Chapter

The Transition to Personal Accounts and Increasing Retirement Wealth: Macro- and Microevidence

James M. Poterba, Steven F. Venti and David A. Wise

in Perspectives on the Economics of Aging

Published by University of Chicago Press

Published in print July 2004 | ISBN: 9780226903057
Published online February 2013 | e-ISBN: 9780226903286 | DOI: http://dx.doi.org/10.7208/chicago/9780226903286.003.0002
The Transition to Personal Accounts and Increasing Retirement Wealth: Macro- and Microevidence

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This chapter considers the changes in the magnitude and the composition of saving for retirement over the last two decades. It begins with an analysis of aggregate data on retirement plan contributions before turning to microdata and describing patterns in these data. It documents the changes in aggregate retirement saving over the past twenty-five years and describes how these changes are related to the shift from employer-sponsored defined benefit plans to individual-controlled retirement saving. It then investigates whether the shift toward individual retirement saving, and the accumulation of retirement assets in these accounts, has been offset by a reduction in the assets in other retirement saving plans. It shows that the “retirement plan contribution rate” is much greater than the personal saving rate reported in the National Income and Product Accounts (NIPA) in recent years.

Keywords: retirement plan contributions; retirement saving; benefit plans; individual retirement saving; retirement assets; contribution rate

Chapter.  24182 words.  Illustrated.

Subjects: Economics

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