@article {10829,
	title = {Consumer Financial Protection Bureau: Retirement Security and Financial Decision-making - Research Brief},
	year = {2020},
	note = {Name - Consumer Financial Protection Bureau; Copyright - Targeted News Service; Last updated - 2020-06-04},
	institution = {Consumer Financial Protection Bureau},
	address = {Washington, D.C.},
	abstract = {The first years in retirement are, on average, retirees{\textquoteright} most expensive years.1 Furthermore, a
growing number of retirees are not experiencing the expected gradual reduction in spending
after they retire.2
The Consumer Financial Protection Bureau commissioned a study to identify ways to increase
retirement preparedness and protect retirees from overspending their savings in early
retirement. 3 The study examined the financial resources and expenses of people who retired
between 1992 and 2014 to assess whether they were able to maintain the same spending level on
key categories for five consecutive years after retiring.4 The study examined how the ability to
maintain the same spending level varies by sex, race, marital status, health status, educational
attainment, and generation, as well as financial circumstances and retirement decisions.
This report describes the findings of the study, and highlights decisions to consider for
protecting financial security before retiring.},
	keywords = {Baby Boomers, Decision making, Early retirement, Educational attainment, Mortgages, Pensions, Public Administration, Retirees, student loans},
	url = {https://files.consumerfinance.gov/f/documents/cfpb_retirement-security-financial-decision-making_research-brief.pdf}
}
@conference {10402,
	title = {The changing nature of work and public pension coverage: Evidence from the US and Europe},
	booktitle = {World Social Security Forum},
	year = {2019},
	publisher = {International Social Security Association},
	organization = {International Social Security Association},
	address = {Brussels, Belgium},
	abstract = {We examine nonstandard work and its impact on pension coverage via a case study of the United States, the United Kingdom, and Germany.  We define nonstandard work broadly to include alternative work, contingent work, and self-employment.  We discuss how nonstandard work may affect public pension coverage, as both the pension rules and the level of actual and reported earnings of workers engaged in nonstandard work can differ from those of workers engaged in standard work.  Current nonstandard workers receive essentially symmetric treatment from the pension systems in both the U.S. and U.K., but this is not the case in Germany and is a recent development in the U.K.  We find that the share of workers engaged in nonstandard work has changed only modestly over time in these three countries, despite the popular perception that a more significant transformation in the nature of work may be underway.  We also find that workers who spent much of their career in self-employment (one type of nonstandard work) have higher levels of financial distress in retirement and rely more on financial assets outside the public pension system.
},
	keywords = {International, Pension Coverage, Pensions, Social Security},
	url = {https://ww1.issa.int/sites/default/files/documents/events/2-TCResearch-WSSF2019-report2\%20changing\%20nature\%20of\%20work-full-263559.pdf},
	author = {Axel Borsch-Supan and Courtney Coile and Jonathan Cribb and Carl Emmerson and Yuri Pettinicchi}
}
@mastersthesis {6355,
	title = {The Changing Nature of the Retirement Transition for Dual Earning Couples},
	volume = {3711256},
	year = {2015},
	note = {Copyright - Copyright ProQuest Dissertations Publishing 2015 Last updated - 2015-09-08 First page - n/a},
	month = {2015},
	pages = {160},
	school = {University of Maryland, College Park},
	type = {Ph.D.},
	address = {College Park, MD},
	abstract = {My dissertation examines how dual-earning couples navigate the retirement transition differently now that women{\textquoteright}s and men{\textquoteright}s work lives have become more similar. As the retirement transition has become more complex, understanding how and when people retire requires researchers and policymakers to be attuned to the family lives in which individuals are embedded. The decision to retire is an individual choice but one{\textquoteright}s family circumstances, particularly one{\textquoteright}s spouse, can influence the process. Couples must often factor in spouses{\textquoteright} age, health, pension assets, and health insurance coverage, especially since the work lives of many women have become much more similar to men. Whereas men{\textquoteright}s retirement decisions were seen to depend on their employment situation and women{\textquoteright}s{\textquoteright} on their husband{\textquoteright}s, women{\textquoteright}s rising attachment to the labor force means their work lives should be increasingly important in understanding the retirement transition of couples. This dissertation fills a gap in retirement research by utilizing a life course perspective to systematically study change across cohorts in how marital partners manage the retirement transition amidst rapid structural changes in the economy. Analyses use multiple waves of data from the Health and Retirement Study, applying a variety of modeling techniques to investigate the way that couples move from employment to retirement. Specifically, I focus on retirement expectations and timing, looking at whether dual earning couples influence and synchronize each other{\textquoteright}s