Pension benchmarks : empirical estimation and results for the United States and Germany

Gespeichert in:

Autor*in:	Dudel, Christian [verfasserIn] Schmied, Julian [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2023

Schlagwörter:	non-parametric estimation replacement rate retirement income semi-parametric estimation

Übergeordnetes Werk:	Enthalten in: Fiscal studies - Oxford [u.a.] : Wiley-Blackwell, 1979, 44(2023), 2 vom: Juni, Seite 171-188
Übergeordnetes Werk:	volume:44 ; year:2023 ; number:2 ; month:06 ; pages:171-188

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1111/1475-5890.12338

Katalog-ID:	186110023X

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982			\|2 26 \|1 00 \|x DE-206 \|b Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.

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allfields	10.1111/1475-5890.12338 doi (DE-627)186110023X (DE-599)KXP186110023X DE-627 ger DE-627 rda eng Dudel, Christian verfasserin (DE-588)1012210723 (DE-627)66134228X (DE-576)345101480 aut Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier non-parametric estimation (dpeaa)DE-206 replacement rate (dpeaa)DE-206 retirement income (dpeaa)DE-206 semi-parametric estimation (dpeaa)DE-206 Schmied, Julian verfasserin (DE-588)1233815776 (DE-627)1758244615 aut Enthalten in Fiscal studies Oxford [u.a.] : Wiley-Blackwell, 1979 44(2023), 2 vom: Juni, Seite 171-188 Online-Ressource (DE-627)327963913 (DE-600)2044782-6 (DE-576)107930757 1475-5890 nnns volume:44 year:2023 number:2 month:06 pages:171-188 https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1475-5890.12338 Verlag kostenfrei https://doi.org/10.1111/1475-5890.12338 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2949 GBV_ILN_2950 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 44 2023 2 6 171-188 26 01 0206 438286285X x1z 09-10-23 2403 01 DE-LFER 4404100787 00 --%%-- --%%-- n --%%-- l01 08-11-23 2403 01 DE-LFER https://doi.org/10.1111/1475-5890.12338 26 00 DE-206 Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.
spelling	10.1111/1475-5890.12338 doi (DE-627)186110023X (DE-599)KXP186110023X DE-627 ger DE-627 rda eng Dudel, Christian verfasserin (DE-588)1012210723 (DE-627)66134228X (DE-576)345101480 aut Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier non-parametric estimation (dpeaa)DE-206 replacement rate (dpeaa)DE-206 retirement income (dpeaa)DE-206 semi-parametric estimation (dpeaa)DE-206 Schmied, Julian verfasserin (DE-588)1233815776 (DE-627)1758244615 aut Enthalten in Fiscal studies Oxford [u.a.] : Wiley-Blackwell, 1979 44(2023), 2 vom: Juni, Seite 171-188 Online-Ressource (DE-627)327963913 (DE-600)2044782-6 (DE-576)107930757 1475-5890 nnns volume:44 year:2023 number:2 month:06 pages:171-188 https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1475-5890.12338 Verlag kostenfrei https://doi.org/10.1111/1475-5890.12338 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2949 GBV_ILN_2950 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 44 2023 2 6 171-188 26 01 0206 438286285X x1z 09-10-23 2403 01 DE-LFER 4404100787 00 --%%-- --%%-- n --%%-- l01 08-11-23 2403 01 DE-LFER https://doi.org/10.1111/1475-5890.12338 26 00 DE-206 Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.
allfields_unstemmed	10.1111/1475-5890.12338 doi (DE-627)186110023X (DE-599)KXP186110023X DE-627 ger DE-627 rda eng Dudel, Christian verfasserin (DE-588)1012210723 (DE-627)66134228X (DE-576)345101480 aut Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier non-parametric estimation (dpeaa)DE-206 replacement rate (dpeaa)DE-206 retirement income (dpeaa)DE-206 semi-parametric estimation (dpeaa)DE-206 Schmied, Julian verfasserin (DE-588)1233815776 (DE-627)1758244615 aut Enthalten in Fiscal studies Oxford [u.a.] : Wiley-Blackwell, 1979 44(2023), 2 vom: Juni, Seite 171-188 Online-Ressource (DE-627)327963913 (DE-600)2044782-6 (DE-576)107930757 1475-5890 nnns volume:44 year:2023 number:2 month:06 pages:171-188 https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1475-5890.12338 Verlag kostenfrei https://doi.org/10.1111/1475-5890.12338 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2949 GBV_ILN_2950 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 44 2023 2 6 171-188 26 01 0206 438286285X x1z 09-10-23 2403 01 DE-LFER 4404100787 00 --%%-- --%%-- n --%%-- l01 08-11-23 2403 01 DE-LFER https://doi.org/10.1111/1475-5890.12338 26 00 DE-206 Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.
