Work

Retirement Security in an Aging Population

Year: 2014

Type: article

Abstract: Elderly individuals exhibit wide disparities in their sources of income. For those in the bottom half of the income distribution, Social Security is the most important source of support; program changes would directly affect their well-being. Income from private pensions, assets, and earnings are relatively more important for higher-income elderly individuals, who have more diverse income sources. The trend from private sector defined benefit to defined contribution pension plans has shifted responsibility for retirement security to individuals. A significant subset of the population is unlikely to be able to sustain their standard of living in retirement without higher pre-retirement saving.

Source: American Economic Review

DOI: 10.1257/aer.104.5.1

Author: James M. Poterba

Institutions: National Bureau of Economic Research, Massachusetts Institute of Technology

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDGs: No poverty, Reduced inequalities

Open Access status: green

OpenAlex ID: W1982042814

FWCI: 39.06

Cites: 77

Cited by: 265

Related to: 10