The Current Wealth Adequacy Of Older Americans Essay

While using financial ratios to measure wealth adequacey, Love, Smith, and McNair (2008) examined the current wealth adequacy of older U.S. households, those age 55 and older, using the 1998-2006 waves of the Health and Retirement Study (HRS). To establish a benchmark of wealth adequacy, poverty-line wealth was analyzed to establish a base-line level of wealth required to provide income over the projected remaining lifetimes of each household member. Due to the poverty line being an unaspiring goal to meet, 1.5 to 3 times poverty wealth was used as a relevant threshold. The results of the study indicated that the median older U.S. household is reasonably prepared for retirement, with a ratio of comprehensive net wealth to present value poverty-line wealth of about 3.9 in 2006. The study also determined that 18 percent of households possessed less wealth than what is necessary to generate 150 percent of poverty-line income over their expected future lifetimes. When comparing the leadi ng edge of the baby boomer generation in 2006 to households of the same age in 1998, Love et al. (2008) determined that the 2006 baby boomers held slightly less wealth than their elders. Moreover, single boomers showed higher incidence of inadequacy than the previoulsy measured generation. Yuh, Montalto, and Hanna (1998) investigated the determinants of the likelihood of having adequate retirement wealth for pre-retirment households. Households were included in the study if the respondent wasShow MoreRelatedControlling For Additional Factors That Influence A Pre Retiree s Standard Of Living1427 Words   |  6 Pagesappropriately considered in retirement adequacy literature. The phenomenon is significant as the dollars used to service past consumption are not available to cover current expenses nor allocable to savings. 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