allfieldsGer	10.1111/1475-5890.12338 doi (DE-627)186110023X (DE-599)KXP186110023X DE-627 ger DE-627 rda eng Dudel, Christian verfasserin (DE-588)1012210723 (DE-627)66134228X (DE-576)345101480 aut Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier non-parametric estimation (dpeaa)DE-206 replacement rate (dpeaa)DE-206 retirement income (dpeaa)DE-206 semi-parametric estimation (dpeaa)DE-206 Schmied, Julian verfasserin (DE-588)1233815776 (DE-627)1758244615 aut Enthalten in Fiscal studies Oxford [u.a.] : Wiley-Blackwell, 1979 44(2023), 2 vom: Juni, Seite 171-188 Online-Ressource (DE-627)327963913 (DE-600)2044782-6 (DE-576)107930757 1475-5890 nnns volume:44 year:2023 number:2 month:06 pages:171-188 https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1475-5890.12338 Verlag kostenfrei https://doi.org/10.1111/1475-5890.12338 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2949 GBV_ILN_2950 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 44 2023 2 6 171-188 26 01 0206 438286285X x1z 09-10-23 2403 01 DE-LFER 4404100787 00 --%%-- --%%-- n --%%-- l01 08-11-23 2403 01 DE-LFER https://doi.org/10.1111/1475-5890.12338 26 00 DE-206 Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.
allfieldsSound	10.1111/1475-5890.12338 doi (DE-627)186110023X (DE-599)KXP186110023X DE-627 ger DE-627 rda eng Dudel, Christian verfasserin (DE-588)1012210723 (DE-627)66134228X (DE-576)345101480 aut Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier non-parametric estimation (dpeaa)DE-206 replacement rate (dpeaa)DE-206 retirement income (dpeaa)DE-206 semi-parametric estimation (dpeaa)DE-206 Schmied, Julian verfasserin (DE-588)1233815776 (DE-627)1758244615 aut Enthalten in Fiscal studies Oxford [u.a.] : Wiley-Blackwell, 1979 44(2023), 2 vom: Juni, Seite 171-188 Online-Ressource (DE-627)327963913 (DE-600)2044782-6 (DE-576)107930757 1475-5890 nnns volume:44 year:2023 number:2 month:06 pages:171-188 https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/1475-5890.12338 Verlag kostenfrei https://doi.org/10.1111/1475-5890.12338 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2949 GBV_ILN_2950 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 44 2023 2 6 171-188 26 01 0206 438286285X x1z 09-10-23 2403 01 DE-LFER 4404100787 00 --%%-- --%%-- n --%%-- l01 08-11-23 2403 01 DE-LFER https://doi.org/10.1111/1475-5890.12338 26 00 DE-206 Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.
language	English
source	Enthalten in Fiscal studies 44(2023), 2 vom: Juni, Seite 171-188 volume:44 year:2023 number:2 month:06 pages:171-188
sourceStr	Enthalten in Fiscal studies 44(2023), 2 vom: Juni, Seite 171-188 volume:44 year:2023 number:2 month:06 pages:171-188
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institution	findex.gbv.de
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topic_facet	non-parametric estimation replacement rate retirement income semi-parametric estimation
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container_title	Fiscal studies
authorswithroles_txt_mv	Dudel, Christian @@aut@@ Schmied, Julian @@aut@@
publishDateDaySort_date	2023-06-01T00:00:00Z
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Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.</subfield></datafield></record></collection>
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spellingShingle	Dudel, Christian misc non-parametric estimation misc replacement rate misc retirement income misc semi-parametric estimation Pension benchmarks empirical estimation and results for the United States and Germany
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topic_title	26 00 DE-206 Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied non-parametric estimation (dpeaa)DE-206 replacement rate (dpeaa)DE-206 retirement income (dpeaa)DE-206 semi-parametric estimation (dpeaa)DE-206
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title_full	Pension benchmarks empirical estimation and results for the United States and Germany Christian Dudel, Julian Schmied
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"><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">Benchmark replacement rates are a key parameter for retirement plans. Often, a pension level of around 70 per cent of net income during working life is considered as an adequate choice. However, this heuristic value is left unjustified, and data-based benchmarks are limited. In this paper, we propose to estimate a pension-level benchmark based on keeping the living standard achieved during working life constant after retirement. Applying parametric, semi-parametric and non-parametric estimation methods to data from the United States and Germany, we find that a net pension income of around 100 per cent of the last net working-life income, plus or minus 10 percentage points, is required to keep the living standard constant. However, we also find that the outcome of the exercise can depend on how ‘living standards’ are measured.</subfield></datafield></record></collection>
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Pension benchmarks : empirical estimation and results for the United States and Germany

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