rises. Workers around normal retirement age are especially sensitive to variations in the unemployment rate. Workers who are … partially retired show a differential response to a high unemployment rate: younger workers increase their partial retirement … spell, while older workers accelerate their transition to full retirement. We also find that high inflation discourages full …

needs of older Americans. In the past twenty five years, however, there has been a dramatic change in private retirement … saving. Personal retirement accounts have replaced defined benefit pension plans as the primary means of retirement saving …. It is important to understand how this change will affect the wealth of future retirees. The personal retirement account …

security) that pays its owner one inflation-corrected dollar during every year of life after his statutory retirement date …, multiplied by the economy wide average wage at the retirement date and (2) households would buy their new PAAWs each year with …