Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/30578 
Year of Publication: 
2009
Series/Report no.: 
CESifo Working Paper No. 2893
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Many economists and policy-makers argue that households do not save enough to maintain an adequate standard of living during retirement. However, there is no consensus on the answer to the underlying question about what this standard should be, despite the fact that it is crucial for the design of saving incentives and pension systems. We address this question with a randomized survey design, individually tailored to each respondent’s financial situation, and conducted both in the U.S. and the Netherlands. Key findings include the following. Adequate levels of retirement spending exceed 80 percent of working life spending for a majority of respondents. Minimum acceptable replacement rates depend strongly on income. Households in the Netherlands are much more risk averse than U.S. households.
Subjects: 
life cycle preferences
pension reform
replacement rates
retirement saving
cross-country survey studies
JEL: 
D91
H55
Document Type: 
Working Paper
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