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Redefining RetirementHow Will Boomers Fare?$
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Brigitte Madrian, Olivia S. Mitchell, and Beth J. Soldo

Print publication date: 2007

Print ISBN-13: 9780199230778

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199230778.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 12 November 2019

Measuring Pension Wealth

Measuring Pension Wealth

Chapter:
(p.211) Chapter 10 Measuring Pension Wealth
Source:
Redefining Retirement
Author(s):

Chris Cunningham

Gary V. Engelhardt

Anil Kumar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199230778.003.0010

Pension wealth plays a critical role in older individuals' retirement behavior and financial security. Accordingly, the magnitude and distribution of pension wealth is important in the ongoing debate about whether Baby Boomers have adequate retirement savings. This chapter summarizes the results of a long-term effort to develop an improved calculator to measure defined contribution pension wealth of older Americans, implemented using the Health and Retirement Study. Results show that pension wealth resulting from voluntary saving (and accrued earnings thereon) comprises half of DC pension wealth calculated for HRS respondents with matched summary plan descriptions. These are lower mean estimates of DC pension wealth than previously found, mainly resulting from changes for the wealthiest tail of the pension-wealth distribution. The findings imply that researchers must think more carefully about the economic assumptions underlying pension measures.

Keywords:   retirement, financial security, Baby Boomer, saving adequacy, defined contribution, pension wealth, voluntary saving, Health and Retirement Study

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