Income Replacement Ratios In The Health And Retirement Study
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Income Replacement Ratios In The Health And Retirement Study
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Author : Patrick J. Purcell
language : en
Publisher:
Release Date : 2015
Income Replacement Ratios In The Health And Retirement Study written by Patrick J. Purcell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This article describes the income replacement ratio as a measure of retirement income adequacy and identifies several issues analysts must consider when calculating a replacement ratio. The article presents the income replacement ratios experienced by participants in the original sample cohort of the Health and Retirement Study (HRS), who were born between 1931 and 1941. Replacement ratios are shown by the respondent's birth cohort, age when first classified as retired in the HRS, and preretirement income quartile. Median replacement ratios fall as the retirement period grows longer.
Measuring Retirement Income Adequacy Part One
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Author : Jack VanDerhei
language : en
Publisher:
Release Date : 2004
Measuring Retirement Income Adequacy Part One written by Jack VanDerhei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
This paper is the first of a two-part series intended to sort through some of the issues and variations in determining whether the post-World War II baby boom generation is likely to achieve an "acceptable" standard of living in retirement. A recent study by Hewitt Associates shows that the typical 401(k) participant is well-positioned to replace 85-95 percent of preretirement income when current Social Security, existing profit-sharing, and defined benefit plans are taken into account. The study examined the projected preretirement income replacement levels across 62 large companies of the 960,000 employees who were actively participating in their 401(k) plans as of January 1, 2003. The overall average replacement ratio for the Hewitt analysis drops from 95 percent under the high medical coverage assumption to 83 percent under the medium assumption and 80 percent under the low medical coverage assumption. This is true for employees retiring at a "normal" retirement age of 65, and who are relying primarily on Medicare for their health care benefits. Employees retiring at an earlier age will experience an even larger financial setback.
Retirement Replacement Rates And Saving Behavior
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Author : Eelco Zandberg
language : en
Publisher:
Release Date : 2014
Retirement Replacement Rates And Saving Behavior written by Eelco Zandberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We study whether the retirement replacement rate influences households' saving behavior by using the RAND Health and Retirement Study data file. We estimate quantile regressions with the ratio of wealth to permanent income as dependent variable, and age dummies and the retirement replacement rate as main independent variables. Our paper is the first to explicitly link retirement replacement rates to age-wealth profiles. We are unable to conclude that the amount of financial wealth that households have accumulated around the age of 65, relative to permanent income, is decreasing in the replacement rate. However, the age-wealth profile of households in the highest quartile of the replacement rate-distribution is very flat. Finally, households hardly decumulate wealth after retirement and some groups even keep saving after retirement.
Effects Of Pensions On Savings
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Author : Alan L. Gustman
language : en
Publisher:
Release Date : 1998
Effects Of Pensions On Savings written by Alan L. Gustman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Old age pensions categories.
Measuring Retirement Income Adequacy
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Author : Jack VanDerhei
language : en
Publisher:
Release Date : 2006
Measuring Retirement Income Adequacy written by Jack VanDerhei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
A key weakness of many retirement income models is that they use average estimates for life expectancy, and, consequently, provide workers with only a 50 percent chance of having adequate income in retirement. The Employee Benefit Research Institute (EBRI) has developed a new model - the EBRI/ERF Retirement Security Projection Modelreg; (RSPM) - that incorporates a wide range of data in order to produce a far more inclusive and refined projection of likely retirement income. In projecting retirement income needs, the new EBRI model incorporates three of the most critically important, but difficult-to-model, retirement risks: investment risk, or how individuals' assets will perform during retirement; longevity risk, or how long an individual expects to live; and catastrophic health care costs, which have the potential to wipe out retirement savings. The EBRI model finds that the amount of money Americans will need for an adequate retirement varies widely based on individual factors and often is substantially higher than previously estimated. This paper presents the results obtained by utilizing the concepts already adopted by RSPM for the entire population of certain age cohorts and applying them to stylized examples. These results will provide useful information for individuals attempting to include such crucial factors as longevity, investment, and health care risk into their retirement planning process.This paper is the second of a two-part series measuring retirement income adequacy. A quot;Part 1quot; paper by EBRI (VanDerhei, EBRI Notes, September 2004) reviewed how replacement rates have traditionally been used to establish minimum targets for future retirees by calculating the amount needed to provide the same amount of after-tax income in retirement as that received prior to retirement after adjusting for differences in savings, age, and work-related expenses.
Working Longer
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Author : Alicia Haydock Munnell
language : en
Publisher:
Release Date : 2008
Working Longer written by Alicia Haydock Munnell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
"Investigates the prospects for moving the average retirement age to 66 from 63. Examines companies' incentives to employ older workers and what government can do to promote continued participation in the workforce. Considers the challenge of ensuring a secure retirement for low-wage workers and those unable to continue to work"--Provided by publisher.
Projected Retirement Wealth And Savings Adequacy In The Health And Retirement Study
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Author : James F. Moore
language : en
Publisher:
Release Date : 1997
Projected Retirement Wealth And Savings Adequacy In The Health And Retirement Study written by James F. Moore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Older people categories.
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.
Preparing For An Aging World
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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 2001-06-26
Preparing For An Aging World written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-26 with Social Science categories.
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.
Investigations In The Economics Of Aging
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Author : David A. Wise
language : en
Publisher: University of Chicago Press
Release Date : 2012-08
Investigations In The Economics Of Aging written by David A. Wise and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08 with Business & Economics categories.
Papers presented at a conference held in Carefree, Arizona in May 2011.
Pension Participation Wealth And Income
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Author : Alicia H. Munnell
language : en
Publisher:
Release Date : 2016
Pension Participation Wealth And Income written by Alicia H. Munnell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Using data from the 1992, 1998, 2004, and 2010 waves of the Health and Retirement Study (HRS), this paper compares pension participation, pension wealth, projected retirement income, and replacement rates attributable to past service, by pension type for households ages 51-56. The analysis includes workers' pension coverage during both current and past jobs. Defined contribution (DC) wealth is simply the current account balance. DC income is calculated by projecting current plan balances to retirement, assuming no further contributions, and assuming that households then annuitize. Defined benefit (DB) wealth and income are calculated by apportioning projected benefits to past and future service.This paper found that: • Overall participation is significantly lower in 2010 than in previous waves; the increase in DC participation has not offset the decline in DB participation. • Both mean and median pension wealth in 2010 were larger than in 1992, but lower than in 1998 and 2004. • DC wealth is more skewed towards the top quartile than DB wealth. In 2010, the top quartile held 35 percent of DB compared to 52 percent of DC wealth. • Because DC participants must purchase an actuarially unfair annuity and faced low annuity rates from falling interest rates, the shift to DC plans has produced a decline in the ratio of income to wealth. • The decline in the income-to-wealth ratio would have been even greater if expected retirement ages had not increased. • But, despite later retirement, the ratio of projected retirement income to the highest five years of 51-56 earnings declined substantially from 1998-2010 because earnings have risen. The policy implications of this paper are:• Employer-sponsored plans are providing less today than in the past, so policymakers should consider ways to improve coverage and outcomes. • When restoring balance to Social Security finances, policymakers need to recognize that future retirees will be more dependent on Social Security than those in the past.