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.

Agency
National Institute of Health (NIH)
Institute
National Institute on Aging (NIA)
Type
Research Program Projects (P01)
Project #
5P01AG005842-21
Application #
7228173
Study Section
Special Emphasis Panel (ZAG1)
Project Start
Project End
Budget Start
2006-04-01
Budget End
2007-03-31
Support Year
21
Fiscal Year
2006
Total Cost
$211,176
Indirect Cost
Name
National Bureau of Economic Research
Department
Type
DUNS #
054552435
City
Cambridge
State
MA
Country
United States
Zip Code
02138
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