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The Role of Savings and Pension Systems in Maintaining Living Standards in Retirement

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  • James H. Schulz
  • Guy Carrin

Abstract

Over the years there has been a general recognition that serious economic problems have plagued and continue to plague the majority of aged persons in the U.S. and other countries. This article examines the personal savings rates required to provide an average worker with adequate retirement funds. The influence of (1) various definitions of adequacy, (2) inflation, and (3) economic growth on the magnitude of the retirement preparation task are examined. With this perspective, the current roles played by the social security system and private pensions are assessed.

Suggested Citation

  • James H. Schulz & Guy Carrin, 1972. "The Role of Savings and Pension Systems in Maintaining Living Standards in Retirement," Journal of Human Resources, University of Wisconsin Press, vol. 7(3), pages 343-365.
    • Handle: RePEc:uwp:jhriss:v:7:y:1972:i:3:p:343-365
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    Cited by:

    1. Christian Dudel & Notburga Ott & Martin Werding, 2013. "Maintaining One's Living Standard at Old Age - What Does That Mean?: Evidence Using Panel Data from Germany," SOEPpapers on Multidisciplinary Panel Data Research 563, DIW Berlin, The German Socio-Economic Panel (SOEP).
    2. Christian Dudel & Notburga Ott & Martin Werding, 2016. "Maintaining one’s living standard at old age: What does that mean?," Empirical Economics, Springer, vol. 51(3), pages 1261-1279, November.
    3. Schmied, Julian, 2023. "The replacement rate that maintains income satisfaction through retirement: The question of income-dependence," The Journal of the Economics of Ageing, Elsevier, vol. 26(C).
    4. Christian Dudel & Julian Schmied, 2019. "Pension adequacy standards: an empirical estimation strategy and results for the United States and Germany," MPIDR Working Papers WP-2019-003, Max Planck Institute for Demographic Research, Rostock, Germany.

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