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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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Trends in Pension Values Around Retirement

Trends in Pension Values Around Retirement

Chapter:
(p.234) Chapter 11 Trends in Pension Values Around Retirement
Source:
Redefining Retirement
Author(s):

Brigitte Madrian (Contributor Webpage)

Olivia S. Mitchell (Contributor Webpage)

Beth J. Soldo (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199230778.003.0011

Prior studies have had difficulty assessing the value of expected pension resources, partly because many workers cannot recollect and report their pension entitlements, and partly because dual-earner couples may be individually (and sometimes jointly) entitled to claims on company pensions. This chapter develops and applies a new way to value pension wealth so as to determine the importance of pension benefits in retiree wellbeing. Pension values are estimated for workers nearing retirement using Health and Retirement Study data. Results indicate a drop in the number of workers with defined benefit plans near retirement, though their average pension values rose. Turning to defined contribution plans, coverage and the average real value of the pensions rose, producing an overall increase in average pension wealth over the period examined. There is no support for the view that pensions are becoming less important for near-retirees.

Keywords:   pensions, pension wealth, dual-earners, retiree wellbeing, retirement, defined benefit, defined contribution, Health and Retirement Study

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