Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/72655
Authors: 
Dudel, Christian
Ott, Notburga
Werding, Martin
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper 4223
Abstract: 
How much retirement income is needed in order to maintain one's living standard at old age? As it is difficult to find a firm basis for an empirical treatment of this question, we employ a novel approach to assessing an adequate replacement rate vis-à-vis income in the pre-retirement period. We subject indications regarding satisfaction with current income as collected in the German Socio-Economic Panel (GSOEP) to longitudinal analyses, using linear fixed-effects models and fixed-effects ordered logit models as our main analytical tools. We obtain a required net replacement rate of about 87% for the year of entry into retirement as a rather robust result, while replacement rates keeping the living standard unchanged may slightly decline over the retirement period.
Subjects: 
retirement
living standard
replacement rate
pensions
saving
satisfaction
JEL: 
D10
D91
H55
J32
Document Type: 
Working Paper

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