Fundamental Factors Affecting The Wealth and Retirement of Elderly Americans

影响美国老年人财富和退休的基本因素

• 批准号: 8106117
• 负责人: John K Scholz
• 金额: $ 28.67万
• 依托单位: UNIVERSITY OF WISCONSIN-MADISON
• 依托单位国家: 美国
• 财政年份: 2008
• 资助国家: 美国
• 起止时间: 2008-08-15 至 2013-06-30
• 项目状态: 已结题
• 来源: https://reporter.nih.gov/project-details/8106117
• 关键词: Accounting; Address; Affect; American; Birth; Child; Collaborations; Consumption; Data; Elderly; Employee Strikes; Factor Analysis; Family; Future; Government; Head; Health; Household; Household Consumptions; Household Heads; Income; Journals; Learning; Left; Life Cycle Stages; Link; Literature; Living Standards; Marketing; Medical; Modeling; New York; Paper; Parents; Pensions; Personal Satisfaction; Play; Preparation; Relative (related person); Reporting; Research; Resources; Retirement; Role; Sampling; Secure; Social Security; Taxation; Testing; Thinking; Time; Uncertainty; Variant; Work; Writing; abstracting; cohort; design; discount; evidence base; expectation; graduate student; improved; interest; novel strategies; programs

DESCRIPTION (provided by applicant): Project Summary and Abstract: This project is designed to provide new information on the degree to which American households are financially well-prepared for retirement. We rely on an augmented life-cycle model, modified to incorporate essential aspects of the various pieces of the problems that we study, to conduct our work. We focus on two factors that the literature (and we) believe are important influences on the wealth available for retirement. First, despite a vast literature relying on the life-cycle model to examine wealth accumulation, few papers focus on the role of children. Our work will highlight the role children play in wealth accumulation. In doing so, we compare the effects of children on wealth to the effects if asset- and income-tested transfers on wealth. Our work also has potentially important implications for thinking about Social Security replacement rates. Second, we will examine the role of pensions on non-pension wealth accumulation. While a large prior literature examines this topic, our work differs by accounting fully for lifetime (past and future) resources. More importantly, past estimates of the effects of pensions on non-pension wealth accumulation are difficult to interpret if there is a mixture of credit constrained and unconstrained households in the samples used for estimation. We clarify these issues and offer a new way of thinking about the effects of pensions on wealth accumulation. Our third proposed project will examine the way in which wealth interacts with retirement expectations and retirement. One way for some households to respond to actual or perceived shortfalls (surpluses) in retirement wealth is to defer (hasten) retirement. We will use differences between actual and optimal net worth (derived from an augmented life cycle model with uncertainty) to study the way retirement expectations and wealth are correlated with retirement decisions. We will also develop and estimate the parameters from a new model of retirement. Our fourth project will provide a comprehensive look at the adequacy of retirement wealth preparation of households in different U.S. birth cohorts. In earlier work we showed that the original HRS cohort, born between 1931 and 1941, overwhelmingly were on track in 1992 to having resources in retirement necessary to maintain their accustomed living standards. A critical unresolved issue, however, is the degree to which these results hold for other cohorts, particularly those born after 1941. Our proposed work will answer this question. PUBLIC HEALTH RELEVANCE: We propose new fundamental analyses of factors central to understanding the living standards of Americans in and prior to retirement. There is a well-documented association between wealth and health. Understanding the factors associated with wealth accumulation may improve understanding of the health-wealth relationship. Moreover, consumption and health are fundamental inputs to the well-being of elderly households. Our work will provide new models and empirical work on factors influencing consumption and hence, well-being.

描述（由申请人提供）：项目摘要和摘要：该项目旨在提供有关美国家庭在财务上为退休准备充分的程度的新信息。我们依靠一个增强的生命周期模型，以整合我们研究的各种问题的基本方面，以进行我们的工作。我们专注于文献（我们）认为的两个因素是对可供退休财富的重要影响。首先，尽管有大量文献依靠生命周期模型来检查财富的积累，但很少有论文专注于儿童的作用。我们的工作将突出儿童在财富积累中所扮演的角色。在此过程中，我们将儿童对财富的影响与如果资产和所得到的财富转移对财富的影响进行比较。我们的工作对于思考社会保障替代率也具有潜在的重要意义。其次，我们将研究退休金对非养老金财富积累的作用。虽然先前的大量文献研究了这个主题，但我们的工作通过充分考虑一生（过去和将来）资源而有所不同。更重要的是，过去对养老金对非养老金财富积累的影响的估计很难解释，如果在用于估计的样本中是否存在信用约束和不受约束的家庭。我们澄清了这些问题，并提供了一种新的思考养老金对财富积累的影响的方式。 我们提出的第三个项目将研究财富与退休期望和退休互动的方式。某些家庭应对退休财富中实际或感知到的短缺（盈余）的一种方法是延迟（急速）退休。我们将使用实际净资产和最佳净资产之间的差异（从具有不确定性的增强生命周期模型得出）来研究退休期望和财富与退休决策相关。我们还将从新的退休模型中开发和估计参数。我们的第四个项目将全面地研究不同美国出生队列中家庭的退休财富准备的充分性。在较早的工作中，我们表明，最初的HRS队列出生于1931年至1941年之间，绝大多数在1992年有望拥有退休资源，以维持其习惯的生活水平。但是，一个关键的尚未解决的问题是这些结果对其他人群所处的程度，尤其是1941年以后出生的人群。我们的拟议工作将回答这个问题。公共卫生相关性：我们提出了对了解退休前和退休前美国人生活水平的中心因素的新基本分析。财富与健康之间有据可查的关联。了解与财富积累相关的因素可能会改善对健康卫生关系的理解。此外，消费和健康是老年家庭福祉的基本意见。我们的工作将为影响消费的因素提供新的模型和实证工作，从而为福祉提供了。