@article {9558,
	title = {The Affordable Care Act as retiree health insurance: implications for retirement and Social Security claiming},
	journal = {Journal of Pension Economics and Finance},
	volume = {18},
	year = {2019},
	pages = {415-449},
	type = {Journal},
	abstract = {This paper investigates the effects of the Affordable Care Act (ACA) on retirement. The first part of the paper is a difference-in-difference analysis of changes in retirement (and retirement expectations) before and after adoption of the ACA. We find no statistically significant evidence that ACA increased the propensity to retire or changed retirement expectations. The second part of the analysis is based on a structural retirement model. For those age 50 at the time ACA was introduced, the overall reduction in full-time work over the age span 54{\textendash}65 is simulated to be about 0.1 percentage points. Data are from the Health and Retirement Study.},
	keywords = {Affordable Care Act, Pensions, Policy, Retirement Planning and Satisfaction, Social Security},
	issn = {1474-7472},
	doi = {10.1017/S1474747218000033},
	url = {https://www.cambridge.org/core/journals/journal-of-pension-economics-and-finance/article/affordable-care-act-as-retiree-health-insurance-implications-for-retirement-and-social-security-claiming/24601D49E42B0714381FC2B9F4D55D10},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {8217,
	title = {Effects of social security policies on benefit claiming, retirement and saving},
	journal = {Journal of Public Economics},
	volume = {129},
	year = {2015},
	note = {Export Date: 9 September 2015},
	pages = {51-62},
	publisher = {129},
	abstract = {An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model is estimated with Health and Retirement Study data. Alternative beliefs about the future of Social Security affect claiming behavior. Effects of three potential policies are also examined: increasing the early entitlement age, increasing the full retirement age, and eliminating the payroll tax for seniors. Predicted responses to increasing the full entitlement age are sensitive to beliefs.   2015 Elsevier B.V.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Methodology, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.1016/j.jpubeco.2015.07.005},
	url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84939170804andpartnerID=40andmd5=5f9a5d50350fd2d4594bc7142c636dc6},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {7987,
	title = {Mismeasurement of pensions before and after retirement: the mystery of the disappearing pensions with implications for the importance of Social Security as a source of retirement support},
	journal = {Journal of Pension Economics and Finance},
	volume = {13},
	year = {2014},
	pages = {1-26},
	publisher = {13},
	abstract = {A review of the literature suggests that when pension values are measured by the wealth equivalent of promised defined benefit pension benefits and defined contribution balances for those approaching retirement, pensions account for more support in retirement than is suggested when their contribution is measured by incomes received directly from pension plans by those who have already retired. Estimates from the Health and Retirement Study for respondents in their early fifties suggest that pension wealth is about 82  as valuable as Social Security wealth. In data from the Current Population Survey (CPS), for members of the same cohort, measured when they are 65-69, pension incomes are about 58  as valuable as incomes from Social Security. Our empirical analysis uses data from the HRS to examine the reasons for these differences in the contributions of pensions as measured in income and wealth data. Key factors accounting for these differences include: a difference in methodology between surveys affecting what is included in pension income; some pension wealth {\textquoteright}disappears{\textquoteright} at retirement because respondents change their pension into other forms that are not counted as pension income; and the form of annuitization may influence the measure of pension income. A series of caveats notwithstanding, the bottom line is that CPS data on pension incomes received in retirement understates the full contribution pensions make to supporting retirees.  PUBLICATION ABSTRACT},
	keywords = {Net Worth and Assets, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {8012,
	title = {The Social Security Windfall Elimination and Government Pension Offset Provisions for Public Employees in the Health and Retirement Study},
	journal = {Social Security Bulletin},
	volume = {74},
	year = {2014},
	note = {Date revised - 2015-04-01 Availability -  URL:http://www.ssa.gov/policy/docs/ssb/  Publisher{\textquoteright}s URL},
	pages = {55-69},
	publisher = {74},
