The new world of retirement income security in America
Bibliographic Data
| ID | 8716353 |
|---|---|
| Authors | Joseph F Quinn (0000-0001-7305-2256, corresponding author), Kevin E Cahill |
| Year | 2016 |
| Volume | 71 |
| Issue | 4 |
| Pages | 321-333 |
| Publication date | 2016-01-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | American Psychologist (JOURNAL) |
| Journal identifiers | ISSN: 0003-066X • E-ISSN: 1935-990X |
| Publisher | American Psychological Association (PUBLISHER • US) |
| DOI | 10.1037/a0040276 |
| PMID | 27159439 |
| OpenAlex | W2257389995 |
| Language | EN |
| Citations received | 11 |
We have entered a new world of retirement income security in America, with older individuals more exposed to market risk and more vulnerable to financial insecurity than prior generations. This reflects an evolution that has altered the historical vision of a financially secure retirement supported by Social Security, a defined-benefit pension plan, and individual savings. Today, 2 of these 3 retirement income sources-pensions and savings-are absent or of modest importance for many older Americans. Retirement income security now often requires earnings from continued work later in life, which exacerbates the economic vulnerability of certain segments of the population, including persons with disabilities, the oldest-old, single women, and individuals with intermittent work histories. Because of the unprecedented aging of our society, further changes to the retirement income landscape are inevitable, but policymakers do have options to help protect the financial stability of older Americans. We can begin by promoting savings at all (especially younger) ages and by removing barriers that discourage work later in life. For individuals already on the cusp of retirement, more needs to be done to educate the public about the value of delaying the receipt of Social Security benefits. Inaction now could mean a return to the days when old age and poverty were closely linked. The negative repercussions of this would extend well beyond traditional economic measures, as physical and mental health outcomes are closely tied to financial security. (PsycINFO Database Record
Demographic economics · Earnings · Economic growth · Economic Security · Economics · Health and Retirement Study · Pension · Population · Poverty · Receipt · Social security · Sociology · Financial Literacy, Pension, Retirement Analysis · Medicine · Migration, Aging, and Tourism Studies · Retirement, Disability, and Employment · Demography · Finance · Gerontology
Sunset Years
Chronic Diseases, Self-Rated Health, and Planned Retirement Age
Is the relationship between religiosity and filial elder-care norms declining? A comparison between two middle-aged generations
Thriving from Work Questionnaire
To What Extent is Gradual Retirement a Product of Financial Necessity
Is Bridge Job Activity Overstated
Examining Bridge Employment From a Self-employment Perspective—Evidence From the Health and Retirement Study
To what extent are older career workers’ hourly wages reduced when work hours are scaled back
Does Bridge Employment Mitigate or Exacerbate Inequalities Later in Life
Postretirement Life Satisfaction and Financial Vulnerability
Demand Index and Supply Index Based on Principal Component Analysis
| Unique citing works | 11 |
|---|---|
| Citations per year | 1,1 |
| Citation span | 2016 - 2026 (11) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 11 |