Keywords: Pensions, social security, wealth distribution
Abstract: This paper uses the Survey of Consumer Finances (SCF) to
examine pension coverage, estimate Social Security and pension
wealth for U.S. households in 1989 and 1992, and estimate the
effects of pension wealth on non-pension net worth. As expected,
the SCF data show that including pensions and Social Security in
net worth makes the distribution more even. The analysis of the
effects of pension wealth on other types of savings indicates
that there is a negative effect of defined benefit plan coverage
on non-pension net worth. Surprisingly, the effect of defined
contribution plans, such as 401(k) plans is insignificant.
Full paper (1870 KB PDF)
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