	abstract = {This article uses Health and Retirement Study data to investigate the effects of Social Security{\textquoteright}s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) on Social Security benefits received by households. The provisions reduce benefits for individuals or the dependents of individuals whose work histories include jobs for which they were entitled to a pension and were not subject to Social Security payroll taxes ( noncovered  employment). We find that about 3.5 percent of households are subject to either the WEP or the GPO, and that the provisions reduce the present value of their Social Security benefits by roughly one-fifth. Households affected by both provisions experience benefit reductions of about one-third. Under the WEP, the Social Security benefit reduction is capped at one-half of the amount of the pension from noncovered employment, which substantially reduces the WEP penalty and prevents the WEP adjustment from falling disproportionately on households in the lowest earnings category.},
	keywords = {Employment and Labor Force, Income, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {7791,
	title = {Redistribution under the Social Security benefit formula at the individual and household levels, 1992 and 2004},
	journal = {Journal of Pension Economics and Finance},
	volume = {12},
	year = {2013},
	note = {Times Cited: 0},
	pages = {1-27},
	publisher = {12},
	abstract = {Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level. It has been argued that with the increase in the labor force participation and earnings of women, Social Security now should do a better job of redistributing benefits at the household level. To be sure, when we compare outcomes for a cohort with a household member age 51 to 56 in 1992 with those from a cohort born twelve years later, redistribution at the household level has increased over time. Nevertheless, as of 2004 there still is substantially less redistribution of benefits from high to low earning households than from high to low earning individuals.},
	keywords = {Adult children, Income, Pensions, Social Security, Women and Minorities},
	doi = {10.1017/s1474747212000108},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {5939,
	title = {Mismeasurement of Pensions Before and After Retirement: The Mystery of the Disappearing Pensions with Implications for the Importance of Social Security as a Source of Retirement Support},
	number = {WP 2012-268},
	year = {2012},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {A review of the literature suggests that when pension values are measured by the wealth equivalent of promised DB pension benefits and DC balances for those approaching retirement, pensions account for more support in retirement than is suggested when their contribution is measured by incomes received directly from pension plans by those who have already retired. Estimates from the Health and Retirement Study (HRS) for respondents in their early fifties suggest that pension wealth is about 86 percent as valuable as Social Security wealth. In data from the Current Population Survey (CPS), for members of the same cohort, measured when they are 65 to 69, pension incomes are about 56 percent as valuable as incomes from Social Security. Our empirical analysis uses data from the Health and Retirement Study to examine the reasons for these differences in the contributions of pensions as measured in income and wealth data. A number of factors cause the contribution of pensions to be understated in retirement income data, especially data from the CPS. One factor is a difference in methodology between surveys affecting what is included in pension income, especially in the CPS, which ignores irregular payments from pensions. In CPS data on incomes of those ages 64 to 69 in 2006, pension values are 59 percent of the value of Social Security. For the same cohort, in HRS data, the pension value is 67 percent of the value of Social Security benefits. Some pension wealth  disappears  at retirement because respondents change their pension into other forms that are not counted as pension income in surveys of income. Altogether, 16 percent of pension wealth is transformed into some other form at the time of disposition. For those who had a defined benefit pension just before termination, the dominant plan type for current retirees, at termination 12 percent of the benefit was transformed into a state that would not count as pension income after retirement. For those who receive benefits soon after termination, there is a 3.5 percent reduction in DB pension value at termination compared to the year before termination. One reason may be the form of annuitization that is chosen. A series of caveats notwithstanding, the bottom line is that CPS data on pension incomes received in retirement understates the full contribution pensions make to supporting retirees.},
	keywords = {Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	url = {https://mrdrc.isr.umich.edu/pubs/mismeasurement-of-pensions-before-and-after-retirement-the-mystery-of-the-disappearing-pensions-with-implications-for-the-importance-of-social-security-as-a-source-of-retirement-support-2/},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {5907,
	title = {The Effects of Changes in Women s Labor Market Attachment on Redistribution Under the Social Security Benefit Formula},
	number = {WP 2011-248},
