wealth of many respondents were imputed in earlier waves due to the lack of information about pension plan provisions, there is the question of how much of the changes in pension wealth should be attributed to errors in imputation. The recently available pension plan descriptions from private employers' Form 5500 filings and public employers' websites, which improve the respondent-plan linkage over what was available in previous waves, allow us to examine this exact question. In particular, we show that the newly available sets of information not only reduce the need for imputation, but also enable us to identify the plans not reported by HRS respondents in the survey and the retirement wealth associated with these plans. Finally, we also test the validity of the earnings projection methods used to produce Social Security and pension wealth estimates in the HRS, and we end our report with a discussion over the pros and cons among the projection methods.
Book Synopsis Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study by : James F. Moore
Download or read book Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study written by James F. Moore and published by . This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low saving rates raise questions about Americans' ability to maintain consumption levels in old age. Using the Health and Retirement Study, this paper explores asset holdings among a nationally representative sample of people on the verge of retirement. Making reasonable projections about asset growth, we assess how much more people would need to save in order to preserve consumption levels after retirement. We find that the median older household has current wealth of approximately $325,000 including pensions, social security, housing, and other financial wealth, an amount projected to grow to about $380,000 by retirement at age 62. Nevertheless, our model suggests that this median household will still need to save 16% of annual earnings to preserve pre-retirement consumption. For retirement at age 65, assets are expected to be about $420,000 and required additional saving totals 7% of earnings per year. These summary statistics conceal extraordinary heterogeneity in both assets and saving needs in the older population. Older high wealth households have 45 times more assets than the poorest decile and this disparity increases with age. There are also large differences in prescribed saving targets, ranging from 38% of annual earnings for those in the lowest wealth decile to negative rates for the wealthiest decile.
Book Synopsis Retirement Research Using the Health and Retirement Survey by : Alan L. Gustman
Download or read book Retirement Research Using the Health and Retirement Survey written by Alan L. Gustman and published by . This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights unanswered research questions in the economics of retirement, and shows how these issues can be addressed using the new Health and Retirement Survey (HRS). Unique features of the survey are described including administrative records on earnings and social security benefits, and employer provided data on pensions and health insurance. Also collected are indicators of retirement plans, health status, family structure, income, wealth and employer policies affecting job opportunities and constraints. Data from the first wave of the HRS are used to analyze retirement outcomes and constraints shaping retirement behavior.
Book Synopsis Imperfect Knowledge, Retirement and Saving by : Alan L. Gustman
Download or read book Imperfect Knowledge, Retirement and Saving written by Alan L. Gustman and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from the Health and Retirement Study, this paper creates variables measuring knowledge about future social security and pension benefits by comparing respondent reports of their expected benefits with benefits calculated from social security earnings records and employer provided descriptions of pension plans. The knowledge measures suggest that misinformation, imprecision and lack of information about retirement benefits is the norm. Those who are most dependent on social security are the least well informed about their social security benefits, while those who are most dependent on pensions are best informed about their pension benefits. Women and minorities are less well informed about both types of retirement benefits. Having documented the extent of misinformation, we turn to questions about the production of information, and the consequences of misinformation for real outcomes. Relating measures of information to planning activities, we find that those who plan are somewhat better informed than those who do not, but with the exception of having requested a social security earnings record, the effects of planning activities on knowledge are modest. In descriptive and reduced form equations for planned and actual retirement and saving, there is at best a modest relation of knowledge measures to planned and actual retirement and to nonpension, nonsocial security wealth as a share of lifetime earnings. Individuals who overestimate their benefits are likely to retire sooner than they planned, but the measured effects are relatively modest. Coefficients of measures of the increase in reward from postponed retirement are barely affected by the addition of measures of respondent knowledge of their retirement benefits to standard reduced form retirement and wealth equations.
Book Synopsis Effects of Pensions on Savings by : Alan L. Gustman
Download or read book Effects of Pensions on Savings written by Alan L. Gustman and published by . This book was released on 1998 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Demography of Aging by : National Research Council
Download or read book Demography of Aging written by National Research Council and published by National Academies Press. This book was released on 1994-02-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the United States and the rest of the world face the unprecedented challenge of aging populations, this volume draws together for the first time state-of-the-art work from the emerging field of the demography of aging. The nine chapters, written by experts from a variety of disciplines, highlight data sources and research approaches, results, and proposed strategies on a topic with major policy implications for labor forces, economic well-being, health care, and the need for social and family supports.
