Pensions and the Non-Pension Wealth of American Families

美国家庭的养老金和非养老金财富

• 批准号: 6322719
• 负责人: John K Scholz
• 金额: $ 7.28万
• 依托单位: UNIVERSITY OF WISCONSIN-MADISON
• 依托单位国家: 美国
• 财政年份: 2001
• 资助国家: 美国
• 起止时间: 2001-06-15 至 2003-06-14
• 项目状态: 已结题
• 来源: https://reporter.nih.gov/project-details/6322719
• 关键词: disability insurance; human data; income; income maintenance; retirement; socioeconomics

This project develops a simple framework that highlights the ways that household pension wealth is related to non-pension wealth. The framework illustrates potential problems that may arise with previous work examining this relationship. If some households are credit constrained (which, in a simple model, would show no relationship between pension and non-pension wealth) and some households are unconstrained (which, in a simple model, would have dollar-for-dollar pension offsets), the correlation between pension and non-pension wealth estimated from conventional specifications is not necessarily even bounded by the correlations that apply to each population type. The framework is used to specify an empirical model that characterizes the relationship between pension and non-pension wealth. The model is estimated using data from the Health and Retirement Study. The empirical portion of this study explores the robustness of estimates, accounts carefully for population heterogeneity and takes different approaches to estimating the underlying parameters. The work distinguishes between defined contribution (DC) pension wealth, defined benefit pension (DB) wealth, and social security wealth. Due to different risks associated with these pension sources, they may have different effects on wealth. Extensions to this work explore how asset revaluations between 1992 and 1998 are correlated with intergenerational transfers, saving and expectations about retirement and bequests. The work will provide new insights into factors affecting the ability of elderly households to maintain their standard of living in retirement and into factors influencing national saving.

这个项目开发了一个简单的框架，强调了家庭养老金财富与非养老金财富之间的关系。该框架说明了以前审查这一关系的工作可能出现的潜在问题。如果一些家庭受到信贷约束(在一个简单的模型中，这将表明养老金和非养老金财富之间没有关系)，而一些家庭不受限制(在一个简单的模型中，它将有美元对美元的养老金抵销)，根据传统规范估计的养老金和非养老金财富之间的相关性甚至不一定受到适用于每一类人口的相关性的限制。该框架被用来具体描述养老金和非养老金财富之间的关系的经验模型。该模型是使用健康和退休研究的数据进行评估的。这项研究的实证部分探讨了估计的稳健性，仔细考虑了总体的异质性，并采取了不同的方法来估计潜在的参数。这项工作区分了固定缴款(DC)养老金财富、固定收益养老金(DB)财富和社会保障财富。由于与这些养老金来源相关的风险不同，它们可能会对财富产生不同的影响。这项工作的延伸探索了1992至1998年间的资产重估如何与代际转移、储蓄以及对退休和遗产的预期相关。这项工作将对影响老年家庭退休后维持生活水平的因素以及影响国民储蓄的因素提供新的见解。