Financing Retirement: The Private Sector |
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Authors: | David Wise |
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Institution: | (1) John F. Kennedy School of Government, Harvard University, Boston, MA 02138, USA |
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Abstract: | Since 1980, there has been a rapid shift from employerbased,
defined benefit pensions to employee-controlled personal
retirement accounts. This paper documents the shift
and explores the conventional wisdom that this shift
increases risk for retirees and will result in lower accumulation
of retirement assets. In particular, it focuses on personal
retirement accounts and considers the options available for
retirees to contain risk and assess the likely outcomes over
alternative options, including life cycle allocations. It concludes
that personal retirement accounts are likely to lead
to higher retirement accumulations that are also less risky
than would be the case under defined benefit plans.
JEL Classification G23 |
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Keywords: | pensions retirement defined benefit contribution |
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