Work

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

Year: 2006

Type: report

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.

Source: National Bureau of Economic Research

DOI: 10.3386/w12585

Authors: Annamaria Lusardi, Olivia Mitchell

Institutions: Dartmouth College, National Bureau of Economic Research, University of Pennsylvania

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: green

Funders: U.S. Social Security Administration, Australian Government

OpenAlex ID: W4300835441

Cites: 23

Cited by: 120

Related to: 10