Affiliation:
1. Department of Economics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Building E17-214, Cambridge, MA 02139 and National Bureau of Economic Research (e-mail: )
Abstract
Elderly individuals exhibit wide disparities in their sources of income. For those in the bottom half of the income distribution, Social Security is the most important source of support; program changes would directly affect their well-being. Income from private pensions, assets, and earnings are relatively more important for higher-income elderly individuals, who have more diverse income sources. The trend from private sector defined benefit to defined contribution pension plans has shifted responsibility for retirement security to individuals. A significant subset of the population is unlikely to be able to sustain their standard of living in retirement without higher pre-retirement saving.
Publisher
American Economic Association
Subject
Economics and Econometrics
Cited by
145 articles.
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