	year = {2011},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high earnings to households with low earnings. Wives often earned much less than their husbands. As a result, much of the redistribution at the individual level was effectively from high earning husbands to their own lower earning wives. In addition, spouse and survivor benefits accrue disproportionately to women from high income households. Both factors mitigate redistribution at the household level.   This paper compares outcomes for the earlier cohort with those of a cohort born twelve years later. With greater growth in women{\textquoteright}s earnings, the aim of the study is to see whether, after the recent growth in two earner households, and the growth in women{\textquoteright}s labor market activity and earnings, the Social Security system now fosters somewhat more redistribution from high to low earning households.   We use data from the Health and Retirement Study to study a population consisting of members of households with at least one person age 51 to 56 in either 1992 or in 2004. We use four different measures of redistribution: the ratio of the present value of benefits to taxes for households arrayed by decile of covered earnings; the fraction of total Social Security benefits redistributed from households with high earnings to those with low earnings; the share of total benefits paid to members of each cohort redistributed from households falling in the highest deciles of earners to those with lower covered earnings; and the rate of return to Social Security taxes for members with different amounts of covered earnings.   Considering differences in earnings between cohorts, women enjoyed a more rapid growth of labor force participation, hours of work and covered earnings than men. This increased the redistribution of Social Security benefits among households. Nevertheless, a considerable gap remains between the labor market activities and earnings of women versus men. As a result, the Social Security system remains much less successful in redistributing benefits from households with high covered earnings to those with lower covered earnings than in redistributing benefits from individuals with high covered earnings to those with lower covered earnings.},
	keywords = {Employment and Labor Force, Income, Pensions, Social Security, Women and Minorities},
	url = {https://deepblue.lib.umich.edu/bitstream/handle/2027.42/86250/wp248.pdf?sequence=1},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {5808,
	title = {Financial Knowledge and Financial Literacy at the Household Level},
	number = {16500},
	year = {2010},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper uses data from the Health and Retirement Study to explore the mechanism that underlies the robust relation found in the literature between cognitive ability, and in particular numeracy, and wealth, income constant. We have a number of findings. First, the more valuable the pension, the more knowledgeable are covered workers about their pensions. We suggest that causality is more likely to run from pension wealth to pension knowledge, rather than the other way around. Second, most measures of cognitive ability, including numeracy, are not significant determinants of pension and Social Security knowledge. Third, standardizing for incomes and other factors, a pension of higher value does not substitute for other forms of wealth. Rather, counting pensions in total wealth, those with more valuable pensions save more for retirement, other things the same. Fourth, there is no evidence that wealth held outside of pensions is influenced by knowledge of pensions.  In sum, numeracy does not influence wealth in whole or in part by affecting financial knowledge of one{\textquoteright}s pension plan, where financial knowledge of the pension then influences other decisions about retirement saving.  These findings raise questions about the mechanism that underlies the relation between cognition, especially numeracy, and wealth. From a policy perspective, they suggest that the numeracy-wealth relation should not be taken as evidence that increasing financial literacy will increase the wealth of households as they enter into retirement.},
	keywords = {Health Conditions and Status, Net Worth and Assets, Other, Pensions},
	doi = {10.3386/w16500},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@book {5284,
	title = {Pensions in the Health and Retirement Study},
	year = {2010},
	publisher = {Harvard University Press},
	organization = {Harvard University Press},
	address = {Cambridge and London},
	abstract = {Draws evidence from the National Institute on Aging{\textquoteright}s Health and Retirement Study to examine the pensions held by those approaching retirement age in the United States. Discusses theories explaining pensions; employment and retirement in the Health and Retirement Study; pension data in the Health and Retirement Study; pension plan participation in the Health and Retirement Study; pension plan type; imperfect knowledge of pension plan type; pension retirement ages; pension values; retirement incentives from defined benefit pensions; disposition of pensions upon leaving a job and pension incomes in retirement; and the changing role of pensions in total wealth.},
	keywords = {Employment and Labor Force, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	url = {https://www.hup.harvard.edu/catalog.php?isbn=9780674048669\&content=toc},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {5701,
	title = {Imperfect Knowledge of Pension Plan Type},
	number = {13379},
	year = {2007},
