Retirement savings decisions should depend on expectations of Social Security retirement income. Persons may be uncertain of their future Social Security benefits for several reasons, including uncertainty about their future labor earnings, the formula now determining social security benefits,...

Despite the enormous gains in the economic well-being of the elderly, and the progressivity of the Social Security benefit schedule, there remains substantial inequality in financial resources. In this paper we use data from the Health and Retirement Survey to examine the distribution of pension...