Where are the retirement savings of self-employed? An analysis of ‘unconventional’ retirement accounts

  • Mauro Mastrogiacomo Mauro Mastrogiacomo
  • Rob Alessie Rob Alessie

Survey data show that many respondents save for retirement in unconventional retirement accounts, such as investments in real estate. In countries where retirement savings are not mandatory for self-employed, representatives of this group often report this as anargument against making retirement savings compulsory. Our study shows that selfemployed retirement savings are low and below individually pre-stated saving intentions, even though this group has generally no occupational pension.We also study the relation between the importance of a broad spectrum of saving motives, such as saving for retirement, and saving behavior. We show that finding the retirement motive important does not directly translate in additional retirement savings, bothfor self-employed and employees. The (median) annuity stream generated by conventional and unconventional accounts from age 67 is small; most savings are residual and are not being put aside for a specific motive.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk, gewijd aan het bevorderen van een beter begrip van de economische en sociale gevolgen van pensioenen, vergrijzing en ‘de oude dag’ in Nederland en Europa.

MEER OVER NETSPAR


Missie en strategie           •           Netwerk           •           Organisatie
Netspar Brief       •          Werkprogramma 2019-2023        •         Onderzoeksagenda Netspar NexT

OVER NETSPAR

Onze partners

B20160708_achmea
B20160708_universiteit leiden
B20160708_asr
B20160708_erasmus
B20160708_tilburg university
Bekijk al onze partners