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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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The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of Retirement

The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of Retirement

Chapter:
(p.36) Chapter 3 The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of 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/9780199230778.003.0003

Assessing savings sufficiency requires detailed information on both potential retirement benefits and the characteristics of a national sample of older citizens. The analysis uses the Health and Retirement Survey and the New Beneficiary Survey linked to administrative records to assess and compare the saving adequacy of two different cohorts. Specifically, the two groups are compared in terms of their annuitized net wealth (ANW) and ANW relative to the poverty line, as well as the near-poverty line. Results show that the mean wealth levels of both new retiree cohorts rose over time (by about two-thirds for wealth and by half for ANW), but the chance of meeting social adequacy targets has also risen. This shortfall is concentrated increasingly among non-married persons, and those with low human capital and labor force attachment. In other words, vulnerability during the working life appears to persist into retirement.

Keywords:   income sufficiency, saving adequacy, retirement income, wealth, aged poverty, elderly vulnerability, retirement patterns, marital status, Baby Boomer, Health and Retirement Study

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