DOCSLIB.ORG

Retirement Security: a Discussion with Alicia H. Munnell

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Retirement Security: a Discussion with Alicia H. Munnell FEATURE | A DisCussion with AliciA H. MUNNELL RETIREMENT SECURITY A Discussion with Alicia H. Munnell stage and what additional advice would you work-related expenses, no longer pay pay- provide retirees and those considering roll taxes, and—in most cases—have paid retirement? How does the seemingly per- off their mortgage. For this reason, finan- petual rock-bottom interest-rate environ- cial experts generally suggest that retirees ment change your response? need about 70−75 percent of their pre- retirement income to maintain their stan- Munnell: Decumulation is much harder dard of living after they stop working. than accumulation. People know how long they have to accumulate money, but they Alicia H. Munnell This drop in the required level of consump- do not know how long they have to draw tion is really unrelated to the price increases Alicia H. Munnell is the Peter F. Drucker down their retirement assets. I used to that retirees face on the goods and services Professor of Management Sciences at Boston worry that people would spend down their that they do consume. The traditional argu- College’s Carroll School of Management. She assets too quickly and run out of money. ment for a separate price index is that also serves as the director of the Center for More recently, I am more concerned about healthcare costs, on which the elderly Retirement Research at Boston College. She the opposite problem—that they will cling spend a disproportionate amount of their earned a BA from Wellesley College, an MA to their nest eggs and unduly restrict their budget, have been rising faster than other from Boston University, and a PhD from standard of living in retirement. goods. Recent evidence, however, shows Harvard University. that the overall Consumer Price Index for One way to solve this problem is to purchase the elderly (CPI-E) and the CPI for the I&WM: How do you define “retirement an annuity. Our favorite type of annuity is general population are very close, so I don’t security”? What are the key assumptions an advanced life deferred annuity (ALDA), view this discrepancy as a burning issue. underpinning that definition (e.g., longevity, whereby the individual purchases the product age of retirement, etc.) and is there advice at age 65 and the payments begin much later, I&WM: Is a checklist worthwhile when you would offer those saving for retirement? say age 85. This arrangement allows people to someone is considering retirement (or will consume all of their non-annuitized assets be retiring imminently)? If so, what are the Munnell: Retirement security is the between 65 and 85 because they know they biggest mistakes you think retirees make, ability for a household to maintain its pre- will have the annuity income kicking in once and could you provide a 10-point checklist retirement standard of living. The National they reach 85. In short, it protects them of items to consider? Retirement Risk Index, produced by the against outliving their resources and this pro- Center for Retirement Research at Boston tection is relatively inexpensive compared to Munnell: I would offer a three-point College, shows that half of households will fall an immediate annuity. checklist. The biggest decision is when to short of meeting this standard when they claim Social Security. Would-be retirees retire. This outcome assumes that they retire Rock-bottom interest rates increase the should ask themselves whether they could at 65 and that they annuitize all of their finan- importance of thinking about an annuity delay claiming Social Security until age 70, cial wealth plus the proceeds of a reverse because it is impossible to get much income when they receive their maximum monthly mortgage on their house. Thus, it is not a out of accumulated balances otherwise. benefit. They could either: (1) keep working “Chicken Little” exercise; the assumptions are until 70; or (2) retire earlier but delay optimistic in that people, on average, actually I&WM: It is often quoted that retiree spend- claiming Social Security until 70 by using retire before 65 and most do not annuitize ing needs drop dramatically in retirement. some of their 401(k) savings to support their financial assets or take a reverse mort- Is this a valid assumption? If so, why do you themselves. The second biggest issue is how gage. Hence, people need to save more, work profess the elderly need a separate price index? to draw down accumulated savings. The longer, and consider using their home equity. choice is either buying an annuity, again Munnell: Required resources do drop in preferably an ALDA, or using some rule of I&WM: How does the decumulation stage retirement because households no longer thumb. For a rule of thumb option, our of retirement differ from the accumulation have to save for retirement, have no more work has shown that the IRS Required MAY / JUNE 2016 5 © 2016 Investment Management Consultants Association Inc. Reprinted with permission. All rights