Redefining Retirement: How Will Boomers Fare?

Paperback | July 12, 2007

EditorBrigitte Madrian, Olivia S. Mitchell, Beth J. Soldo

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As the leading edge of the 'Baby Boom' generation attains age 60, members of this unusually large cohort born 1946-66 are poised to redefine retirement - just as they have restructured educational, housing, and labor markets in prior days. Looking ahead, their numbers and energy are sure tohave a major impact on national pensions, healthcare, and social safety nets. Contributors to this volume note that 'Boomers' will be better off than their predecessors in many ways, having benefited from the long run-up in housing prices, dramatic improvements in healthcare, and the expandingeconomy. On the other hand, the generation's sheer size will surely squeeze resources and require new approaches to retirement risk management.This volume paints a complex and fascinating picture as Boomers move into retirement. On average they are in better financial and physical health than prior cohorts, and they can be anticipated to fare better than current retirees in absolute terms. Yet the distribution of retiree income and wealthwill be less equal than in earlier years, and in relative terms, many Boomers will be less well off than their forebears. Contributors to the volume use many invaluable models and datasets, including the incomparable Health and Retirement Study (HRS) which affords unique insights into the status ofmature adults surveyed at the same age and hence same point in their life cycles, but at three different time periods. Analysts offer new evidence about prospects for health and income during retirement, as well as pensions and housing equity, health, portfolio allocation, and financial literacy.This book offers readers an invaluable and first book-length study of Boomers as they march into retirement. As such, it represents an invaluable addition to the Pension Research Council/Oxford University Press series. It will be especially useful for scholars and policymakers seeking to understandretirement preparedness, to actuaries and tax specialists concerned with retirement system regulation, and to plan sponsors interested in the determinants of work and retirement at older ages.

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From the Publisher

As the leading edge of the 'Baby Boom' generation attains age 60, members of this unusually large cohort born 1946-66 are poised to redefine retirement - just as they have restructured educational, housing, and labor markets in prior days. Looking ahead, their numbers and energy are sure tohave a major impact on national pensions, heal...

Brigitte Madrian is Professor of Public Policy and Corporate Management in the Aetna Chair at the Kennedy School of Government at Harvard University. Olivia S. Mitchell is International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, the Executive Director of the Pension Research Council, and the Direc...
Format:PaperbackDimensions:352 pages, 9.21 × 6.14 × 0.91 inPublished:July 12, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199230773

ISBN - 13:9780199230778

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Table of Contents

Part I: Prospects for Baby Boomer RetirementOlivia S. Mitchell: Will Boomers Redefine Retirement?Nicole Maestas: Cross-Cohort Differences in Retirement Expectations and RealizationsRobert Haveman, Karen Holden, Andrei Romanov, and Barbara L. Wolfe: The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of RetirementBarbara A. Butrica, Howard M. Iams, and Karen E. Smith: Understanding Baby Boomers' Retirement ProspectsPart II: Changing Health Status and Health InsuranceDavid Weir: Are Boomers Living Well Longer?Joyce Manchester, David Weaver, and Kevin Whitman: Baby Boomers vs Their Parents: Economic Well-Being and Health StatusBeth J. Soldo, Olivia S. Mitchell, Rania Tfaily, and John F. McCabe: Cross-Cohort Differences in Heath on the Verge of RetirementHelen G. Levy: Health Insurance Patterns Nearing RetirementPart III: New Roles for Retirement AssetsLeora Friedberg and Anthony Webb: The Impact of Pensions on Non-pension Investment ChoicesChris Cunningham, Gary V. Engelhardt, and Anil Kumar: Measuring Pension WealthMichael D. Hurd and Susann Rohwedder: Trends in Pension Values around RetirementAnders Karlsson, Massimo Massa, and Andrei Simonov: Pension Portfolio Choice and Menu ExposureAnnamaria Lusardi and Jason Beeler: Saving Between Cohorts: The Role of PlanningJulia L. Coronado, Dean Maki, and Ben Weitzer: Retiring on the House? Cross-Cohort Differences in Housing Wealth