Beliefs and actions
expectations and savings decisions by older Americans
DOI:
https://doi.org/10.1016/S1057-0810(00)00054-8Keywords:
Pensions, Consumption, SavingsAbstract
To understand the interaction of savings behavior, pension fund participation and expectations of retirement well being, we ask two questions. Are expected pension benefits a substitute for accumulated savings in replacing preretirement income? Are individuals’ expectations concerning their retirement standard of living realistic based on their accumulated savings and pension plan participation? First-wave data from the Health and Retirement Study (HRS) are analyzed using a probit regression. The results are consistent with the idea that pension benefits are substitutes for saving and that accumulated savings have a significant impact on the expected standard of living but pension plan participation does not. © 2000 Elsevier Science Inc. All rights reserved.
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