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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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Saving between Cohorts: The Role of Planning

Saving between Cohorts: The Role of Planning

Chapter:
(p.271) Chapter 13 Saving between Cohorts: The Role of Planning
Source:
Redefining Retirement
Author(s):

Annamaria Lusardi

Jason Beeler

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199230778.003.0013

This chapter compares the saving behavior of Early Baby Boomers (age 51-56 in 2004) and its predecessor cohort in the Health and Retirement Study (age 51-56 in 1992). Results indicate that the Boomers accumulated more wealth than the previous cohort, largely because they benefited from rising house prices. Nevertheless, some Boomer families are less well off, particularly those headed by those with low education and low income, and minorities. The survey also shows that many Boomers have not planned for retirement, and like the earlier cohort, nonplanners have much less wealth than planners. In other words, lack of planning is tantamount to lack of saving, irrespective of the economic changes observed over the last dozen years.

Keywords:   saving, Baby Boomer, retirement planning, minorities, education, income, adequacy, housing, Health and Retirement Study

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