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Family Fortunes — A Guide to Saving for Retirement

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  • Cooper, D. R.

Abstract

The paper investigates the level and incidence of saving required in order to maintain the standard of living that a household experiences whilst of working age into retirement. In order to do this, a model has been constructed that follows the income and expenditure of a household, allowing for tax and social security, as well as changing family circumstances. The model can be used to explain how a household should save in order to achieve a given standard of living in retirement. The author concludes that the usual message, to save a fixed proportion of income throughout a working lifetime, is at best not helpful and at worst could lead to a lower standard of living over the household's lifetime. People can and should manage the timing of their saving and borrowing in order to achieve optimum incomes.

Suggested Citation

  • Cooper, D. R., 2002. "Family Fortunes — A Guide to Saving for Retirement," British Actuarial Journal, Cambridge University Press, vol. 8(5), pages 849-885, December.
    • Handle: RePEc:cup:bracjl:v:8:y:2002:i:05:p:849-885_00
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    Cited by:

    1. Shane Whelan & Maeve Hally, 2018. "An Analysis of Taxation Supports for Private Pension Provision in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 49(3), pages 319-359.

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