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Retirement Plan Coverage and Saving Trends of Baby Boomer Cohorts by Sex: Analysis of the 1989 and 1998 SCF

Over the next three decades, the retirement of the baby boom generation will present enormous challenges to America's retirement income security system. In this AARP Public Policy Institute Data Digest, Jules H. Lichtenstein and Ke Bin Wu examine recent changes in boomer retirement plan coverage (i.e., pension and Individual Retirement Account [IRA]) and savings, focusing on the differences between older and younger boomers as well as the differences between women and men. Data from 1989 and 1998 permit an assessment of whether younger boomers are doing as well as older boomers when they both were the same age and whether pre-boomers and older boomers were doing as well at the same age and point in their careers. The focus is on trends in both retirement plan coverage and savings. This analysis is based on 1989 and 1998 data from the Survey of Consumer Finances conducted by the Federal Reserve. (8 pages)