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Retirement Saving

AARP Bulletin Survey on Retirement Savings: Executive Summary  / Research Report
April 2009— Most adults have started to cut back on spending or save more money in the past 12 months according to this February 2009 survey, which also examines the reasons for this behavior and whether people plan to spend or save their 2009 stimulus payout. (7 pages)

Economic and Health Insecurity: A Survey of Washington Voters 18+ on Current Legislative Issues  / Research Report
February 2009— The extent of worry over various financial issues and measures taken due to economic changes over the past year are examined in this survey of Washington State voters. (27 pages)

A New Perspective on “Saving” for Retirement  / Research Report
February 2009— The concepts of “saving” and “wealth” are examined in this AARP Public Policy Institute Insight on the Issues. Author John Gist explains how our standard measure of saving provides little insight into household retirement wealth accumulation and draws implications for understanding retirement preparation. (12 pages) (Publication ID: I22)

In Brief: Planning for Retirement? Web Calculators Weak on Health Costs  / Research Report
December 2008— Consumers face the challenge of estimating retirement savings needs. This In Brief abstracts research, by Bryan Dowd, Adam Atherly, and Robert Town from the University of Minnesota and Emory University, that explores how some web calculators handle health costs in planning retirement income. (2 pages) (Publication ID: INB160)

Planning for Retirement? Web Calculators Weak on Health Costs  / Research Report
December 2008— Consumers face the challenge of estimating retirement savings needs. This issue paper, by Bryan Dowd, Adam Atherly, and Robert Town from the University of Minnesota and Emory University, explores how 12 web calculators handle health costs in planning retirement income. (18 pages) (Publication ID: 2008-12)

What Employees Think: The Opinions of Florida Workers 40+ About Their Jobs, Employers, and Retirement  / Research Report
December 2008— Most Florida workers age 40+ are satisfied with their jobs, receive health care insurance and adequate paid time off, and work for an employer who provides a defined contribution pension plan, according to this November 2007 survey. (30 pages)

In Brief: Power of Attorney Abuse: What States Can Do About It  / Research Report
December 2008— This brief synopsis of an AARP Public Policy Institute research paper, by Lori A. Stiegel and Ellen VanCleave Klem of the American Bar Association Commission on Law and Aging, explains how the Uniform Power of Attorney Act helps prevent, detect and redress power of attorney abuse, and provides resources to promote enactment of this model law. (2 pages)

Power of Attorney Abuse: What States Can Do About It  / Research Report
November 2008— This PPI research report, by Lori A. Stiegel and Ellen VanCleave Klem of the American Bar Association Commission on Law and Aging, explains how the Uniform Power of Attorney Act helps prevent, detect, and redress power of attorney abuse and provides resources to promote enactment of this model law. (88 pages)

Comparison of 401(k) Participants' Understanding of Model Fee Disclosure forms Developed by the Department of Labor and AARP  / Research Report
September 2008— To assess 401 (k) plan participants’ understanding of model fee disclosure forms proposed by the Department of Labor and AARP, this national online survey presented each one of the forms to half of the respondents, most of whom admitted a lack of knowledge about 401(k) fees and expenses. (62 pages)

In Brief: Boomers at the Bottom: How Will Low-Income Boomers Cope with Retirement?  / Research Report
March 2008— Wealth accumulation, poverty levels, net worth, and income replacement rates at age 67 for low-income boomers are projected and compared with those of low-income retirees from other birth cohorts in this brief synopsis of a report written for the AARP Public Policy Institute by Barbara A. Butrica, Eric J. Toder, and Desmond J. Toohey of The Urban Institute. (2 pages) (Publication ID: INB158)

Boomers at the Bottom: How Will Low-Income Boomers Cope with Retirement?  / Research Report
March 2008— Wealth accumulation, poverty levels, net worth, and income replacement rates at age 67 for low-income boomers are projected and compared with those of low-income retirees from other birth cohorts in this AARP Public Policy Institute publication by Barbara A. Butrica, Eric J. Toder, and Desmond J. Toohey of The Urban Institute. (98 pages) (Publication ID: 2008-07)

