What is an adequate standard of living during retirement?

Johannes Binswanger () and Daniel Schunk ()

No 8171, MEA discussion paper series from Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim

Abstract: Many economists and policy-makers argue that households do not save enough to maintain an adequate standard of living during retirement. However, there is no consensus on the answer to the underlying question what this standard should be, despite the fact that it is crucial for the design of saving incentives and pension reforms. We address this question with a survey, individually tailored to each respondent’s financial situation, conducted both in the U.S. and the Netherlands. Key findings are that adequate levels of retirement spending exceed 70 percent of working life spending, and minimum acceptable replacement rates depend strongly on income. Key words: Life cycle preferences, pension reform, replacement rates, retirement saving.

JEL-codes: D91 H55 (search for similar items in EconPapers)
Date: 2008-11-11

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Related works:
Working Paper: What is an Adequate Standard of Living During Retirement? (2008)
Working Paper: What is an Adequate Standard of Living during Retirement? (2008)
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