Beliefs and actions: expectations and savings decisions by older Americans |
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| Institution: | 1. Department of Economics, Finance & Legal Studies, University of Alabama, Box 870224, Tuscaloosa, AL 35487, USA;1. College of Geodesy and Geomatics, Shandong University of Science and Technology, Qingdao 266590, China;2. State Key Laboratory of Mining Disaster and Prevention and Control Co-founded by Shandong Province and Ministry of Science & Technology, Shandong University of Science and Technology, Qingdao 266590, China;3. Chinese Academy of Surveying and Mapping, Beijing 100830, China;1. iSMART, Qingdao University of Technology, Qingdao, 266061, China;2. Faculty of Environmental Engineering, The University of Kitakyushu, Kitakyushu, 808-0135, Japan;1. Ming Chuan University, Leisure & Recreation Administration Department, 5 De Ming Rd., Gui Shan District, Taoyuan County 333, Taiwan;2. Department of Food and Beverage Management, JinWen University of Science & Technology, New Taipei City, Taiwan;3. Department of Hospitality Management, School of Tourism, Ming Chuan University, Taoyuan County, Taiwan;4. Ming Chuan University, Tourism Department, School of Tourism, 5 De Ming Rd., Gui Shan District, Taoyuan County 333, Taiwan;1. Department of Geography, University of São Paulo (USP), São Paulo, Brazil. São Paulo Research Foundation (FAPESP), Avenida Professor Lineu Prestes, 338, 05508-000, Cidade Universitária, São Paulo, SP, Brazil;2. Department of Geography, Grupo Retis, Federal University of Rio de Janeiro (UFRJ), Rua Athos da Silveira Ramos, n. 274, G-025, 21941-916, Cidade Universitária, Rio de Janeiro, RJ, Brazil;3. Department of International Agricultural Policy and Environmental Governance, University of Kassel, Steinstrasse 19, Witzenhausen 37213, Germany;4. Water Security Research Centre and Tyndall Centre for Climate Change Research, School of International Development, University of East Anglia (UEA), Norwich Research Park, NR4 7TJ Norwich, UK;1. Department of Public Health, Institute of Tropical Medicine, Antwerp, Belgium;2. Fast Track Implementation Department, UNAIDS, Geneva, Switzerland;3. Wolfson Institute of Population Health, Queen Mary University of London, London, UK;4. UNAIDS, Brussels, Belgium;5. Air-Borne, Blood-Borne and Sexually Transmitted Infections, European Centre for Disease Prevention and Control (ECDC), Stockholm, Sweden;6. Platform for International Cooperation on Undocumented Migrants (PICUM), Brussels, Belgium;7. Faculty of Public Health and Policy, London School of Hygiene & Tropical Medicine, London, UK;8. Migration Health Division, International Organisation of Migration (IOM), Brussels, Belgium;9. HIV/viral Hepatitis, STIs Unit of the Joint Infectious Diseases Program, WHO Regional Office for Europe, Copenhagen, Denmark;10. Migration and Health Programme, WHO Regional Office for Europe, Copenhagen, Denmark;11. Graduate School of Business, University of Cape Town, Cape Town, South Africa |
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| Abstract: | To understand the interaction of savings behavior, pension fund participation and expectations of retirement well being, we ask two questions. Are expected pension benefits a substitute for accumulated savings in replacing preretirement income? Are individuals’ expectations concerning their retirement standard of living realistic based on their accumulated savings and pension plan participation? First-wave data from the Health and Retirement Study (HRS) are analyzed using a probit regression. The results are consistent with the idea that pension benefits are substitutes for saving and that accumulated savings have a significant impact on the expected standard of living but pension plan participation does not. |
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