reserved. FEATURE | A DisCussion with AliciA H. MUNNELL Minimum Distribution rules are actually a care costs are high and rising and people counterparts who have a more generous fairly good guide to follow for drawing are living longer. Finally, for millennials, pension plan. down assets. The third issue is for house- student debt is an additional concern holds to consider their home as part of because it can delay when they begin saving I&WM: The Obama administration has pro- their retirement income portfolio. Tapping for retirement and when they buy a house. posed state-based retirement plans for the home equity—either through downsizing private sector that would not be subject to the or a reverse mortgage—is an important way I&WM: What impact could the large Employee Retirement Income Security Act of to increase monthly income. unfunded deficit for public sector plans 1974. What are your views on this offering? have on state/municipal workers and tax- I&WM: How is retirement for today’s payers? In what ways could the deficit Munnell: At any given point, about half boomers different from their parents who change how state workers think about of private sector workers are not covered preceded them, GenXers, or millennials retirement savings and what should by a retirement plan in their workplace. (with the overhang of student debt, etc.) our legislators be doing today to limit Therefore, covering the uncovered is a major who will follow in the future? those effects? priority and one that should be addressed at the federal level through a national auto- Munnell: Increasingly, people are retiring Munnell: In the aggregate, state and local matic individual retirement account pro- entirely dependent on 401(k) plans rather government pension plans have assets to gram. But, given the lack of action at the than on traditional defined benefit pen- cover about three quarters of their prom- federal level, the state initiatives are essential sions. These new arrangements mean that ised liabilities. Some plans have higher and should be encouraged. The Obama people have to worry about investment risk funding levels; others have lower levels. In administration’s attempt to clear away the and the potential of outliving their resources, the wake of the financial crisis, many regulatory underbrush should enable these risks that were borne by the employer in a states have reduced cost-of-living adjust- initiatives to move forward. defined benefit world. At the same time ments, raised employee and employer con- that today’s workers are facing a shift in tributions, and reduced benefits for new Acknowledgment the nature of employer-provided plans, employees. In the end, the core benefits Special thanks to I&WM editorial board they also will face declining Social Security for current workers and retirees are guar- members Judy Benson and Bruce Curwood replacement rates as the program’s “full anteed and will have to be paid by taxpay- for their thought-provoking questions. retirement age” continues its gradual ers. New hires with reduced benefits may increase from 65 to 67. In addition, health- well decide to save more than their older Contact Alicia Munnell at [email protected]. 6 INVESTMENTS&WEALTH MONITOR © 2016 Investment Management Consultants Association Inc. Reprinted with permission. All rights reserved..
Load more

Recommended publications
  • Bios of Speakers
    Biographical List of Conference Participants, alphabetized by last name Andrew G. Biggs is a resident scholar at the American Enterprise Institute (AEI), where his work focuses on retirement income policy. Before joining AEI, he was the principal deputy commissioner of the Social Security Administration. In 2005, he worked on Social Security reform at the White House National Economic Council. In 2013, the Society of Actuaries appointed Biggs co-vice chair of its Blue Ribbon Panel on public pension underfunding. In 2014, Institutional Investor magazine named him one of the 40 most influential people in the retirement world. In 2016, he was appointed by President Obama to be a member of the Financial Oversight and Management Board for Puerto Rico. Biggs holds a bachelor’s degree from Queen’s University Belfast in Northern Ireland, master’s degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics. Donald J. Boyd is director of fiscal studies at the Rockefeller Institute of Government. Boyd has more than three decades of experience analyzing state and local government fiscal issues, and has written or co-authored many of the Rockefeller Institute’s reports on the fiscal climate in the 50 states. Boyd currently is principal investigator for the Institute’s Pension Simulation Project, which is examining risks associated with public pension plans. His previous positions include executive director of the State Budget Crisis Task Force created by former Federal Reserve Board Chairman Paul Volcker and former New York Lieutenant Governor Richard Ravitch; director of the economic and revenue staff for the New York State Division of the Budget; and director of the tax staff for the New York State Assembly Ways and Means Committee.
