How Do Lower-Income Families Think about Retirement?

Authors

• Helen Levy
• Kristin S. Seefeldt

Abstract

How do low-income households think about retirement? Do they think about retirement? If so, when do they think they will retire, and what is it they plan to live on? In this paper, we present evidence on these questions based on 51 qualitative interviews with low-income families in the Detroit area. We find that the great majority of low-income households think about retirement, although this does not necessarily mean they are able to plan and/or save actively for retirement. Most respondents plan to retire as soon as they become eligible for Social Security or, in a few cases, private pensions.

Key Findings

• The great majority of low-income households think about retirement, although this does not necessarily mean they are able to plan and/or save actively for retirement.
• Most respondents plan to retire as soon as they become eligible for Social Security or, in a few cases, private pensions.

Full Text

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Project

• UM08-15: How Do Low-Income Families Think about Retirement?

Paper ID

WP 2008-195

Publication Type

Working Paper

Publication Year

2008