The Employee Point of View: Opinions of Workers in North Carolina on Election Issues, Retirement, Caregiving, and Job Benefits  / Research Report
March 2008— The majority of working people in North Carolina believe that the country is on the wrong track, according to an October-November 2007 telephone survey of 800 workers age 30 and older. Over 75% said that financial security and health care issues are important to them in deciding whom to vote for in the 2008 election. (33 pages)

Preparing for Their Future: A Look at the Financial State of Gen X and Gen Y  / Research Report
March 2008— To profile and better understand Generation X and Generation Y’s current and future financial situation, the American Savings Education Council (ASEC) and AARP (on behalf of Divided We Fail) commissioned this January 2008 online survey of 1,752 Americans ages 19-39. The report addresses financial behavior, financial goals, and financial literacy as well as perceptions of differences with older generations and views about workplace benefits. (59 pages)

Divided We Fail - Key Findings in the States  / Research Report
February 2008— These fact sheets were created to provide specific context around the two key Divided We Fail (DWF) platform principles: 1) All Americans should have access to affordable, quality health care; and 2) All Americans should have peace of mind about their future long-term financial security. All the facts presented in these sheets derive from publicly available sources such as government statistics and public opinion research. Source information is provided at the end of each document.

The Saver's Credit: What Does it Do For Saving?  / Research Report
February 2008— The Retirement Savings Contribution Credit, or “saver’s credit” has great potential to effectively target a retirement savings tax incentive to low- and middle-income taxpayers, including a substantial number of filers over age 50, according to this AARP Public Policy Institute paper by Lisa Southworth and John Gist. (8 pages) (Publication ID: I1)

Who is Ready for Retirement, How Ready, and How Can We Know?  / Research Report
January 2008— Although at least half of baby boomers are on track to a comfortable retirement, substantial numbers are not. The gap between haves and have-nots is likely to be greater than in previous generations, according to this AARP Public Policy Institute Issue Paper by Sophie Korczyk, which analyzes recent literature on retirement income adequacy with a focus on boomers. (49 pages) (Publication ID: 2008-01)

In Brief: Who is Ready for Retirement, How Ready, and How Can We Know?  / Research Report
January 2008— This short summary of the similarly titled AARP Public Policy Institute Issue Paper by Sophie Korczyk analyzes recent literature on retirement income adequacy, with a focus on boomers. Key findings reveal that, although at least half of baby boomers are on track to a comfortable retirement, substantial numbers are not. Furthermore, the gap between haves and have-nots is likely to be greater than in previous generations. (2 pages) (Publication ID: INB154)

What Now? How Retirees Manage Money To Make It Last Through Retirement  / Research Report
December 2007— How do retirees manage their accumulated savings to ensure adequate income for the remainder of their lives? How open are they to solutions that can help them achieve this objective? This joint AARP and American Council of Life Insurers (ACLI) telephone survey of 800 retirees (200 with employer-provided pensions and 600 without) examines issues of money management in retirement. (137 pages)

Preparation for Retirement: The Haves and Have-Nots  / Research Report
November 2007— Working households that lack access to a retirement savings plan at work are less prepared for retirement than working households that participate in a 401(k) or 403(b) plan. These households are less likely to have given their retirement at least some thought (72% vs. 82%), saved for retirement (51% vs. 86%), or tried to calculate the amount of money they will need in retirement (38% vs. 49%). Over six in ten financial decision-makers in working households (66%) who lack access to a retirement savings plan at work would be very or somewhat likely to participate in a retirement savings plan like a 401(k) if their employer or their spouse's employer were to offer one. These are among the key findings of a survey conducted by Harris Interactive for AARP of respondents without defined benefit plans. (26 pages)

AARP Poll of Arkansans Age 40+ on Retirement and Investment: Summary of Top-line Findings  / Research Report
October 2007— Long-term financial security is critical to attaining what people want in retirement. This survey found that Arkansas residents age 40+ are not highly confident about preparing for retirement, and that while most respondents invest and own securities, they also indicate low levels of confidence in their personal knowledge of financial investing. (18 pages)

