What Replacement Rates Should Households Use?
dc.contributor.author | Scholz, John Karl | |
dc.contributor.author | Seshadri, Ananth | |
dc.date.accessioned | 2010-03-15T16:19:26Z | |
dc.date.available | 2010-03-15T16:19:26Z | |
dc.date.issued | 2009-09 | |
dc.identifier.uri | https://hdl.handle.net/2027.42/65069 | |
dc.description.abstract | Common financial planning advice calls for households to ensure that retirement income exceeds 70 percent of average pre-retirement income. We use an augmented life-cycle model of household behavior to examine optimal replacement rates for a representative set of retired American households. We relate optimal replacement rates to observable household characteristics and in doing so, make progress in developing a set of theory-based, but readily understandable financial guidelines. Our work should be a useful building block for efforts to assess the adequacy of retirement wealth preparation and efforts to promote financial literacy and well-being. | en_US |
dc.description.sponsorship | Social Security Administration | en_US |
dc.format.extent | 388774 bytes | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en_US |
dc.relation.ispartofseries | UM09-04 | en_US |
dc.relation.ispartofseries | WP 2009-214 | en_US |
dc.title | What Replacement Rates Should Households Use? | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationum | Institute for Research on Poverty, NBER and University of Wisconsin–Madison | en_US |
dc.contributor.affiliationum | University of Wisconsin–Madison | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/65069/1/wp214.pdf | |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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