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Working Paper
Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness
Dettling, Lisa J.; Goodman, Sarena F.; Reber, Sarah (2022-04-01)
Borrowing for education has increased rapidly in the past several decades, such that the majority of non-housing debt on US households' balance sheets is now student loan debt. This chapter analyzes the implications of student loan borrowing for later-life economic well-being, with a focus on retirement preparation. We demonstrate that families holding student loan debt later in life have less savings than their similarly educated peers without such debt. However, these comparisons are misleading if the goal is to characterize the experience of the typical student borrower, as they fail to ...
Finance and Economics Discussion Series , Paper 2022-019

Working Paper
Will bequests attenuate the predicted meltdown in stock prices when baby boomers retire?
Abel, Andrew B. (2001)
Jim Poterba finds that consumers do not spend all of their assets during retirement, and he projects that the demand for assets will remain high when the baby boomers retire. Based on his forecast of continued high demand for capital, Poterba rejects the asset market meltdown hypothesis, which predicts a fall in stock prices when the baby boomers retire. ; The author develops a rational expectations general equilibrium model with a bequest motive and an aggregate supply curve for capital. In this model, a baby boom generates an increase in stock prices, and stock prices are rationally ...
Working Papers , Paper 01-2

Journal Article
Retirement savings and decision errors: lessons from behavioral economics
Daly, Mary C.; Armour, Philip (2008)
Long gone are the days when most American workers could rely on their employers to manage their retirement savings. Today, most people handle their retirement portfolios themselves, gaining the right and responsibility to determine their own best strategies. Research on retirement planning suggests, however, that many fall short of consensus targets for optimal savings and investment. While part of the shortfall is explained by information gaps and income constraints, research in behavioral economics suggests that "decision errors," arising out of human tendencies such as procrastination, ...
FRBSF Economic Letter

Journal Article
When States Default: Lessons from Law and History
Ergungor, O. Emre (2017-10)
This Commentary discusses how a severe fiscal crisis at the state level could impact the interests of the state?s public pension holders. Drawing lessons from the relevant laws, historical precedents, and the case of Arkansas after its default in 1933, I argue that in spite of the protections that exist, no public retirement system is completely immune to impairment if the money runs out.
Economic Commentary , Issue October

Journal Article
The real population problem: too few working, too many retired
Wheelock, David C.; Poole, William (2005-04)
It's not the total number of people that should be causing worry, but the number of retired people relative to those still working. Across the world, the ranks of retirees are swelling and the ranks of those working - and paying taxes to support retirees - are not keeping up.
The Regional Economist , Issue Apr , Pages 4-9

Working Paper
Health, Health Insurance, and Retirement: A Survey
Jones, John Bailey; French, Eric (2017-02-17)
The degree to which retirement decisions are driven by health is a key concern for both academics and policymakers. In this paper we survey the economic literature on the health-retirement link in developed countries. We describe the mechanisms through which health affects labor supply and discuss how they interact with public pensions and public health insurance. The historical evidence suggests that health is not the primary source of variation in retirement across countries and over time. Furthermore, declining health with age can only explain a small share of the decline in employment ...
Working Paper , Paper 17-3

Newsletter
The impact of baby boomer retirements on teacher labor markets
Meckel, Katherine; Aaronson, Daniel (2008-09)
This article explores the future of teacher labor markets. The authors find that teacher hiring needs will rise over the coming decade largely because of retirements. However, this increase will not be significantly different from that of past decades.
Chicago Fed Letter , Issue Sep

Report
Defined contribution plans: the role of income, age and match rates
Bassett, William F. (1995)
The growth of defined contribution plans has sparked debate concerning their effectiveness as a vehicle for retirement saving. Using data from the May 1993 Employee Benefits Supplement to the Current Population Survey, this paper examines whether DC plans have expanded overall pension coverage and whether their effects on retirement saving are the same across different age and income groups. Not surprisingly, I find that contributions to and early withdrawals from DC plans are strongly affected by income and age. The paper then discusses whether employer match rates are useful tools for ...
Research Paper , Paper 9517

Retirements Surge for Older Workers during COVID-19
Dvorkin, Maximiliano; Isaacson, Maggie (2021-12-20)
Though retirement decisions vary by different age groups, the COVID-19 pandemic increased retirement rates for those age 66 and older.
On the Economy

Journal Article
The baby boomers' mega-inheritance-myth or reality?
Kotlikoff, Laurence J.; Gokhale, Jagadeesh (2000-10)
Retirees are one of the wealthiest segments of the U.S. population, and today's retirees have more wealth than any previous generation. Some have conjectured that bequests out of this wealth will significantly boost the resources of the baby boomers-the next generation of retirees-bridging the gap between their retirement needs and resources. This Economic Commentary argues against such a view and explains why boomers have no alternative but to save for their own retirement.
Economic Commentary , Issue Oct

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