AARP Bulletin Poll on Financial Literacy  / Research Report
October 2007— The AARP Bulletin recently revealed the results of a nationwide poll of 1,031 people ages 40 and older that explored financial literacy on important consumer subjects such as Social Security benefits, 401(k) retirement plans, credit card theft liability, and bankruptcy trends. This Executive Summary, by Dawn V. Nelson, explains that half of the respondents “failed” the financial literacy quiz, correctly answering fewer than 50% of the items. (7 pages)

In Brief: Sweden’s Move to Defined Contribution Pensions  / Research Report
October 2007— In 1994 Sweden converted its defined benefit public pension scheme into a combination of a notional defined contribution (NDC) pay-as-you-go scheme and a financial defined contribution (FDC) scheme, becoming one of the first national mandatory financial schemes in the world. This short summary of the similarly titled AARP Public Policy Institute Issue Paper by Edward Palmer of the Swedish Social Insurance Agency and Uppsala University discusses the motives for and the design and implementation of the reformed Swedish pension system. (2 pages) (Publication ID: INB146)

Sweden’s Move to Defined Contribution Pensions  / Research Report
October 2007— In 1994 Sweden converted its defined benefit public pension scheme into a combination of a notional defined contribution (NDC) pay-as-you-go scheme and a financial defined contribution (FDC) scheme, becoming one of the first national mandatory financial schemes in the world. This AARP Public Policy Institute Issue Paper by Edward Palmer of the Swedish Social Insurance Agency and Uppsala University discusses the motives for and the design and implementation of the reformed Swedish pension system. (28 pages) (Publication ID: 2007-16)

Automatic IRAs: Worker Attitudes and Likelihood of Participation  / Research Report
August 2007— Do workers who would be affected by Automatic IRA legislation support the idea? Of 700 age 25+ employees responding to this 2007 Internet-based AARP survey, 71 percent favor the concept and 79 percent say they are likely to participate in an Individual Retirement Account through a regular payroll deduction. (15 pages)

401(k) Participants’ Awareness and Understanding Of Fees  / Research Report
July 2007— How much do 401(k) plan participants know about the fees and expenses associated with their plans? Of 1,584 age 25+ 401(k) plan participants surveyed by AARP, 79 percent of those who make decisions about their investments say fees are an important consideration in their investment decisions, but 83 percent admit not knowing how much they pay with their own plans. (41 pages)

2007 Money Management Outcomes Study: Executive Summary  / Research Report
June 2007— Gauging the impact of the AARP Foundation’s Money Management Program on clients who are older and/or disabled, and have limited income, this study finds that most are able to pay their bills on time, do not experience any questionable withdrawals or expenses, and have their checks clear successfully. (9 pages)

Employer Awareness and Attitudes About Automatic 401(k) Plans  / Research Report
June 2007— The motivation of mid-size employers to automate their 401(k) plans and the underlying drivers such as the prevalence and understanding of automatic 401(k) plan features are explored in this national AARP telephone survey of 800 mid-size employers. (26 pages)

Enhancing 401(k) Value and Participation: Taking the Automatic Approach  / Research Report
June 2007— In this 2007 report prepared for AARP by Towers Perrin, concerns about low levels of 401(k) participation and the need to make these plans more valuable to support a range of workforce goals are reviewed. This report helps employers better understand recent trends in 401(k) design and the positive effects they can have for both employees and employers. (21 pages)

2006 Alabama Member Opinion Survey  / Research Report
April 2007— Health and money rank highest among all of the legislative issue and personal concern areas cited by the 892 Alabama AARP members participating in this 2006 in-depth mail assessment of their opinions and interests. (43 pages)

Investor Protection and Trust: A Survey of AARP Hawai'i Members  / Research Report
April 2007— Although 67 percent of AARP members in Hawai’i invest in securities, most consider themselves neither highly knowledgeable nor confident about their abilities. Of the 700 members in this December 2006 telephone survey, 81 percent want stronger state regulations to protect all residents from financial fraud, and 84 percent favor stronger penalties for fraud targeting older adults. (24 pages)

