%0 Journal Article %J Communities and Banking %D 2015 %T Why Don't Lower-Income Individuals Have Retirement Saving Plans? %A April Yanyuan Wu %A Matthew S. Rutledge %A Penglase, Jacob %K Income %K Pensions %X Lower-income individuals lower employment rate and the smaller probability of their working for an employer that offers pensions underlie the pension gap between higher- and lower-income groups. %B Communities and Banking %I 16 %V 16 %P 16-19 %G eng %N 1 %4 pensions/income %$ 999999 %0 Report %D 2015 %T Will the Average Retirement Age Continue to Increase? %A Matthew S. Rutledge %A Gillis, Christopher M. %A Anthony Webb %K Employment and Labor Force %K Pensions %K Retirement Planning and Satisfaction %K Social Security %X Using Health and Retirement Study (HRS) data, this paper examines how changes in individual workers past and present pension coverage, retirement incentives in Social Security, and retiree health insurance have contributed to retirement decisions for the 1931-1953 birth cohorts. It then uses these findings to project retirement behavior for the 1955-1987 cohorts in the Survey of Income and Program Participation (SIPP). A key assumption is that younger cohorts will have no defined benefit (DB) pensions or retiree health coverage in their future jobs. A key limitation is the assumption of a stable relationship in each successive cohort between each factor and labor market decisions. %I Boston, MA, Center for Retirement Research at Boston College %G eng %4 retirement planning/labor market decisions/retiree health insurance/social Security/pensions %$ 999999 %0 Book Section %B Public Policies and Private Pensions %D 2003 %T What People Don't Know About Their Pensions and Social Security: An Analysis Using Linked Data from the Health and Retirement Study %A Alan L Gustman %A Thomas L. Steinmeier %E William G. Gale %E John B. Shoven %E Mark J. Warshawsky %K Consumption and Savings %K Employment and Labor Force %K Income %K Pensions %K Retirement Planning and Satisfaction %K Social Security %X 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. %B Public Policies and Private Pensions %I Brookings Institution %C Washington, DC %P 57-125 %G eng %U https://www.nber.org/papers/w7368 %4 Personal Income and Wealth Distribution/Social Security and Public Pensions/Economics of the Elderly/Retirement/Retirement Policies/Nonwage Labor Costs and Benefits/Private Pensions/Pension/Social Security/Retirement/Income Distribution/Nonwage Benefits %$ 1116 %+ National Bureau of Economic Research Working Paper 7368. Copies available from: National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138. Website: www.nber.org