The Changing Landscape of Pensions in the United States

43 Pages Posted: 10 Sep 2007  

James M. Poterba

Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER)

Steven F. Venti

Dartmouth College - Department of Economics; National Bureau of Economic Research (NBER)

David A. Wise

National Bureau of Economic Research (NBER); Harvard University - Harvard Kennedy School (HKS)

Date Written: September 2007

Abstract

The pension landscape in the U.S. has changed dramatically over the past 25 years. Saving through personal retirement accounts has become the principal form of retirement saving. We document the transition from a defined benefit system to a personal account system and show the effect it has had on wealth at retirement. We summarize results from other research we have done to project the growth of retirement assets over the next three decades. Our projections suggest that the advent of personal account saving will increase wealth at retirement for future retirees across the lifetime earnings spectrum.

Suggested Citation

Poterba, James M. and Venti, Steven F. and Wise, David A., The Changing Landscape of Pensions in the United States (September 2007). NBER Working Paper No. w13381. Available at SSRN: https://ssrn.com/abstract=1012835

James M. Poterba (Contact Author)

Massachusetts Institute of Technology (MIT) - Department of Economics ( email )

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Cambridge, MA 02142
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617-253-6673 (Phone)
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National Bureau of Economic Research (NBER)

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Steven F. Venti

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
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Dartmouth College - Department of Economics ( email )

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United States
603-646-2526 (Phone)
603-646-2122 (Fax)

David A. Wise

Harvard University - Harvard Kennedy School (HKS)

79 John F. Kennedy Street
Cambridge, MA 02138
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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