Cohort Analysis of Retirement Preparation, 1974-1981

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Abstract
Extending Easterlin's (1987) thesis regarding cohort size and personal welfare, this study was designed to examine cohort differences and changes in preparation for retirement. The data on which the study is based came from two cross-sectional surveys commissioned by the National Council on the aging and conducted in 1974 and 1981. Major research questions included: (a) Which cohorts are most active in taking steps to prepare for retirement? And (b) Did Americans increase their retirement preparation activities during the time period studied? Results indicate that retirement preparation is influenced by cohort effects, especially among the more recent cohorts, and that earlier cohorts generally prepare more. Most respondents, especially the earlier cohorts, experienced a decrease in retirement preparation between 1974 and 1981 (i.e., a period effect). Analysis of the separate indicators of a retirement preparation index show that most activities, for instance, savings, decreased during this time while others either increased (will preparation) or remained stable (home ownership). The findings suggest that retirement preparation is influenced by economic climate and provide partial support for this application of Easterlin's thesis. Retirement preparation is also strongly related to education and race.

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