RETIREMENT INCOME RIGHTS AS A COMPONENT OF WEALTH IN THE UNITED STATES
RETIREMENT INCOME RIGHTS AS A COMPONENT OF WEALTH IN THE UNITED STATES
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在美国，退休收入权是财富的一部分
DOI：
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发表时间：
1985
期刊：
影响因子：
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通讯作者：
J. Quinn
中科院分区：
文献类型：
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作者：
J. Quinn
美国人以社会保障和雇主养老金的形式积累了相当大的未来购买力。这些权利是财富的一种形式。在这篇文章中，我们问的是，他们的加入如何改变一组处于或接近正常退休年龄的美国人的财富组合。1973年一波纵向退休历史研究的数据表明，对许多美国人来说，退休收入权是财富的主要组成部分，而且往往比包括房屋净值在内的所有其他条目的总和更重要。我们还发现，在高通胀时期，这些财富可能会被严重侵蚀。由于可市场性的差异，养老金和社会保障权利并不是流动性更高的资产的完美替代品。尽管如此，由于它们的规模如此之大，而且已经被证明是老年员工行为的关键决定因素，它们不应该被忽视。
Americans have accumulated a considerable amount of future purchasing power in the form of Social Security and employer pension rights. These rights are a form of wealth. In this paper, we ask how their inclusion alters the wealth portfolios of a sample of Americans at or nearing normal retirement age. Data from the 1973 wave of the longitudinal Retirement History Study suggest that, for many Americans, retirement income rights are the dominant component of wealth, and are often more important than all other entries combined, including home equity. We also find that this wealth can be seriously eroded during times of high inflation. Because of differences in marketability, pension and Social Security rights are not perfect substitutes for more liquid assets. Nonetheless, since they are so large in magnitude, and have been shown to be key determinants of the behavior of older workers, they should not be ignored.