	institution = {National Bureau of Economic Research },
	address = {Cambridge, MA},
	abstract = {This paper investigates the reasons for discrepancies between the pension plan type reported by respondents to the Health and Retirement Study (HRS) and pension plan type obtained from documents produced by their employers, called Summary Plan Descriptions (SPDs). The analysis suggests the  discrepancies are sizable and are mainly due to misreports by respondents. Discrepancies between  respondent and firm reports of plan type are first documented for different years and from different data  sources. Changes over time in respondent and firm reports are analyzed for those who say their plans did  not change. Plan type from payroll data produced by Watson Wyatt, a pension consulting company, is  examined and compared to respondent reports for employees covered by Watson Wyatt plans. The Watson Wyatt payroll data report plan type without error, and yet we find the patterns of discrepancies between  respondent and firm provided data are the same as for the HRS employer and respondent data. We also explore  other evidence gathered by the HRS in the course of interviews and various experiments. Our findings that  errors are mainly the result of misreporting by respondents, together with findings from experiments, suggest a number of changes in survey design that can help to reduce reporting error. They also suggest that models of retirement and saving behavior should allow for imperfect knowledge by decision makers.},
	keywords = {Methodology, Pensions},
	doi = {DOI 10.3386/w13379},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {6997,
	title = {Imperfect Knowledge of Social Security and Pensions},
	journal = {Industrial Relations},
	volume = {44},
	year = {2005},
	pages = {373-397},
	publisher = {44},
	abstract = {Using data from the Health and Retirement Study, this paper creates variables measuring knowledge about future social security and pension benefits by comparing respondent reports of their expected benefits with benefits calculated from social security earnings records and employer provided descriptions of pension plans. The knowledge measures suggest that misinformation, imprecision and lack of information about retirement benefits is the norm. Those who are most dependent on social security are the least well informed about their social security benefits, while those who are most dependent on pensions are best informed about their pension benefits. Women and minorities are less well informed about both types of retirement benefits. Having documented the extent of misinformation, we turn to questions about the production of information, and the consequences of misinformation for real outcomes. Relating measures of information to planning activities, we find that those who plan are somewhat better informed than those who do not, but with the exception of having requested a social security earnings record, the effects of planning activities on knowledge are modest. In descriptive and reduced form equations for planned and actual retirement and saving, there is at best a modest relation of knowledge measures to planned and actual retirement and to nonpension, nonsocial security wealth as a share of lifetime earnings. Individuals who overestimate their benefits are likely to retire sooner than they planned, but the measured effects are relatively modest. Coefficients of measures of the increase in reward from postponed retirement are barely affected by the addition of measures of respondent knowledge of their retirement benefits to standard reduced form retirement and wealth equations.},
	keywords = {Education, Pensions, Social Security},
	doi = {https://doi.org/10.1111/j.0019-8676.2005.00389.x},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5609,
	title = {Minimum Hours Constraints, Job Requirements and Retirement},
	number = {10876},
	year = {2004},
	note = {ProCite field 3 : Unlisted; Unlisted},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {A structural retirement model estimated with data from the Health and Retirement Study is used to simulate the effects of policies firms might adopt to improve employment conditions for older workers and thereby encourage delayed retirement. Firm policies that effectively abolished minimum hours constraints would strongly increase the number partially retired, while reducing full time work and full retirement, resulting in only a small net increase in full time equivalent employment. Reducing physical and mental requirements of jobs would have much weaker effects on retirement than was suggested by work with the 1970s Retirement History Study. Reducing informal pressures to retire, increasing employer accommodations to health problems, and reducing the prevalence of layoffs and retirement windows would have only small effects on retirement outcomes.},
	keywords = {Consumption and Savings, Disabilities, Employment and Labor Force, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w10876},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {6906,
	title = {Social Security, Pensions and Retirement Behaviour Within the Family},
	journal = {Journal of Applied Econometrics},
	volume = {19},
	year = {2004},
	note = {RDA 1996-005; HRS 1992},
	pages = {723-737},
	publisher = {19},