    [Show full text]
  • The Extent and Nature of State and Local Government Pension Problems and a Solution Mark J
    The Extent and Nature of State and Local Government Pension Problems and a Solution Mark J. Warshawsky and Ross A. Marchand MERCATUS RESEARCH Mark J. Warshawsky and Ross A. Marchand. “The Extent and Nature of State and Local Government Pension Problems and a Solution.” Mercatus Research, Mercatus Center at George Mason University, Arlington, VA, January 2016. ABSTRACT Some states and municipalities are in difficult financial straits. Many more have severely underfunded defined benefit pension plans for their past and current employees. At the intersection of these two sets, it is likely that the pension plans are not sustainable and cuts are inevitable, including to the benefits of current retirees. But in many of these states and municipalities, courts have not allowed changes to the pension plans. Therefore, we propose that all government pension plan participants be given accurate information about the funded status of their pensions. Furthermore, we propose that, at the discretion of the plan sponsor, retirees and older workers be given the voluntary option to take their pensions as a lump sum, discounted according to the funded status of the plan. JEL codes: H75, H72, J33 Keywords: public pensions, public employee compensation, state law on employee pensions Copyright © 2016 by Mark J. Warshawsky, Ross A. Marchand, and the Mercatus Center at George Mason University Release: January 2016 The opinions expressed in Mercatus Research are the authors’ and do not rep- resent official positions of the Mercatus Center or George Mason University. he severe underfunding problems with pensions promised by state and local governments to their employees and retirees are becoming increasingly apparent and immediate.
    [Show full text]
  • 1 the Politicization of Public Investments
    1 The Politicization of Public Investments Jon Entine Should public pension funds invest the assets of their retirees based on the political views of the politicians who manage them? Should personal morality and ideology, which vary dramatically across the country, influence public investments, including Social Security? Traditionally, public investments have been managed according to strict fiduciary principles designed to protect American work- ers and taxpayers. That tradition is now facing challenge. In some states and municipalities, including California, New York, and New York City, elected and appointed politicians responsible for over- seeing public retirement funds are embracing highly controversial social and environmental criteria to decide on which companies to invest in or publicly lobby against. This is part of a wider movement known variously as “socially responsible” investing (SRI), social investing, or ethical invest- ing. Only a few years ago, SRI was restricted to a relatively small number of activists, who screened personal investments to reflect their political and social beliefs. With roots in nineteenth-century Quaker religious principles and 1960s activist ideals, the SRI com- munity has assembled an array of idiosyncratic investment filters to decide which companies to invest in. The central tenets of SRI are an agglomeration of often conflicting beliefs: an opposition to arms manufacturing, nuclear energy, tobacco and alcohol production, 1 2 PENSION FUND POLITICS animal testing, genetic modification in agriculture, and manufac- turing processes believed to contribute to global warming; support for labor, women’s and gay rights; and a vague commitment to “environmental sustainability.” Stocks of public companies deemed to have unacceptable records on these issues are screened out.
    [Show full text]
  • CED Retirement Chap
    Who Will Pay For Your Retirement? The Looming Crisis A Statement by the Research and Policy Committee of the Committee for Economic Development Who Will Pay For Your Retirement? The Looming Crisis Library of Congress Cataloging-in-Publication Data Committee for Economic Development. Research and Policy Committee. Who will pay for your retirement? : the looming crisis : a statement / by the Research and Policy Committee of the Committee for Economic Development. p. cm. Includes bibliographical references. ISBN 0-87186-119-4 : $20.00 1. Old age pensions — United States. 2. Retirement income — United States. 3. Social security — United States. 4. Civil service — Pensions — United States. 5. Individual retirement accounts — United States. I. Committee for Economic Development. II. Title. HD7105.35.U6C65 1995 331.25'2'0973 — dc20 95-3345 CIP First printing in bound-book form: 1995 Paperback: $20.00 Printed in the United States of America Design: Rowe & Ballantine COMMITTEE FOR ECONOMIC DEVELOPMENT 477 Madison Avenue, New York, N.Y. 10022 (212) 688-2063 2000 L Street, N.W., Suite 700, Washington, D.C. 20036 (202) 296-5860 CONTENTS RESPONSIBILITY FOR CED STATEMENTS ON NATIONAL POLICY vi PURPOSE OF THIS STATEMENT ix CHAPTER 1: EXECUTIVE SUMMARY AND POLICY RECOMMENDATIONS ....................................... 1 The Challenge Posed by an Aging Population ...................................................................................................... 2 The Untimely Decline in Retirement Saving .........................................................................................................
