How Do Lower-Income Families Think About Retirement?

22 Pages Posted: 1 Oct 2011 Last revised: 14 Oct 2011

See all articles by Helen Levy

Helen Levy

University of Michigan at Ann Arbor - Institute for Social Research (ISR); National Bureau of Economic Research (NBER)

Kristin Seefeldt

Indiana University Bloomington - School of Public & Environmental Affairs (SPEA)

Multiple version iconThere are 2 versions of this paper

Date Written: September 5, 2008

Abstract

How do low-income households think about retirement? Do they think about retirement? If so, when do they think they will retire, and what is it they plan to live on? In this paper, we present evidence on these questions based on 51 qualitative interviews with low-income families in the Detroit area. We find that the great majority of low-income households think about retirement, although this does not necessarily mean they are able to plan and/or save actively for retirement. Most respondents plan to retire as soon as they become eligible for Social Security or, in a few cases, private pensions.

Suggested Citation

Levy, Helen and Seefeldt, Kristin, How Do Lower-Income Families Think About Retirement? (September 5, 2008). Michigan Retirement Research Center Research Paper No. 2008-195, Indiana University, Bloomington: School of Public & Environmental Affairs Working Paper No. 2009-02-02, Available at SSRN: https://ssrn.com/abstract=1936050 or http://dx.doi.org/10.2139/ssrn.1936050

Helen Levy (Contact Author)

University of Michigan at Ann Arbor - Institute for Social Research (ISR) ( email )

Ann Arbor, MI 48106-1248
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Kristin Seefeldt

Indiana University Bloomington - School of Public & Environmental Affairs (SPEA) ( email )

1315 East Tenth Street
Bloomington, IN 47405
United States

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