	abstract = {This paper estimates a structural model of family retirement using US data from the Health and Retirement Study (HRS). It provides further insight into household retirement decision making and the reasons for interdependence in the retirement decisions of each spouse. Improvements in HRS data and matched employer provided pension histories allow more precise identification of key parameters governing interdependent behaviour within the household. In an earlier study we found that interdependence was due to preferences rather than coordination of retirement incentives in the budget, and in particular that it is not a correlation in preferences, but the appearance of the spouse{\textquoteright}s retirement status in the husband{\textquoteright}s and wife{\textquoteright}s utility function that is largely responsible for coordination of retirement between spouses. We now find that a measure of how much each spouse values being able to spend time in retirement with the other accounts for a good portion of that apparent interdependence. For the wife, the husband{\textquoteright}s retirement status influences her retirement decision only if she values spending time in retirement with her husband. For husbands, the effect of having the wife already retired on his retirement decision is roughly doubled if he enjoys spending time in retirement with his wife, but there is some effect even if he does not. This is consistent with our earlier findings that the husband is more influenced by having a retired spouse than the wife is. The increase in the extent of the dependence of the wife{\textquoteright}s labour supply on the husband{\textquoteright}s retirement from our past work probably is traceable to better measurement of the opportunity set facing the husband in HRS data. Once estimated, we use the model to investigate the labour supply effects of alternative social security policies, examining the effect of dividing credit for earnings evenly between spouses, or of basing social security benefits on the amounts accumulated in private accounts. Both policies change the relative importance of spouse and survivor social security benefits within the household and both raise the relative reward to work later in the life cycle. The incentives created are modest, and retirement responds accordingly. Nevertheless, at some ages, such as 65, there may be as much as a 6  increase in the old age work force under privatized accounts. Copyright   2004 John Wiley and Sons, Ltd.},
	keywords = {Adult children, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {https://doi.org/10.1002/jae.753},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5132,
	title = {What People Don{\textquoteright}t Know About Their Pensions and Social Security: An Analysis Using Linked Data from the Health and Retirement Study},
	booktitle = {Public Policies and Private Pensions},
	year = {2003},
	note = {RDA 1996-005ProCite field[8]: eds.},
	pages = {57-125},
	publisher = {Brookings Institution},
	organization = {Brookings Institution},
	address = {Washington, DC},
	abstract = {Pension plan descriptions from respondents to the 1992 Health and Retirement Study are compared with descriptions obtained from their employers. Earnings histories reported by respondents are compared with earnings histories from the Social Security Administration. The probability of linking employer pension data, which is two thirds for current jobs, and of obtaining permission to link an earnings history, which is over 70 percent, are not well explained by respondent characteristics. Half of respondents with linked pension data correctly identify plan type, and fewer than half identify, within one year, dates of eligibility for early and normal retirement benefits. Benefit reduction rates are essentially not reported. Respondents do better in reporting pension values, but the unexplained variation is still considerable. In contrast, respondent reported values together with other observables, account for 80 percent of the variation in pension values and 75 percent of the variation in covered earnings measured from linked records. Thus prospects are good for imputing plan values, but not for imputing the location or size of early retirement incentives. Our findings raise questions about how well respondents understand complex pension and Social Security rules.},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.nber.org/papers/w7368},
	author = {Alan L Gustman and Thomas L. Steinmeier},
	editor = {William G. Gale and John B. Shoven and Mark J. Warshawsky}
}
@article {6817,
	title = {The Influence of Pensions on Behavior: How Much Do We Really Know?},
	journal = {TIAA-CREF Research Dialog},
	volume = {71},
	year = {2002},
	publisher = {71},
	abstract = {Economists have developed models to explain the impact of pensions and Social Security on various outcomes, such as retirement, worker turnover, and saving. However, some recent research has raised questions about these conventional models. This issue of Research Dialogue summarizes findings from our ongoing research on pensions and Social Security. Using data from the new longitudinal Health and Retirement Study that reports both the respondents{\textquoteright} own knowledge about their pensions and the actual provisions of their pension plans, our research emphasizes how well the conventional model does in describing behavior, answers some of the questions raised by others, and raises some new questions. We also discuss the implications of our findings for researchers and policy makers.},