retirement and how this may change across cohorts. Results suggest that coordination between couples may be declining, as both husbands and wives influence their respective partners{\textquoteright} retirement expectations less in later cohorts. Analysis of the degree to which dual-earning couples synchronize their retirement expectations show that such couples expect to retire together when they both have the pension resources to do so. Results from event history models further indicate that the retirement trajectories have changed for the leading baby boom cohort, as evidence implies they are delaying retirement longer than previous cohorts. The findings provide mixed support for the notion that wives are influencing their husbands{\textquoteright} retirement timing more in later cohorts or that the influence of husbands on wives{\textquoteright} retirement timing has declined across cohorts.},
	keywords = {Adult children, Demographics, Employment and Labor Force, Event History/Life Cycle, Health Conditions and Status, Methodology, Pensions, Policy, Retirement Planning and Satisfaction},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1707683356?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+Full+Text\&rft_val_fmt=info:ofi/}
}
@article {7273,
	title = {Cohort differences in wealth and pension participation of near-retirees.},
	journal = {Soc Secur Bull},
	volume = {68},
	year = {2008},
	month = {2008},
	pages = {45-66},
	publisher = {68},
	abstract = {<p>The approaching retirement of the baby-boom generation has attracted both research and public policy attention. Many social and economic changes occurred during the second half of the twentieth century, changes that are likely to affect the retirement economic security of recent cohorts in many ways. In this article, using data from the Health and Retirement Study (HRS), a longitudinal, nationally representative survey of older Americans, we compare potential retirement economic resources-pension participation and nonpension net worth-of two cohorts of near-retirees. Particularly we look at individuals born from 1933 through 1939, often referred to as depression babies, who were ages 55-61 in 1994 and the more recent cohort consisting of individuals of the same ages (55-61) in 2004, who were born from 1943 through 1949. Our findings indicate that the more recent cohort of near-retirees has a significantly higher pension participation rate over their working life, and therefore greater opportunity to establish pension income through their working life, compared with the earlier cohort (82 percent versus 64 percent). The increase in pension participation was more pronounced among the recent cohort of women, an expected outcome given the increase in labor force participation of women over the past half century. As a result, although differences by sex in pension participation remained significant, the gap has narrowed for the recent cohort of near-retirees. In addition, we find that the gap in participation rate between those in the highest and the lowest wealth quintiles has widened over time (from 22 percent in 1994 to 26 percent in 2004). For both cohorts of near-retirees, the evidence indicates that those without a pension have much lower levels of net total worth than those who report having a pension. The pattern that emerges for both cohorts is that about one-fifth of individuals aged 55-61 hold little or no wealth at all, whereas about two-fifths hold a substantial amount of wealth. In addition, housing equity, which rarely is used to finance consumption in retirement, comprises more than one-half of total nonpension net worth for about 60 percent of all households, leaving--on average less than $45,000 jointly in nonhousing wealth and IRA/Keogh assets--a much smaller amount of wealth that is readily accessible if the need arises. The fact that many near-retirees (about 40 percent) in the lowest-two wealth quintiles have no pension to potentially draw income from, coupled with the very low level of total nonpension wealth raises concern about their income security in retirement; they may be likely to rely heavily on Social Security, rely on welfare programs, or continue work in retirement.</p>},
	keywords = {Female, Humans, Income, Longitudinal Studies, Male, Middle Aged, Pensions, Population Growth, Retirement, United States},
	issn = {0037-7910},
	author = {Irena Dushi and Howard M Iams}
}
@conference {NBERw13381,
	title = {The Changing Landscape of Pensions in the United States},
	booktitle = {Increasing the Effectiveness of Financial Education and Saving Programs},
	year = {2007},
	publisher = {NBER},
	organization = {NBER},
	abstract = {The pension landscape in the U.S. has changed dramatically over the past 25 years. Saving through personal retirement accounts has become the principal form of retirement saving. We document the transition from a defined benefit system to a personal account system and show the effect it has had on wealth at retirement. We summarize results from other research we have done to project the growth of retirement assets over the next three decades. Our projections suggest that the advent of personal account saving will increase wealth at retirement for future retirees across the lifetime earnings spectrum.},
	keywords = {Pensions},
	doi = {10.3386/w13381},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {6846,
	title = {Cash Balance Plans and the Distribution of Pension Wealth},
	journal = {Industrial Relations},
	volume = {42},
	year = {2003},
	note = {RDA 1998-006},