Automatic IRAs: Are They Administratively Feasible, What Are The Costs To Employers And The Federal Government, And Will They Increase Retirement Savings?  / Research Report
March 2007— The Automatic Individual Retirement Arrangement (IRA) is designed to encourage retirement saving by employees not eligible for any employer-based retirement plan by requiring their employers to enroll them automatically in a payroll-deduction IRA. This 2007 AARP study examines the feasibility of implementing such a program, exploring broad policy and technical issues, potential effects on retirement savings, and tax implications. (88 pages)

AARP Segunda Juventud Hispanic Retirement Study: Financial Matters  / Research Report
March 2007— A 2007 AARP omnibus survey of Hispanics ages 40-74 explores issues related to retirement including which sources of income they feel fairly certain they can rely on in retirement, and how their saving for retirement compares with that of their parents’ generation. (10 pages)

AARP - Iowa Divided We Fail Survey  / Research Report
March 2007— A majority of Iowa registered Democrats and Republicans strongly support health care availability for all Americans, an affordable long-term care system, and strengthened laws against age discrimination, according to this March 2007 telephone survey of 400 Iowa residents registered to vote as either Republicans or Democrats.

Retirement Security Survey Report: February 19, 2007  / Research Report
February 2007— Reflecting their concerns about retirement security issues, this January 2007 online AARP survey of 1,514 age 21+ Americans finds them open to a conversation about seeing that Social Security can meet its long-term financial obligations with a majority willing to at least consider four out of eight suggested reform options. (51 pages)

Work and Well-Being Among the Self-Employed at Older Ages  / Research Report
February 2007— Patterns of self-employment at older ages, including the characteristics of older self-employed workers, the nature of their jobs, their transitions in and out of self-employment, and their wealth accumulation and portfolio diversification are addressed in this AARP Public Policy Institute Issue Paper by Julie Zissimopoulos and Lynn A. Karoly of RAND Corporation. (100 pages) (Publication ID: 2007-04)

The Behavioral Economics of Retirement Savings Behavior  / Research Report
January 2007— Using heuristics or rules of thumb can sometimes aid and sometimes bias the decisions that workers make in deciding to enroll in 401(k) plans, how much to save, and how to invest their assets, according to this AARP Public Policy Institute Issue Paper by Richard Thaler of the University of Chicago and Shlomo Benartzi of UCLA. (33 pages) (Publication ID: 2007-02)

The State of 50+ America 2007  / Research Report
January 2007— AARP’s fourth annual “report card” on the quality of life of age 50+ Americans finds them somewhat better off now than a few years ago, but there is still much room for improvement. The report examines changes in various economic, health, social and lifestyle indicators over the most recent year, as well as multi-year periods. (60 pages) (Publication ID: D18779)

Understanding Women's Financial Needs & Behavior  / Research Report
January 2007— Women influence over half of family investments and control 60 percent of the nation’s wealth. This December 2006 AARP telephone survey of 2,017 women ages 18 to 65+ reveals the factors that influence women’s behavior and decision-making – and the information and assistance they need – when dealing with financial questions and situations. (5 pages)

In Brief: Mandatory Employer Pensions in Ireland, Germany, and the United Kingdom  / Research Report
January 2007— A succinct summary of the similarly titled AARP Public Policy Institute Issue Paper by Sophie Korczyk revealing lessons about expanding U.S. pension coverage to be learned from Irish, German and U.K. experiences in operating their new mandatory (on employers) 401(k)-type pension plans and comparing the plans’ features with those of American 401(k)s. (1 page) (Publication ID: INB134)

Mandatory Employer Pensions in Ireland, Germany, and the United Kingdom  / Research Report
January 2007— Features of the new mandatory (on employers) 401(k)-type pension plans in Germany, Ireland and the United Kingdom are compared with American 401(k) plans in this AARP Public Policy Institute Issue Paper by Sophie Korczyk. The study includes lessons to be learned from the three countries’ experiences that are applicable to expanding U.S. pension coverage. (30 pages) (Publication ID: 2007-03)

