美国1989年以来家庭退休储蓄的变化（英文）.pdf

Changes to Household Retirement Savings Since 1989 ByAndrew G. Biggs May 2020 This report uses two new data sources to provide insights on the evolution of retirement savings over the past three decades and how future retirees may fare. First, the Federal Reserve’s Survey of Consumer Finances and Distributional Financial Accounts (DFA) provide estimates of both household savings in retirement accounts and any benefits households accrued under a tradi- tionally defined benefit pension. The DFA data show that, from 1989 through 2016, household retirement savings increased for every age, income, race, or educational group. This is true whether retirement savings are measured in inflation-adjusted dollars or as the ratio of retire- ment savings to their annual earnings. Second, I present previously unpublished projections from the Social Security Administration’s Model of Income in the Near Term (MINT). The MINT model projects that future retirees will have retirement incomes as a percentage of preretire- ment earnings similar to those of current retirees. Americans are concerned about retirement. Eighty that households face a “retirement crisis” of inade- percent of Democrats and 75 percent of Republicans quate savings. It is no wonder Americans are worried. and independents agreed in a 2019 survey that Many reports attribute the purported decline in “America is facing a retirement crisis” (Oakley and Americans’ retirement security to the generations- Kenneally 2019). Only 57 percent of Americans in long shift from traditional defined benefit (DB) a 2019 Gallup