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207 Why Did American Workers Become More Optimistic About Retirement?
Key Words
retirement adequacy, stock market, labor force, subjective perceptions
Short Description
Workers’ subjective assessment of their future retirement adequacy is important because if they have unrealistic perceptions about whether they are on track to have an adequate retirement, they might not plan optimally. This study adds to the literature on perceptions of retirement adequacy by analyzing changes over time in the proportion of worker households assessing their future retirement as adequate. To what extent have perceptions been influenced by recent economic and financial events? Our objective is to estimate whether the proportion of workers with positive assessments of retirement adequacy changed over the 1992 to 2019 period, using a combined dataset of cross-sectional datasets of the U.S. Survey of Consumer Finances (SCF). Our descriptive results show that the proportion of respondents with optimistic assessments about their retirement fluctuated somewhat during the 1992 to 2013 period, with a low of 47% in 1995 and a high of 53% in 2004, but then the proportion substantially increased to 67% in 2016, and to 69% in 2019. These time patterns remained with a multivariate analysis controlling for a number of household characteristics The results have implications for consumer education and policy.