	keywords = {Pensions, Retirement Planning and Satisfaction},
	doi = {http://dx.doi.org/10.2139/ssrn.308565},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5457,
	title = {Imperfect Knowledge, Retirement and Saving},
	number = {8406},
	year = {2001},
	note = {RDA 1996-005},
	institution = {NBER},
	address = {Cambridge, MA},
	keywords = {Pensions, Retirement Planning and Satisfaction},
	url = {https://www.nber.org/papers/w8406},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {6696,
	title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study},
	journal = {Research in Labor Economics},
	volume = {19},
	year = {2000},
	note = {RDA 1996-005},
	pages = {215-252},
	publisher = {19},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5144,
	title = {Evaluating Pension Entitlements},
	booktitle = {Forecasting Retirement Needs and Retirement Wealth},
	year = {2000},
	note = {RDA 1996-005; Revision of Pension Research Council Working Paper 98-20 ProCite field 8 : eds.},
	pages = {309-326},
	publisher = {University of Pennsylvania Press},
	organization = {University of Pennsylvania Press},
	chapter = {12},
	address = {Philadelphia},
	keywords = {Net Worth and Assets, Pensions, Public Policy},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/},
	author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier},
	editor = {Olivia S. Mitchell and Hammond, B. and Rappaport, A.}
}
@article {6695,
	title = {Pensions and Retiree Health Benefits In Household Wealth: Changes From 1969 to 1992},
	journal = {Journal of Human Resources},
	volume = {35},
	year = {2000},
	note = {RDA 1996-005},
	pages = {30-50},
	publisher = {35},
	keywords = {Medicare/Medicaid/Health Insurance, Net Worth and Assets, Pensions},
	doi = {10.2307/146355},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5156,
	title = {Social Security Benefits of Immigrants and U.S. Born},
	booktitle = {Issues in the Economics of Immigration},
	year = {2000},
	note = {RDA 1996-005 ProCite field 8 : ed.},
	pages = {309-350},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	abstract = {Immigrants realize higher Social Security benefits per year worked in the U.S. then U.S. born, even when earnings are identical in all years the immigrant has been in the U.S. The benefit formula favors those with low lifetime covered earnings, and the years prior to immigration are treated as years of zero earnings. If instead earnings were averaged only over years of residence in the U.S., and benefits were prorated based on the share of a 35 or 40 year base period spent in residence, immigrants would receive the same return on their social security taxes as U.S. born. For a sample from the Health and Retirement Study, a group born between 1931 and 1941, prorating reduces immigrants{\textquoteright} social security benefits by 7 to 15 percent. For immigrants who entered in the 1980{\textquoteright}s, the reductions would be over 30 percent. Prorating would reduce the present value of benefit payments to immigrants born from 1932 to 1941 by  7.5 billion to  15 billion. Most immigrants will still pay slightly more in taxes than they will receive in benefits. Taxes received from immigrants who subsequently emigrate without collecting benefits tip the balance in favor of including immigrants.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w6478},
	author = {Alan L Gustman and Thomas L. Steinmeier},
	editor = {Borjas, George}
}
@article {6654,
	title = {Changing Pensions in Cross-Section and Panel Data: Analysis with Employer Provided Plan Descriptions},
	journal = {Proceedings, National Tax Association},
	volume = {Nov. 8-10, 1998},
	year = {1999},
	pages = {371-377},
	publisher = {Nov. 8-10, 1998},
	abstract = {This study analyzes changes in the value of defined benefit (DB) pension plans over time. It uses summary plan descriptions provided by the employers of respondents to the Survey of Consumer Finances (SCF) in 1983 and in 1989, applying them to similar earnings histories. Pension changes between 1990 and 1995 are also analyzed, using employer plan descriptions for large firms published by the Watson Wyatt Company. Substantial changes are found in pension values and pension accruals between the two SCF cross-sections. For example, the median value of DB plans at age 55 is 40 percent higher in 1989 than in 1983. Also, early retirement age falls over the time period. Because there are important changes in the composition of the pensions in each cross-section, those who are covered by the same plan in both years experience smaller changes than are suggested by comparing cross-section data from two different time periods. Nevertheless, those who are continuously covered by the same pension also experience important pension changes over the period. For example, a fifth of those continuously covered by a defined benefit plan experiences a substantial change in early retirement date and early retirement benefits. In addition, subgroups of continuously