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Overcoming the Saving SlumpHow to Increase the Effectiveness of Financial Education and Saving Programs$
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Annamaria Lusardi

Print publication date: 2009

Print ISBN-13: 9780226497099

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226497105.001.0001

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The Changing Landscape of Pensions in the United States

The Changing Landscape of Pensions in the United States

(p.17) Chapter One The Changing Landscape of Pensions in the United States
Overcoming the Saving Slump
James M. Poterba, Steven F. Venti, David A. Wise
University of Chicago Press

This chapter reviews the economic changes that are occurring in the pension landscape in the United States. The total value of assets in retirement accounts has increased since 1980. The proportion of employees covered by at least one pension plan has remained about the same over the past twenty-five years, but the proportion covered by more than one has increased. The investment options available to 401(k) participants are evolving rapidly. The projections suggest that the spread of 401(k) assets will lead in a substantial increase in the retirement assets of households with the lowest Social Security wealth and will result in a doubling or tripling of retirement assets for households in the rest of the Social Security wealth distribution. It can be concluded that the advent of personal account saving is projected to yield very large increases in the financial assets of future retirees across the lifetime earnings spectrum.

Keywords:   pension landscape, United States, retirement assets, employees, pension plan, Social Security, earnings, financial assets, personal account saving

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