Personal assets and pension reform : How well prepared are the Germans?


Börsch-Supan, Axel ; Essig, Lothar


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URL: http://ub-madoc.bib.uni-mannheim.de/1278
URN: urn:nbn:de:bsz:180-madoc-12780
Document Type: Working paper
Year of publication: 2005
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 300 Social sciences, sociology, anthropology
Subject headings (SWD): Deutschland , Rente , Lebensversicherung , Rentenversicherung
Abstract: Demographic change presents major financing problems for the pay-as-you-go pension system. In response to these problems, the 2001 and 2004 German pension reforms reduced the statuory level of benefits from the pay-as-you system. The resulting pension gap is supposed to be filled by funded second and third pillar private pensions. This paper examines the extent to which households are in a position today to close this gap with their personal assets, assuming that they stick to their current saving and asset accumulation behaviour. Four critical factors are relevant to this issue: 1. the anticipated life expectancy, 2. the level of personal assets on retirement, 3. the expected age of retirement and 4. the anticipated interest rate. Our results indicate that about a third of German households will not be able to fill the pension gap unless they were to change their current savings behaviour.
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Börsch-Supan, Axel ; Essig, Lothar (2005) Personal assets and pension reform : How well prepared are the Germans? Open Access [Working paper]
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