Developing a Savings Habit  / Research Report
November 2006— Efforts by low-income working women between ages 45 and 65 to save money, the financial barriers confronting them, and their need for ways to overcome these obstacles are explored in this report of findings from focus groups conducted for AARP and the AARP Foundation’s Women’s Leadership Circle during August and September 2006. (79 pages)

Boomer Wealth: Beware of the Median  / Research Report
September 2006— Reports suggesting that boomers have retirement savings of $50,000 or less underestimate the amounts that boomers have and are likely to have at retirement. In this AARP Public Policy Institute Data Digest, John Gist finds that the oldest boomers have significantly more than younger boomers, and those closest to retirement still have several more years to work and accumulate assets. (6 pages) (Publication ID: DD143)

Social Security and 50+ Workers: A Survey of AARP Florida Members  / Research Report
August 2006— Why do nearly a third of AARP members in Florida continue working at a time when many of their peers are retired? This 2006 survey of 1,089 members finds that maintaining their health insurance, paying out-of-pocket health care costs, and needing income are the leading reasons. (26 pages)

Pension Lump-Sum Distributions: Do Boomers Take Them or Save Them?  / Research Report
August 2006— What boomers and pre-boomers (born before 1946) and older persons (born 1938 and earlier) do with non-retirement lump-sum distributions (LSDs) is examined in this AARP Public Policy Institute Data Digest by Satyendra Verma and Jules Lichtenstein. More than half do not roll their LSDs over into other plans or IRAs, but spend the funds, mostly to pay off debt. (14 pages) (Publication ID: DD144)

Retirement Planning Survey Among U.S. Adults Age 40 and Older  / Research Report
May 2006— Americans’ financial preparedness – or lack thereof – for retirement is examined in this April 2006 AARP telephone survey of a nationally representative sample of 1,782 age 40+ workers and retirees which finds many concerned about their ability to cover medical, long-term care or even basic expenses in retirement. (38 pages)

Designing 401(k) Plans That Encourage Retirement Savings: Lessons From Behavioral Finance  / Research Report
April 2006— A weakness of the voluntary pension system is that many individuals make poor choices. In this AARP Public Policy Institute Issue Brief, John Turner explains how behavioral finance theorists have used their insight into worker inertia and procrastination to propose solutions that preserve employee choice while achieving better long-run outcomes for many workers. (19 pages) (Publication ID: IB80)

Multicultural Study 2004 - Perspectives Past, Present and Future: Traditional and Alternative Financial Practices of the 45+ Community  / Research Report
March 2006— Spending, saving and borrowing patterns of age 45+ consumers – with an emphasis on past and future financial activities including purchasing homes, saving for retirement, and paying medical bills – are explored in this multicultural AARP telephone survey of 2,609 midlife and older individuals.

In Brief: Transition Provisions in Large Converted Cash Balance Pension Plans  / Research Report
October 2005— A succinct summary of the similarly titled AARP Public Policy Institute Issue Paper in which Daniel J. Beller examines the effects on older workers of conversions of large traditional defined benefit plans to cash balance pension plans. (2 pages) (Publication ID: INB103)

Transition Provisions in Large Converted Cash Balance Pension Plans  / Research Report
October 2005— Cash balance plan conversions have raised concerns about whether they discriminate against older workers, especially long-service older workers. This AARP Public Policy Institute Issue Paper by Daniel J. Beller investigates the effects on older workers of conversions of large traditional defined benefit plans to cash balance pension plans. (29 pages) (Publication ID: 2005-13)

Cash Balance Pension Plans and Older Workers  / Research Report
October 2005— Conversions to cash balance pension plans from traditional defined benefit plans can significantly reduce the pension benefits of older workers. Do these conversions discriminate against the older worker? In this AARP Public Policy Institute Issue Brief, Jules Lichtenstein and John Turner explore cash balance plans and their potential impact on older-worker benefits. (11 pages) (Publication ID: IB78)

Comparing Boomers' and Their Elders' Wealth at Midlife  / Research Report
September 2005— How do boomers in 2001 compare financially with the same age group (37-55) in 1983? This AARP Public Policy Institute Data Digest by John Gist charts the comparative wealth (in adjusted dollars) of these two groups, reporting that the boomers surpass their predecessors somewhat in net worth and considerably in financial assets. (Publication ID: DD123)

Britain’s Informed Choice Program: Empowering Individuals to Make Real and Informed Choices on Working and Saving for Retirement  / News Release
October 2004— AARP Global Aging Program Idea Exchange with Helen Dean and Janet Hill of the Informed Choice Program of the UK Department of Work and Pensions.