covered workers experience pension changes in opposite directions. These changes will have a substantial influence on retirement behavior, but are dampened when comparing the differences over time in the means and medians of plan features and plan values. Using the data from Watson Wyatt on the pensions offered by thirty-nine of the fifty largest companies, we also find similar evidence of important changes over the period 1990 to 1995. Again a sizable minority of firms experience very large changes in their plans. These findings suggest that changes in successive cross-sections of pensions will exaggerate the changes in continuing plans. Nevertheless, substantial errors will be introduced into retirement studies if pension incentives and pension values are estimated from a single cross-section under the assumption that pension plans remain stable over time.},
	keywords = {Methodology, Pensions},
	url = {https://ideas.repec.org/p/nbr/nberwo/6854.html},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5381,
	title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study},
	year = {1999},
	institution = {National Bureau of Economics Research},
	abstract = {We compute pension wealth from employer provided pension plan descriptions matched to respondent surveys to the National Longitudinal Survey of Mature Women (NLS-MW) and the Health and Retirement Study (HRS). These calculations provide detailed information on the level and distribution of pension wealth and a variety of incentives from pensions. Differences between the pensions of men and women are largely explained by differences in earnings. However, there also are differences in the shapes of the pension accrual profiles of defined benefit plans that are likely to reflect tenure of women. Pension coverage is lower in the NLS-MW than in the HRS. As a result, wealth is lower in the NLS-MW than in the HRS. But the difference in coverage is not due to the effects of pension matching. Pension values for covered respondents are similar between the NLS-MW and HRS surveys. Systematic differences between the surveys in the rate at which pensions were matched do not have a major effect on findings as to the levels and distributions of pension wealth between the surveys.},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5152,
	title = {Pension and Social Security Wealth in the Health and Retirement Study},
	booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences},
	year = {1999},
	note = {RDA 1996-005; Revision of Pension Research Council Working Paper PRC WP 97-3 ProCite field 8 : eds.},
	pages = {150-208},
	publisher = {University of Michigan Press},
	organization = {University of Michigan Press},
	address = {Ann Arbor, MI},
	abstract = {This study attempts to understand the impact of pension and social security wealth on decisions made by people of retirement age.  Their in-depth analysis of the Health and Retirement Study gives many interesting findings.  Of those people participating in the Health and Retirement Study, more then half of the wealth is in the form of social security, pensions, and health insurance.  Various topics are explored in this paper.},
	keywords = {Net Worth and Assets, Pensions, Social Security},
	author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier},
	editor = {James P Smith and Robert J. Willis}
}
@article {5379,
	title = {Effects of Pensions on Savings:  Analysis with Data from the Health and Retirement Study},
	number = {6681},
	year = {1998},
	note = {RDA 1996-005 ProCite field 8 : Dartmouth College and NBER; TX Tech U},
	institution = {NBER},
	address = {Cambridge},
	abstract = {This paper examines the composition and distribution of total wealth for a cohort of 51- to 61-year olds from the Health and Retirement Study (HRS), and the role of pensions in forming retirement wealth.  Pension coverage is widespread, covering two-thirds of households and accounting for one-quarter of accumulated wealth. Social security benefits account for another quarter of total wealth.  As calculated from earnings records, the present discounted value of social security benefits is less than the present value of taxes paid. Earlier than many expected, social security is already a poor investment on average for this cohort on the verge of retirement. When pensions and social security are included, wealth accumulated by the HRS population to date is substantial. At their expected retirement date, using only the wealth accumulated by their mid-fifties, the HRS household with median replacement rate could finance a fixed, nominal two-thirds joint and survivor annuity replacing 79 percent of last earnings, and a real annuity replacing 52 percent of last earnings. Replacement rates for median earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates by about a fifth. When measured against a standard of adequacy based on average yearly earnings over the worklife, with adjustments made for the absence of preretirement savings, children, taxes, work-related expenses and other factors, these replacement rates appear adequate.  