	pages = {745},
	publisher = {42},
	abstract = {Recent pension plan coversions by numerous large employers have sparked debate about the merits of cash balance plans.  This paper compares pension wealth in traditional defined benefit (DB) plans and cash balance plans for a national sample of coverred Americans aged 51 to 61.  The simulations indicate that replacing DB plans with cash balance plans would redistribute pension wealth from those with long-term jobs to those with multiple short-term jobs and from those with substantial pension benefits to those with more limited benefits.  Perhaps unexpectedly, women ad midlife in 1992 with DB coverage would lose wealth in cash balanace plans, but future cohorts of women are likely to fare better.},
	keywords = {Net Worth and Assets, Pensions},
	doi = {https://doi.org/10.1111/1468-232X.00314},
	author = {Richard W. Johnson and Cori E. Uccello}
}
@article {5524,
	title = {Can Cash Balance Pension Plans Improve Retirement Security for Today{\textquoteright}s Workers?},
	number = {14},
	year = {2002},
	note = {RDA 1998-006},
	institution = {The Urban Institute},
	abstract = {In recent years several large employers have replaced their traditional defined benefit pension plans with cash balance plans. This brief compares outcomes under each plan for a national sample of Americans near retirement with pension coverage. The findings show that cash balance plans would redistribute pension wealth from those who held long-term jobs to those with a series of short-term jobs. Individuals with limited pension wealth, especially those in the bottom quartile, would also benefit. Surprisingly, many women now approaching retirement age would lose pension wealth under cash balance plans, but future cohorts of older women are likely to fare better.},
	keywords = {Pensions},
	url = {https://www.urban.org/research/publication/can-cash-balance-pension-plans-improve-retirement-security-todays-workers},
	author = {Richard W. Johnson and Cori E. Uccello}
}
@article {5518,
	title = {Choice and Other Determinants of Employee Contributions to Defined Contribution Plans},
	year = {2002},
	note = {U.S. Social Security Administration (SSA) to the Center for Retirement Research at Boston College},
	institution = {Center for Retirement Research at Boston College},
	keywords = {Net Worth and Assets, Pensions},
	url = {http://www.bc.edu/centers/crr/papers/Fourth/cp_02_13_papke2.pdf},
	author = {Papke, Leslie E.}
}
@article {5468,
	title = {The Coming Generational Storm},
	year = {2001},
	institution = {Boston University, Dept. of Economics},
	abstract = {This study takes a careful look at our nation s fiscal finances. It questions the much-heralded short-term federal budget surpluses, scrutinizes Social Security s and Medicare s long-term finances, and examines the nation s overall long-run fiscal balance based on a new generational accounting for the U.S. The study also examines how the economy will respond to population aging and Social Security s privatization using a state-of-the-art life-cycle dynamic general equilibrium computer simulation model. The study s final sections a) use a highly detailed micro simulation model to determine, on an actuarial basis, the effects of possible Social Security reforms on different postwar cohorts and income groups within those cohorts, b) use ESPlanner -- a sophisticated life-cycle financial planning model -- to assess how much baby boomers need to save as they approach retirement, particularly in light of potential major Social Security benefit cuts, and c) question, again with ESPlanner, whether saving in tax-deferred form really delivers the lifetime tax savings that are generally advertised for the majority of American households. The study s findings are striking and discouraging. The much-heralded short-term federal budget surpluses are primarily the product of the Congressional Budget Office s (CBO) wishful thinking about Washington s ability to shrink federal spending while growing the economy.},
	keywords = {Pensions, Public Policy},
	url = {http://econ.bu.edu/kotlikoff/GenerationalStorm.pdf},
	author = {Laurence J. Kotlikoff}
}
@mastersthesis {6098,
	title = {Couples Approaching Retirement: The Organization of Pension Behavior within the Family},
	year = {2001},
	month = {2001},
	school = {The Florida State University},
	abstract = {In this analysis I used Wave 1 of the Health and Retirement Study to explore how the utilization of pension opportunities intersects with family context. I examined how decisions about retirement savings are shaped by family structure and family dynamics. Structural explanations of pension opportunities take non-market factors such as family responsibilities into account only to the extent that they shape location in the labor market. However, like other decisions related to household resources and savings, many decisions regarding employer pensions occur within the context of the family and it is likely that they are influenced by the resources and behavior of other family members. This research is an initial attempt to incorporate spouse characteristics and household dynamics into explanations of pension behavior. The analyses show the importance of considering the interdependence of decision making among couple members when conducting analyses of financial behavior and pension participation. Results suggest that women, at least this cohort of women, are more influenced by their spouses than are men. Working women tended to coordinate pension decisions with their