are not consistent with a simple life cycle explanation for savings. They also raise questions about whether pensions are … and Retirement Study (HRS), and the role of pensions in forming retirement wealth. Pension coverage is widespread … average for this cohort on the verge of retirement. When pensions and social security are included, wealth accumulated by the …

selfʺ emerges when labor supply and savings decisions are made. The social welfare function is paternalistic: the rate of … show that the paternalistic solution does not necessarily imply forced savings for the myopics. This is because …

value of pensions and social security that better reflects the accrual of benefits under defined contribution plans. Such …

down. Depending on the relative returns from public pensions and private savings as well as on the elasticity of compliance … rate is more likely to be positive when the median income is low and when the return from public pensions dominates that of … private savings. The level of the Bismarkian pillar will now be chosen so as to account for increased political support, for …

Together, pensions, social security and health insurance account for half of the wealth held by all households in the …