    [Show full text]
  • RETIREMENT MANAGEMENT JOURNAL a Reprinted Article from Volume 8, Number 1, 2019
    RETIREMENT MANAGEMENT JOURNAL A reprinted article from Volume 8, Number 1, 2019 Challenges of Retirement Policy, Social Security Reform, and Retirement Income: A Discussion with Alicia H. Munnell, PhD ® © 2019 Investments & Wealth Institute®, formerly IMCA. Reprinted with permission. All rights reserved. VOLUME 8 NUMBER 1 VISIONARIES SERIES 2019 CHALLENGES OF RETIREMENT POLICY, SOCIAL SECURITY REFORM, AND RETIREMENT INCOME A Discussion with Alicia H. Munnell, PhD Alicia Munnell is director of the Center for Retirement Institution working for a trio of really smart people Research at Boston College and the Peter F. Drucker on a book about Social Security. When that project Professor of Management Sciences at Boston College’s ended, I said, “Oh, I’ll just stay here and be a Carroll School of Management. She is a member of the researcher and write stuff,” because I was pretty American Academy of Arts and Sciences, the Institute good at it. Henry Aaron, one of the authors, said: of Medicine, and the Pension Research Council at “Oh, no. You need a union card.” Wharton. She is also a member of the board of The Century Foundation, the National Bureau of Economic Alicia H. Munnell, PhD I was going back to Boston, and I think that Research, and the Pension Rights Center. Joe Pechman1 wrote a lot of threatening letters to people at Harvard, saying they would never be invited to Munnell was co-founder and first president of the National another Brookings function if they didn’t let me in. So I got into Academy of Social Insurance. In 2007, she was awarded Harvard, but I knew I didn’t want to teach.
    [Show full text]
  • ERISA-The First Decade: Was the Legislation Consistent with Other National Goals?
    University of Michigan Journal of Law Reform Volume 19 1985 ERISA-The First Decade: Was the Legislation Consistent with Other National Goals? Alicia H. Munnell Federal Reserve Bank of Boston Follow this and additional works at: https://repository.law.umich.edu/mjlr Part of the Legislation Commons, and the Retirement Security Law Commons Recommended Citation Alicia H. Munnell, ERISA-The First Decade: Was the Legislation Consistent with Other National Goals?, 19 U. MICH. J. L. REFORM 51 (1985). Available at: https://repository.law.umich.edu/mjlr/vol19/iss1/4 This Symposium Article is brought to you for free and open access by the University of Michigan Journal of Law Reform at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in University of Michigan Journal of Law Reform by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. ERISA-THE FIRST DECADE: WAS THE LEGISLATION CONSISTENT WITH OTHER NATIONAL GOALS? Alicia H. Munnell* Congress enacted the Employee Retirement Income Security Act of 1974 (ERISA)' in response to documented failures of the private pension system. Prior to the federal legislation, some employers imposed such stringent vesting and participation standards that many workers reached retirement age only to dis- cover that a layoff, merger, or other break in service made them ineligible for a pension. Even workers who satisfied their plans' participation and vesting requirements had no assurance that accumulated pension fund assets would adequately finance ben- efits. Although employers were expected to fund their plans over periods of ten to forty years, they were not legally required to do so.
    [Show full text]
  • Read the Full PDF
    Job Name:2174912 Date:15-03-02 PDF Page:2174912pbc.p1.pdf Color: Cyan Magenta Yellow Black Legislative Inllueneeon Corporate PensionPlans Legislative Inllueneeon Corporate Pension Plans DennisE.Logue American Enterprise Institute for Public Policy Research Washington, D.C. Distributed to the Trade by National Book Network, 15200 NBN Way, Blue Ridge Summit, PA 17214. To order call toll free 1-800-462-6420 or 1-717-794-3800. For all other inquiries please contact the AEI Press, 1150 Seventeenth Street, N.W., Washington, D.C. 20036 or call 1-800-862-5801. Dennis E. Logue is associate professor of business administration at the Amos Tuck School of Business Administration, Dartmouth College. Library of Congress Cataloging in Publication Data Logue, Dennis E Legislative influence on corporate pension plans. (AEI studies; 234) 1. Pension trusts-United States. I. Title. II. Series: American Enterprise Institute for Public Policy Research. AEI studies; 234. KF3512.L63 344'.73'01252 79-11589 ISBN 0-8447-3337-7 AEI Studies 234 © 1979 by the American Enterprise Institute for Public Policy Research, Washington, D.C. All rights reserved. No part of this publication may be used or reproduced in any manner whatsoever without permission in writing from the American Enterprise Institute except in the case of brief quotations embodied in news articles, critical articles, or reviews. The views expressed in the publications of the American Enterprise Institute are those of the authors and do not necessarily reflect the views of the staff, advisory panels, officers, or trustees of AEI. "American Enterprise Institute" is the registered service mark of the American Enterprise Institute for Public Policy Research.
