NBER WORKING PAPER SERIES DEFINED CONTRIBUTION PLANS‚ DEFINED BENEFIT PLANS‚ AND THE ACCUMULATION OF RETIREMENT WEALTH James Poterba Joshua Rauh Steven Venti David Wise Working Paper 12597 http://www.nber.org/papers/w12597 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge‚ MA 02138 October 2006 We are extremely grateful to Tonja Bowen for extraordinary and tireless research assistance‚ to Gary Engelhardt and Anil Kumar for graciously providing us with tabulations from
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Well Being and Retirement Ever since young hard workers start out in their fields most of them have one common goal: reaching retirement. Whenever young workers start their journey in the corporate world it is a major concern to figure out how many years it will take for them to retire‚ their 401k and many other benefits. Ultimately‚ people worry about everything before retirement and they start planning things ahead of time to fall right into retirement. What happens once retirement kicks in? What
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Heathfield‚ S‚ M (2010). How to Cope When Coworkers Lose Their Jobs. Retrieve from http://humanresources.about.com/od/layoffsdownsizing/a/survivors_cope.htm Bradley J‚ B. & Demand M. (2011). What Are the Reasons Why Organizations Offer Early Retirement Plans Maryland Nonprofit. Retrieve October 25‚ 2011 from http://www.marylandnonprofits.org/ html/support/documents/Lay-offsinaToughEconomy.pdf Hennigan W.J
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older as there are now people over 65. People are also living longer; In 1900 life expectancy was 47 at birth‚ and if you lived to be 65‚ your life expectancy was suddenly 77. In 1993 it was 76 at birth and 82 if you turned 65. At the same time‚ retirement ages have sunken. So suddenly there were people living longer‚ on the government’s payroll. Some people would then draw the conclusion:
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of Americans‚ especially when planning for retirement is not up for consideration. In the early 1930s Social Security arose by working Americans paying into a system that in return should replenish their future. As the main source of retirement during this time the plan includes support for most disability workers‚ children losing their parents‚ and the elderly. The sole use of Social Security was the intent of forming a solid structure for retirement and not a method a person should trust entirely
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everyone is counting on to help fund his or her retirement is paying out more money than it collects (Sanger-Katz). Opportunities to help Social Security remain a viable entitlement program lie within our abilities to revise existing policies that are currently unsuccessful. Our current Social Security structure requires reform to secure the necessary resources to fund this failing system. Eliminating the tax cap maximum‚ raising the minimum retirement age‚ and introducing means testing are policy
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private pension plans. Boomers tended to think of themselves as a special generation‚ very different from those that had come before. Boomers need social security today‚ as well as during the aging nation because of there retirement. During the aging nation‚ baby boomers retirement became a public concern because of the budgetary pressures that developed when baby boomers began to collect Social Security and Medicare benefits. The future private pension plans weren’t accumulating enough private
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as an option for building retirement. However‚ investing in government bonds and securities can offer protection from times of high inflation which will leave a reliable source of income during retirement. I bonds and treasury inflation protection securities are two of the easiest ways for college graduates to begin building a retirement fund. For recent college graduates government investing can be one of the easiest and safest ways to begin saving money for retirement. Treasury I Bonds
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American household accumulates retirement wealth primarily in three forms: social security‚ pensions‚ and home equity. Neither social security nor defined-benefit pension plans require willpower on the part of participants‚ and once a home is purchased‚ the monthly mortgage bill provides a useful discipline in building up equity. Those Americans who have access to and make use of all three low- willpower savings techniques appear to be doing a decent job of saving for retirement. Gustman and Steinmeier
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post in his own hallway. After all‚ he is on the receiving end of our cards and our congratulations. It is his retirement day and we are gathered to wish him well in the future. Today‚ you see‚ Dave is starting out on a new adventure. Now he may groan a little at that thought. He may claim that all he wants to do now is to relax for the rest of his life. He may visualise the ideal retirement gift as a rocking chair with a footstool for his sore feet. We can understand that because being a mail carrier
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