Lifetime earnings are measured for each individual in the HRS from social security earnings records augmented by self-reported earnings histories. When pensions and social security are counted in total wealth, the ratio of wealth to lifetime earnings declines from very high levels in the bottom ten percent of the earnings distribution, remains at roughly 40 percent from the 25th through 95th percentile of the lifetime earnings distribution, and then falls to 32 percent for those in the top five percent of the earnings distribution.  This result is consistent with the predictions of a simple, stripped-down life-cycle model. Also consistent is a finding that the ratio of wealth to lifetime earnings is no higher for those with pensions than for those without pensions. However, heterogeneity is quite important.  Real estate and business wealth are a larger share of total wealth for those without pensions, reflecting the importance of self-employment in wealth accumulation.  Multivariate regressions relating total wealth to pension coverage and pension value, which standardize for sources of heterogeneity, suggest that pensions cause very limited displacement of other wealth, if any. Pensions add to total wealth by at least half the value of the pension, and in most estimates by a good deal more.  These findings are not consistent with a simple life-cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax avoidance device, allowing substitution of pension for nonpension savings.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Income, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.nber.org/papers/w6681.pdf},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5332,
	title = {Pension and Social Security Wealth in the Health and Retirement Study},
	year = {1997},
	note = {ProCite field 8 : Dartmouth College and NBER},
	institution = {National Bureau of Economic Research},
	abstract = {Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in the 90th to 95th wealth percentiles. The HRS surveys households aged 51 to 61 in 1992, and obtains pension plan descriptions from respondents{\textquoteright} employers. Pension accrual profiles, income and wealth distributions by type, wealth-income ratios and accrued wealth by pension status are also explored.},
	keywords = {Consumption and Savings, Income, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w5912},
	url = {https://www.nber.org/papers/w5912},
	author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier}
}
@inbook {5135,
	title = {Income and Wealth of Older American Households: Modeling Issues for Public Policy Analysis},
	booktitle = {Assessing Knowledge of Retirement Behavior},
	year = {1996},
	note = {ProCite field 6 : In ProCite field 8 : eds.},
	pages = {11-60},
	publisher = {National Academy Press},
	organization = {National Academy Press},
	address = {Washington, DC},
	abstract = {This paper evaluates the extent to which current knowledge of  retirement, savings, pension and related behavior is sufficient  for determining the effects of major policy initiatives on the  incomes and wealth of the aged population of the United States.  Data are presented from two new surveys, the Health and  Retirement Study and the Asset and Health Dynamics Among the  Oldest Old Survey, describing the distributions of the major  components of income and wealth to be explained by these  behavioral models. The data suggest that the amount of wealth  had by the older population has been severely understated in  earlier surveys. Disagreements and inconsistencies in models of savings indicate that there is no agreed upon behavioral model  upon which to base policy analysis. Similar problems  characterize the pension literature. Most strikingly, central  features of these three major branches of behavioral analysis  are mutually inconsistent. Although there are important linkages  among the behaviors determining retirement, savings and pension  outcomes, research in each area ignores or misspecifies the  related behavior from other areas. Consequently, significant  advances are required before we can confidently predict the  effects of contemplated changes in policies on income and wealth  in retirement.},
	keywords = {Consumption and Savings, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Juster, F. Thomas},
	editor = {Eric A. Hanushek and Nancy L. Maritato}
}
@article {6525,
	title = {The Role of Pensions in the Labor Market: A Survey of The Literature},
	journal = {Industrial and Labor Relations Review},
	volume = {47},
	year = {1994},
	pages = {417-438},
	publisher = {47},
	abstract = {This review of recent research on pensions explores how pensions influence employee compensation, retirement, turnover, and other matters central to the determination of labor{\textquoteright}s price and quantity over time.  The paper discusses the various reasons why employers offer pension plans, the benefits they get out of them, and the reasons why employees want them.  The HRS is mentioned as a footnote to the explanation of the two primary types of benefit plans- - defined contribution (DC) and defined benefit (DB).  HRS data indicates that among the 67  of workers who were covered by a pension, 43  were covered by a DB plan only, 29  by a DC plan only, and 26  had a combination of the two.},
	keywords = {Employment and Labor Force, Pensions},
	doi = {10.1177/001979399404700304},
	author = {Alan L Gustman and Olivia S. Mitchell and Thomas L. Steinmeier}
}