husbands in a manner that was consistent with or complimentary to the behavior of their husbands. This points to the importance of attending to the influence of the spouse on individual behavior, as well as gender differences in this influence, and the way in which power dynamics within the household filter the translation of individual preferences into individual behavior. The analyses also demonstrate the necessity of accounting for differences in individual preferences and "states of mind" in pension research, since preferences for planning and risk influenced pension participation. In addition, the analyses indicate that there are substantive reasons for making an analytic distinction between primary and supplemental participation. Results also show that the potential selection effects involved in modeling pension participation did not bias the estimates. Although the theoretical reasons for performing these corrections remain, little was gained analytically. In contrast, the analyses demonstrated the importance of acknowledging and correcting for the non-independence of observations when examining individual-level behavior with a sample that contains both members of a couple.},
	keywords = {Adult children, Demographics, End of life decisions, Pensions, Retirement Planning and Satisfaction},
	author = {Kim Shuey}
}
@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 {7308,
	title = {Characteristics of individuals with integrated pensions.},
	journal = {Soc Secur Bull},
	volume = {62},
	year = {1999},
	month = {1999},
	pages = {28-40},
	publisher = {49},
	abstract = {<p>Employer pensions that integrate benefits with Social Security have been the focus of relatively little research. Since changes in Social Security benefit levels and other program characteristics can affect the benefit levels and other features of integrated pension plans, it is important to know who is covered by these plans. This article examines the characteristics of workers covered by integrated pension plans, compared to those with nonintegrated plans and those with no pension coverage. Integrated pension plans are those that explicitly adjust their benefit structure to help compensate for the employer{\textquoteright}s contributions to the Social Security program. There are two basic integration methods used by defined benefit (DB) plans. The offset method causes a reduction in employer pension benefits by up to half of the Social Security retirement benefit; the excess rate method is characterized by an accrual rate that is lower for earnings below the Social Security taxable maximum than above it. Defined contribution (DC) pension plans can be integrated along the lines of the excess rate method. To date, research on integrated pensions has focused on plan characteristics, as reported to the Bureau of Labor Statistics (BLS) through its Employee Benefits Survey (EBS). This research has examined the prevalence of integration among full-time, private sector workers by industry, firm size, and broad occupational categories. However, because the EBS provides virtually no data on worker characteristics, analyses of the effects of pension integration on retirement benefits have used hypothetical workers, varying according to assumed levels of earnings and job tenure. This kind of analysis is not particularly helpful in examining the potential effects of changes in the Social Security program on workers{\textquoteright} pension benefits. However, data on pension integration at the individual level are available, most recently from the Health and Retirement Study (HRS), a nationally representative survey of individuals aged 51-61 in 1992. This dataset provides the basis for the analysis presented here. The following are some of the major findings from this analysis. The incidence of pension integration in the HRS sample is 32 percent of all workers with a pension (14 percent of all workers). The HRS can also identify integrated DC plans, a statistic that is not available from BLS data. The rate of integration for workers with only DC plans is 8 percent. After controlling for other variables, several socio-demographic characteristics are significantly related to the incidence of integration. The probability of having an integrated pension is 4.6 percentage points less for men compared to women. Non-Hispanic blacks are 6.4 percentage points less likely than non-Hispanic whites to have integrated pensions. Union members are 14 percentage points less likely to have integrated pensions, while workers with less than a graduate level education are at least 15 percentage points more likely to have a pension that is integrated. Some earnings and pension characteristics are also significantly correlated with pension integration. Earnings are positively related, with the probability of having an integrated pension increasing by 2 percentage points for an increase of $1,000 in annual pay. An even larger effect comes from earning at or above the Social Security taxable maximum. Workers at or above this income level are 10 percentage points more likely to have an integrated plan, but for those with more than one plan the probability of pension integration goes up by 13 percentage points.</p>},
	keywords = {Bias, Data collection, Educational Status, ethnicity, Female, Humans, Income, Labor Unions, Male, Middle Aged, Occupations, Pensions, Regression Analysis, Reproducibility of Results, Retirement, Sex Factors, Social Security, Socioeconomic factors, United States},
	issn = {0037-7910},
	author = {Bender, K A}
}