Book Synopsis Saving, Wealth, and Retirement by : Surachai Khitatrakun
Download or read book Saving, Wealth, and Retirement written by Surachai Khitatrakun and published by . This book was released on 2003 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Forecasting Retirement Needs and Retirement Wealth by : Olivia S. Mitchell
Download or read book Forecasting Retirement Needs and Retirement Wealth written by Olivia S. Mitchell and published by University of Pennsylvania Press. This book was released on 2000 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many new retirement-related opportunities and risks confront individuals and employers in the 21st century. Opportunities include the exciting prospects of living longer, living healthier, and living a more productive life than ever before. But the risks are also huge, including the challenge of setting an income goal and then saving enough for retirement, investing wisely in a time of financial turmoil, and planning carefully for a long period of time in retirement. What are retirement needs and how much will we need to save for old age? What is retirement becoming, especially in an era of downsizing and early retirement? What assets should we hold prior to and throughout the retirement period? How should we invest our pension assets, and how can education influence 401(k) plan saving? How important are employer-provided pensions and social security in protecting retirees against old-age poverty? And what special problems do minorities and women face? Forecasting Retirement Needs and Retirement Wealth draws on the latest information available on health, wealth, and retirement in America, to offer new perspectives on ways to support the expanding population of older citizens. As these novel paths to retirement emerge, paths that involve "bridge" jobs and gradual transitions through various states of employment, they force new thinking on the concept and process of retirement. Contributors explore the difficult problem of determining what resources people need during retirement and offer ways to think about how much to save for old age.Also in the Pension Research Council Publications series-- Prospects for Social Security Reform Edited by Olivia S. Mitchell, Robert J. Myers, and Howard Young ISBN 0-8122-3479-0 / Cloth Living with Defined Contribution Pensions Remaking Responsibility for Retirement Edited by Olivia S. Mitchell and Sylvester J. Schieber ISBN 0-8122-3439-1 / Cloth Positioning Pensions for the Twentieth-First Century Edited by Michael S. Gordon, Olivia S. Mitchell, and Marc M. Twinney ISBN 0-8122-3391-3 / Cloth
Book Synopsis Effects of Pensions on Saving by : Alan L. Gustman
Download or read book Effects of Pensions on Saving written by Alan L. Gustman and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the composition and distribution of total wealth for a cohort of 51 to 61 year olds from the Health and Retirement Study (HRS), and the role of pensions in forming retirement wealth. Pension coverage is widespread, covering two thirds of households and accounting for one quarter of accumulated wealth. Social security benefits account for another quarter of total wealth. As calculated from earnings records, the present disco value of social security benefits is less than the present value of taxes paid. Earlier than many expect, social security is already a poor investment on average for this cohort on the verge of retirement. Lifetime earnings are measured for each individual in the HRS from social security earnings records augmented by self reported earnings histories. This result is consistent with the predictions of a stripped down life cycle model. Also consistent is a finding that the ratio of wealth to lifetime earnings is no higher for those with pensions than for those without pensions. Multivariate regressions relating total wealth to pension coverage and pension value, suggest that pensions cause very limited displacement of other wealth, if any. Pensions add to total wealth by at least half the value of the pension, and in most estimates by a good deal more. These findings are not consistent with a simple life cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax avoidance device, allowing substitution of pension for nonpension savings.
Book Synopsis Preparing for an Aging World by : National Research Council
Download or read book Preparing for an Aging World written by National Research Council and published by National Academies Press. This book was released on 2001-06-26 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging is a process that encompasses virtually all aspects of life. Because the speed of population aging is accelerating, and because the data needed to study the aging process are complex and expensive to obtain, it is imperative that countries coordinate their research efforts to reap the most benefits from this important information. Preparing for an Aging World looks at the behavioral and socioeconomic aspects of aging, and focuses on work, retirement, and pensions; wealth and savings behavior; health and disability; intergenerational transfers; and concepts of well-being. It makes recommendations for a collection of new, cross-national data on aging populationsâ€"data that will allow nations to develop policies and programs for addressing the major shifts in population age structure now occurring. These efforts, if made internationally, would advance our understanding of the aging process around the world.
Book Synopsis Aging and the Macroeconomy by : National Research Council
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Book Synopsis Retirement and Wealth by : Alan L. Gustman
Download or read book Retirement and Wealth written by Alan L. Gustman and published by . This book was released on 2001 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates reduced form retirement and wealth equations, and analyzes the relationship between them. Data are from the first four waves of the longitudinal Health and Retirement Study, individuals born from 1931 to 1941. Single equation retirement models relate the probability of retiring to forward looking measures of changes in the values of social security and pension benefits when retirement is postponed. Such simple models suggest that if the social security early retirement age were to be raised or abolished, more people would retire earlier rather than later. Our work analyzes the reasons for such counter intuitive predictions, and discusses the need to analyze these policies in the context of a structural model of retirement and wealth. To improve retirement analysis, we develop the premium value, a measure of the future value of pensions and social security that better reflects the accrual of benefits under defined contribution plans. We also introduce a new definition of retirement to blend information on objective hours worked with subjective self reports of retirement status. Our findings also explore the effects of social security incentives on partial retirement, and consider the importance of partial retirement in any study relating social security to retirement behavior.
Book Synopsis Social Security Programs and Retirement around the World by : Jonathan Gruber
Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Programs and Retirement around the World represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work. In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.
Book Synopsis The Effect of Pension Wealth on the Age of Retirement by : Stephen I. Kutner
Download or read book The Effect of Pension Wealth on the Age of Retirement written by Stephen I. Kutner and published by . This book was released on 1984 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
