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Cross National Comparison of Income and Wealth Status in Retirement: First Results from the Luxembourg Wealth Study (LWS

Cross National Comparison of Income and Wealth Status in Retirement: First Results from the Luxembourg Wealth Study (LWS). Eva Sierminska Luxembourg Wealth Study Andrea Brandolini Bank of Italy Timothy M. Smeeding Syracuse University and Luxembourg Income Study

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Cross National Comparison of Income and Wealth Status in Retirement: First Results from the Luxembourg Wealth Study (LWS

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  1. Cross National Comparison of Income and Wealth Status in Retirement:First Results from the Luxembourg Wealth Study (LWS) Eva Sierminska Luxembourg Wealth Study Andrea Brandolini Bank of Italy Timothy M. Smeeding Syracuse University and Luxembourg Income Study Prepared for the 8th Annual Joint Conference of the Retirement Research Consortium “Pathways to a Secure Retirement” August 10-11, 2006 Washington, DC

  2. I. Introduction • First Look at Results from a New Project: LWS • Technical Details at: http:www.lisproject.org/lws.htm (and especially, Sierminska et al, 2006; August 7, 2006 “IARIW” paper • Rest of Presentation

  3. II. Older Persons in Comparative Perspective • Income and Wealth • Limits for this Paper • Research and Policy Questions Addressed Below • The Literature on Wealth and Low Income in Comparative Perspective

  4. III. Data, Variables, Methods and Measurement Issues • The LWS Data Sets • Income and Wealth Definitions • Principal Omissions: Pensions (Still in Accrual) and Business Wealth

  5. III. Data, Variables, Methods and Measurement Issues (con’t) • ‘Elderly’ Sample (Table A-1) • Adjustments for Household Size • Measures of Income Poverty and Wealth Poverty

  6. IV. Results in Brief • Openers: Asset Participation and Composition (Table 1) • Magnitudes: Medians for Income and Net Worth (Table 2) • Composition: Income and Wealth Packages (Table 3) • Note the difference between means and medians

  7. IV. Results in Brief (con’t) • Home Ownership and Home Value for All Elders, and for Low Income Units (Table 4) • Financial Assets for All and for Low Income Units (Table 5)

  8. IV. Results in Brief (con’t) • Income and Asset Poverty (Figure 1) • Home Ownership amongst the Income and Asset Poor (Table X) • Net Worth and Education (Figures 2, 3) • Income and Net Worth Inequality: Median Net Worth by Income Quartile (Figure 4) • Joint Distributions: Income Quartile Position of Various Wealth Quartile Members (Figure 5)

  9. United States

  10. V. Discussion • First Look: Signal vs. Noise • Research Implications: Next Steps • Policy Relevance: Public and Private Sources of Security in Old Age • Bottom Lines: • Safety Nets • Home Ownership and Value • Tip of the Iceberg: Shades of 1985 and LIS

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