Assessing Retirement WealthUsing Composite Measures of Adequacy Benchmark
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Based on two representative benchmarks, permanent income and permanent consumption, this study examines the adequacy of retirement wealth among pre-retirees who are currently employed. It compares the determinants of retirement wealth adequacy according to two benchmarks under various definitions of retirement wealth: broad, intermediate, and narrow wealth. Analysis using the Survey of Consumer Finances shows significant differences in the proportion of pre-retirees with adequate wealth according to benchmarks and wealth definitions. The important determinants of retirement wealth adequacy are fairly consistent regardless of the benchmarks and wealth definitions. The crucial determinants include planned retirement age, subjective risk tolerance, and ownership of defined-benefit plans and non-financial assets.
Abstract
Based on two representative benchmarks, permanent income and permanent consumption, this study examines the adequacy of retirement wealth among pre-retirees who are currently employed. It compares the determinants of retirement wealth adequacy according to two benchmarks under various definitions of retirement wealth: broad, intermediate, and narrow wealth. Analysis using the Survey of Consumer Finances shows significant differences in the proportion of pre-retirees with adequate wealth according to benchmarks and wealth definitions. The important determinants of retirement wealth adequacy are fairly consistent regardless of the benchmarks and wealth definitions. The crucial determinants include planned retirement age, subjective risk tolerance, and ownership of defined-benefit plans and non-financial assets.
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