Rohwedder, Susann

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Now showing 1 - 3 of 3
  • Publication
    Trends in Pension Values Around Retirement
    (2006-09-01) Hurd, Michael D; Rohwedder, Susann
    Prior studies have had difficulty assessing the value of expected pension resources, partly because many workers cannot recollect and report their pension entitlements, and partly because dual-earner couples may be individually, and sometimes jointly, entitled to claims on company pensions. This chapter develops and applies a new way to value pension wealth, so as to determine the importance of pension benefits in retiree wellbeing. We estimate the value of pensions for workers on the threshold of retirement in 1992, 1998, and 2004, drawing on Health and Retirement Study data. Results indicate a drop in the number of workers with defined benefit plans near retirement, though their average pension values rose. Turning to defined contribution plans, coverage and the average real value of the pensions rose, producing an overall increase in average pension wealth over the period examined. There is no support for the view that pensions are becoming less important for near-retirees, on average.
  • Publication
    Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks
    (2011-09-01) Hurd, Michael; Rohwedder, Susann
    We study the effects of the 2007-2009 recession on the population age 55+. Households in and near retirement have suffered sizeable losses in assets as a result of the economic crisis. There are a number of ways in which households might respond: reduce spending and with that increase saving, work longer, and/or bequeath less. Using longitudinal data from the Health and Retirement Study and its supplemental surveys, we find that all of these adjustments have been important.
  • Publication
    Financial Knowledge and Portfolio Complexity in Singapore
    (2018-11-14) Koh, Benedict S. K; Mitchell, Olivia S; Rohwedder, Susann
    Financial literacy in Singapore has not been analyzed in much detail, despite the fact that this is one of the world’s most rapidly aging nations. Using the Singapore Life Panel®, we explore older Singaporeans’ levels of financial knowledge and compare them to those observed in the United States. We assess portfolio complexity for these older households, to examine how financial literacy is related to outcomes of interest. We show that older Singaporeans’ levels of financial literacy are comparable overall to those in the United States, even though older Singaporeans score slightly lower on some dimensions (knowledge of interest and inflation), and slightly higher on their knowledge of risk diversification. We document that women are less informed than men about stock diversification, and educated people tend to be more financially knowledgeable than their less educated counterparts. We also find that financial literacy is positively associated with respondents having both more wealth and more diversified and complex portfolios.