    [Show full text]
  • Findings of an Exploratory National Survey on Work Time Preferences
    I. 'DOCUMENT RESOMr ED 189 369 CE 025 847 AUTHOR BeSt, Fred TITLE Exchanging Earnings for Leisure: Findings of an Exploratory National Survey on Work Time Preferences. PP, R&D Monograph 79. 1. INSTITUTION' National Commission for Employment Policy ((poL), Wassiiington,\D.C. SPONS AGENCi Employment and Training Administration (DOL) , Washington, D.C. -.PUB DATE 80 NOTE - 191p.; Tables may be marginally lekible due to small print. 1 AVAILABLE FROM' Superintendent of Documents, U.S. Government Printing Office, Washington, DC 2,0402. EDRS-PRICE MF01 plus Postage. PC Not Available from EDRS. DESCR4PTORS *Employee Attitudes: *Flexiblb Working Hours: Fringe Benefits: Income: Job Satisfaction; *Leisure Time; ter National Surieys: Organizational'Climate; *Work Attitudes ABSTRACT A national survey Was conducted-t0 explore the work time preferencei of American workers 'and their willingness to trade income for leisure. Dati'were collected through person-to.-person- intervieis with 1,566.respondents.,The resslts of the study indicate that prevailing work time ,coTiditions are at-variance with the Preferences of today's workers. A malerity of the American workers ..,state a wIllingness to fotego most of future pay raises for more time :.awalt from work-if some choice is allowed concerning-the specific forms of potential free title.A solid Majority 'Of workers wotad give up at least 2 percent of current earnings fortheir choice among five different forme-of free time, and about one-fourth claimeCa,desire to forego 16. percent or more of their income for_time. Anadditional finding was that the ways in which potential gains in free-time are scheduled is a major determinant of whetqler individuals, will-trade potential or current earnin4s for tiMe.
    [Show full text]
  • Chairman's Report Annual Meeting August 1, 2015
    Chairman’s Report Annual Meeting August 1, 2015 1 Report of the Chairman to the Members, Annual Meeting 2015 I was perfectly certain that I was traveling out of the darkness into the light. – Autobiography of Calvin Coolidge President Calvin Coolidge, the President to whose service the Calvin Coolidge Presidential Foundation dedicates itself, understood the value of independence. When, as a young boy, Coolidge got the opportunity to attend Black River Academy in Ludlow, Vermont, the Coolidges did not hesitate. On a cold morning Coolidge’s father drove the boy in a sleigh to Ludlow. Though anxious, Coolidge was excited. It was not just education that awaited him, but the chance to set his own course in life. At the Coolidge Foundation we believe that every young person needs the chance to set his own course. In the past three years our debate program has helped nearly 1000 young people set their own course by offering them the chance to train in two areas they will need for meaningful independence: public speaking (style) and policy (substance) knowledge. There are many debate tournaments across America. Even if you haven’t participated in a debate you may have noticed the hopeful white tents on the Notch hillside throughout the summer. Those are debate chambers for our teens. Coolidge debate tournaments are special for four reasons. The first is that the New England community participates in them as judges. Among the many judges who have come back to serve more than one year are Terry Gulick and Professors Anne Buttimer and David Orrick of Norwich University.