The Distribution of Financial Wealth Among Boomers  / Research Report
July 2004— State and local governments will have to follow new accounting standards for their retiree health benefits. This AARP Public Policy Institute Issue Paper by Stan Wisniewski and Lorel Wisniewski of Workplace Economics, Inc. provides an overview of retiree health benefits for state-government workers (including state-level descriptions) and discusses the possible effects of the new standards. (105 pages) (Publication ID: DD99)

How Will Boomers Fare at Retirement?  / Research Report
May 2004— While baby boomers will accumulate more wealth and more real income at retirement than did previous generations, this AARP Public Policy Institute Issue Paper by Barbara Butrica and Cori Uccello of The Urban Institute predicts that late boomers will accumulate less wealth and receive no more income than early boomers. (91 pages) (Publication ID: 2004-05)

In Brief: How Will Boomers Fare at Retirement?  / Research Report
May 2004— A short summary of the AARP Public Policy Institute Issue Paper in which Barbara Butrica and Cori Uccello of The Urban Institute predict that baby boomers will accumulate more wealth and more real income at retirement than previous generations, but late boomers will accumulate less wealth and receive no more income than early boomers. (2 pages) (Publication ID: INB84)

Retirement Plan Coverage and Saving Trends of Baby Boomer Cohorts by Sex: Analysis of the 1989 and 1998 SCF  / Research Report
November 2003— Recent changes in boomer pension and IRA coverage and personal saving levels are examined in this AARP Public Policy Institute Data Digest by Jules H. Lichtenstein and Ke Bin Wu. Based on 1989 and 1998 data from the Federal Reserve's Survey of Consumer Finances, the report focuses on differences between older and younger boomers as well as between women and men. (8 pages) (Publication ID: DD93)

Americans Ages 45+ Score a "C" Grade on Consumer Issues  / News Release
October 2003— Americans ages 45+ score a "C" grade on consumer issues.

Patterns of Dissaving in Retirement  / Research Report
August 2000— How, why, when and at what rate retired individuals and/or households consume resources and spend their financial assets is examined in this AARP Public Policy Institute Issue Paper by Steven Haider, Michael Hurd, Elaine Reardon, and Stephanie Williamson of RAND (83 pages) (Publication ID: 2000-10)

Money and the American Family  / Research Report
May 2000— Key findings from the AARP/Modern Maturity national survey of adult attitudes toward money and the impact it has had on their lives. (95 pages)

The Declining Personal Saving Rate: Is There Cause for Alarm?  / Research Report
March 2000— Two different definitions of the personal saving rate commonly used by analysts – one based on the Bureau of Economic Analysis’ (BEA) National Income and Product Account (NIPA), and the other on the Federal Reserve’s Flow of Funds Account (FOFA) – is discussed in this AARP Public Policy Institute Issue Brief by Satyendra Verma and Jules Lichtenstein. (21 pages) (Publication ID: IB42)

Do Baby Boomers Save and, If So, What For?  / Research Report
June 1999— This AARP Public Policy Institute Issue Paper by John Gist, Ke Bin Wu, and Charles Ford assesses baby boomers' progress in their preparation for retirement by examining what survey data reveal about how much boomers have saved, and their attitudes toward saving. (30 pages) (Publication ID: 9906)

How Americans Save  / Research Report
July 1998— This literature review and analysis of the Health and Retirement Survey, written for the AARP Public Policy Institute by Sophie Korczyk of Analytical Services, examines U.S. savings trends, assesses their causes, identifies research gaps in the understanding of saving behavior, and generates new evidence on barriers to saving and how those barriers can be overcome. (70 pages) (Publication ID: 9806)

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