FACTORS AFFECTING RETIREMENT PREPARATION OF NEVER MARRIED AND PREVIOUSLY MARRIED WOMEN

• Sponsoring Institution: National Institute of Food and Agriculture
• Project Status: COMPLETE
• Funding Source: HATCH
• Reporting Frequency: Annual
• Accession No.: 0209829
• Project Start Date: Oct 1, 2006
• Project End Date: Oct 1, 2011
• Program Code: [(N/A)]- (N/A)

Recipient Organization
UNIVERSITY OF MISSOURI
(N/A)
COLUMBIA,MO 65211

Performing Department
Human Environmental Sciences

Non Technical Summary
Research indicates single women are the least prepared group for retirement. The purpose of this study is to learn more about the retirement preparation of single women.

Animal Health Component

(N/A)

Research Effort Categories

Basic

(N/A)

Applied

(N/A)

Developmental

(N/A)

Classification

Knowledge Area (KA)	Subject of Investigation (SOI)	Field of Science (FOS)	Percent
602	6010	3010	25%
602	6020	3010	25%
801	6010	3010	25%
801	6020	3010	25%

Knowledge Area
602 - Business Management, Finance, and Taxation; 801 - Individual and Family Resource Management;

Subject Of Investigation
6010 - Individuals; 6020 - The family and its members;

Field Of Science
3010 - Economics;

Keywords

women

never married

single

divorced

widowed

retirement savings

retirement policy

financial status

Goals / Objectives
1. Evaluate the degree of significant similarity and difference between the characteristics, life history, and economic status of never married and previously married women 2. Evaluate the impact of the demographic and economic life history of three birth cohorts of never married and previously married women on their retirement savings behavior, retirement timing, and retirement income adequacy. The three cohorts are: the mature cohort (born before 1946), the leading edge Baby Boom (born 1946-1954), and the trailing edge Baby Boom (born 1955 to 1964).

Project Methods
Data on the static and dynamic aspects of retirement preparation of never married and previously married women across three birth cohorts are found in several existing cross sectional and longitudinal national data sets. Since each of these data sets captures different aspects of the economic status of never married and previously married women, more than one set of data is needed to obtain a more complete picture. The project researcher has experience using each of these data sets. Theory and methods of analysis will be drawn from the literature in economics, demography, sociology, and life span development. To meet objective 1, cross sectional data from the triennial Survey of Consumer Finances will be used to obtain data on assets, liabilities, income and savings. Expenditure data will come from the annual Consumer Expenditure Survey. Statistical test of similarity and difference in the social, demographic, and economic characteristics of three cohorts of never married and previously married women will be conducted. Multivariate analysis of the determinants of level of retirement savings for each group of single women will be completed. Retirement income adequacy for each group will be assessed. The various measures of income adequacy used in previous research will be used in this study as well. To meet objective 2, event histories of never married and previously married women will be constructed for the three birth cohorts using data from the Panel Study of Income Dynamics. Impact of select life events (e.g. childbearing, marital dissolutions, job loss) on income earnings, wealth accumulation, retirement timing, and retirement income adequacy of never married and previously married women will be assessed.

Progress 10/01/06 to 10/01/11

Outputs
OUTPUTS: Outputs include data analysis and presentation of findings at academic conferneces. PARTICIPANTS: Nothing significant to report during this reporting period. TARGET AUDIENCES: Target audiences: researchers, educators, policy makers that have interest in factors affecting later life financial and economic well-being. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.

Impacts
Research has contributed to greater knowledge of the retirement process and gender difference in later life labor supply.

Publications

• No publications reported this period

Progress 01/01/10 to 12/31/10

Outputs
OUTPUTS: None to report at this time PARTICIPANTS: Individual working on project is Deanna Sharpe. TARGET AUDIENCES: Target audience are researchers, educators and policy makers that focus on factors affecting later life financial and economic well-being. PROJECT MODIFICATIONS: Not relevant to this project.

Impacts
None to report at this time.

Publications

• No publications reported this period

Progress 01/01/09 to 12/31/09

Outputs
OUTPUTS: Outputs include data analysis and presentation of findings at international and national conferences PARTICIPANTS: Nothing significant to report during this reporting period. TARGET AUDIENCES: Target audiences are researchers, educators and polcy makers that focus on factors affecting later life financial and economic well-being PROJECT MODIFICATIONS: Not relevant to this project.

Impacts
Research to date has resulted in a change in knowledge regarding the process of retirement, gender difference in later life labor supply, the role of self-employment in transition to retirement as well as the economic characteristics of individuals that remain in the labor force beyond the normal retirement age.

Publications

• No publications reported this period