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In this article I analyze the effect of a shift from defined‐benefit pensions to defined‐contribution pensions on retirement wealth. Regressions results suggest that workers with a defined‐benefit pension appear to have more retirement resources than those who either have no pension or have a defined‐contribution pension, although individual savings is generally insufficient. I use the Health and Retirement Survey (HRS), which contains data on individuals 51 to 61 years of age.
Emily C. Blank (Fri,) studied this question.