    [Show full text]
  • Report on the Economic Well-Being of US Households in 2019
    Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020 May 2020 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020 May 2020 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM This and other Federal Reserve Board reports and publications are available online at https://www.federalreserve.gov/publications/default.htm. To order copies of Federal Reserve Board publications offered in print, see the Board’s Publication Order Form (https://www.federalreserve.gov/files/orderform.pdf) or contact: Printing and Fulfillment Mail Stop K1-120 Board of Governors of the Federal Reserve System Washington, DC 20551 (ph) 202-452-3245 (fax) 202-728-5886 (email) [email protected] iii Preface This survey and report were prepared by the Con- Buchholz, Madelyn Marchessault, Josh Montes, sumer and Community Research Section of the Fed- Barbara Robles, Claudia Sahm, Kirk Schwarzbach, eral Reserve Board’s Division of Consumer and Susan Stawick, and Alison Weingarden provided Community Affairs (DCCA). valuable comments on the survey and report. Robynn Cox, Jennifer Doleac, Keith Finlay, Ana DCCA directs consumer- and community-related Kent, Raven Molloy, Mike Mueller-Smith, Wilbert functions performed by the Board, including con- van der Klaauw, Sara Wakefield, and Abigail Woz- ducting research on financial services policies and niak provided helpful feedback on new survey ques- practices and their implications for consumer finan- tions for the main survey and the April 2020 supple- cial stability, community development, and neighbor- mental survey.
    [Show full text]
  • Curriculum Vitae Page 2
    LAWRENCE R. JACOBS University of Minnesota Hubert H. Humphrey School of Public Affairs and Department of Political Science 137 Hubert H. Humphrey Center 301-19th Avenue South Minneapolis, MN 55455 Phone: (612) 625-3384 Fax: (612) 624-0068 Email: [email protected] BORN New York City, March 6, 1959 EDUCATION 1990 Columbia University, PhD in Political Science Fields of Concentration: American Politics, Political Institutions, Historical Institutionalism, Comparative Public Policy 1981 Oberlin College, BA in History and English ACADEMIC AND PROFESSIONAL POSITIONS AND HONORS 2020-Present Fellow, American Academy of Arts and Sciences 2018-Present McKnight Presidential Chair in Public Affairs, University of Minnesota 2007-Present Co-editor, University of Chicago Press, Chicago Series in American Politics 2005-Present Walter F. and Joan Mondale Chair for Political Studies, Hubert H. Humphrey School of Public Affairs and Department of Political Science 2005-Present Founder and Director, Center for the Study of Politics and Governance, Hubert H. Humphrey School of Public Affairs 2001-Present Professor, Department of Political Science, University of Minnesota 2019-2020 Visiting Fellow, All Souls College, Oxford University 2013 + 2019 Associate Fellow, Nuffield College, Oxford University 2015-present Steering Committee, Scholars Strategy Network 2000-2003 Associate Director, Institute for Social, Economic and Ecological Sustainability, University of Minnesota Lawrence R. Jacobs Curriculum Vitae Page 2 1994-2001 Associate Professor, Department of Political Science, University of Minnesota 1989-1994 Assistant Professor, Department of Political Science, University of Minnesota 1988-1989 Instructor, Department of Political Science, University of Minnesota TEACHING (selected courses) “America’s Constitutional Crises, 1946-Present” with Vice President Walter Mondale.
    [Show full text]
  • Download Full Paper
    THE POLITICS OF PENSION REFORM IN CANADA AND THE UNITED STATES R. Kent Weaver* CRR WP 1999-04 November 1999 Center for Retirement Research at Boston College 550 Fulton Hall 140 Commonwealth Ave. Chestnut Hill, MA 02467 Tel: 617-552-1762 Fax: 617-552-1750 http://www.bc.edu/crr *R. Kent Weaver is a Senior Fellow at the Brookings Institution. The research reported herein was performed pursuant to a grant from the U.S. Social Security Administration (SSA) funded as part of the Retirement Research Consortium. The opinions and conclusions are solely those of the author and should not be construed as representing the opinions or policies of SSA or any agency of the Federal Government or of the Center for Retirement Research at Boston College. © 1999, by R. Kent Weaver. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. About the Center for Retirement Research The Center for Retirement Research at Boston College, part of a consortium that includes a parallel center at the University of Michigan, was established in 1998 through a 5-year grant from the Social Security Administration. The goals of the Center are to promote research on retirement issues, to transmit new findings to the policy community and the public, to help train new scholars, and to broaden access to valuable data sources. Through these initiatives, the Center hopes to forge a strong link between the academic and policy communities around an issue of critical importance to the nation’s future.
    [Show full text]