PENSIONS, RISK, AND FINANCIAL STATUS

在过去的二十年里，退休储蓄发生了巨大的变化。从雇主管理的固定收益养老金转向主要由员工控制的固定缴款退休储蓄计划。今天，大约85%的私人缴费是个人退休账户。退休储蓄集中在个人账户中，引发了许多问题，涉及与这些计划相关的风险，以及资产价格波动对个人选择的影响。鉴于从雇主提供的数据库计划迅速过渡到个人退休账户，本次级项目下的拟议分析将评估家庭风险敞口的趋势。特别是，分析将考虑与个人退休账户中的公司股票相关的风险，并将个人退休账户的金融市场风险与传统雇主提供的DB计划的工作变动风险进行比较。在进行风险评估时，项目将考虑 衡量和报告风险的替代方法。拟议的分析还将集中注意金融市场波动对个人退休账户的参与和缴费、对退休决定以及对年长家庭缩减住房规模的决定的影响。最后，分析将评估最近税法变化对个人退休账户参与和缴费的影响。

Retirement saving has changed dramatically over the last two decades. There has been a shift from employer-managed defined benefit pensions to defined contribution retirement saving plans that are largely controlled by employees. Today, about 85 percent of private contributions are to personal retirement accounts. The concentration of retirement saving in personal accounts raises many questions about the risk associated with these plans and the effect of asset price fluctuations on individual choices. The proposed analysis under this subproject will evaluate the trends in the risk exposure of households, in light of the rapid transition from employer-provided DB plans to personal retirement accounts. In particular, the analysis will consider the risk associated with company stock in personal retirement accounts, and will compare the financial market risk of personal retirement accounts to the job-change risk of traditional employer-provided DB plans. In pursuing the evaluation of risk, the project will consider alternative methods of measuring and reporting risk. The proposed analysis will also direct attention to the effect of financial market fluctuations on the participation in and contributions to personal retirement accounts, on the retirement decision, and on the home downsizing decision of older households. Finally, the analysis will evaluate the effect of recent tax law changes on the participation in and the contributions to personal retirement accounts.