scholarly journals Financial Well-Being Across Age Cohorts and Its Impact on Retirement Security

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 111-111
Author(s):  
Stephanie Skees ◽  
Stephen Roll
Keyword(s):  
Life Course ◽  
Well Being ◽  
The United States ◽  
Retirement Savings ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Age Cohorts ◽  
Retirement Security ◽  
The Life Course ◽  
The Relationship

Abstract The lack of retirement savings in the United States has been well-documented. For example, in 2013 roughly one-third of households near retirement lacked either a defined benefit or defined contribution retirement plan (U.S. Government Accountability Office, 2015), and the median retirement account balance is $0 (Oakley, Brown, & Saad-Lesler, 2018). While this lack of savings is concerning, less clear is the relationship between retirement security and a household’s sense of financial well-being. To that end, this study uses the nationally representative 2017 Survey of Household Economics and Decisionmaking to investigate the relationship between both retirement security indicators and subjective financial well-being—as measured through the Consumer Financial Protection Bureau’s financial well-being scale—across the life course. Specifically, we use multiple regression approaches to compare how financial and knowledge-based indicators of retirement security contribute to the financial well-being of young, mid-career, and pre-retirement cohorts. Preliminary results indicate that feeling “on track” for retirement savings and comfort in making retirement savings decisions were among the strongest contributes to a sense of financial well-being across age cohorts. However, these indicators were particularly important to the financial well-being of older households. Surprisingly, having a 401(k), IRA or pension had no significant impact on savings when controlling for other factors. This study speaks to the importance of both providing effective retirement savings tools, including both educational and financial resources, at multiple points across the life course. It also contributes to a small but growing literature on the intersections between subjective financial well-being and financial decisionmaking.

scholarly journals A Faith to Move Mountains? Childhood Abuse, Religious Change, and Mental Health at Midlife

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 461-461
Author(s):  
Laura Upenieks
Keyword(s):  
Mental Health ◽  
Life Course ◽  
Childhood Abuse ◽  
Childhood Maltreatment ◽  
Well Being ◽  
The United States ◽  
Religious Attendance ◽  
Three Dimensions ◽  
Religious Importance ◽  
The Life Course

Abstract Of all the various forms of adversity experienced during childhood, childhood maltreatment (emotional and physical abuse) is shown to have the largest impacts on mental health and well-being. Yet we still have a limited understanding of why some victims of early maltreatment suffer immense mental health consequences later on in the life course, while others are able to cushion the blow of these early insults. Using two waves of data from the National Survey of Midlife Development in the United States (MIDUS), this study considers change in religiosity as a buffer across three dimensions for victims of childhood abuse: religious importance, attendance, and the specific act of seeking comfort through religion. Results suggest that increases in religious comfort during adulthood are positively associated with adult mental health for victims of abuse, while decreases in religious comfort over time were associated with worse mental health. Changes in religious attendance and religious importance were not significant associated with mental health for victims of abuse. Taken together, my results show that the stress-moderating effects of religion for victims of childhood maltreatment are contingent on the stability or increases or decreases in religiosity over the life course, which has been overlooked in previous work.

scholarly journals The Psychological Consequences of Disability over the Life Course: Assessing the Mediating Role of Perceived Interpersonal Discrimination

2020 ◽  
Vol 61 (2) ◽  
pp. 190-207
Author(s):  
Eun Ha Namkung ◽  
Deborah Carr
Keyword(s):  
Life Course ◽  
Perceived Discrimination ◽  
Life Stage ◽  
Psychological Impact ◽  
Well Being ◽  
The United States ◽  
Psychological Consequences ◽  
Mediation Analyses ◽  
Interpersonal Discrimination ◽  
The Life Course

We examine whether perceived interpersonal discrimination mediates the association between disability and psychological well-being (depression, negative and positive affect) and how these processes differ across the life course. Data are from two waves (2004–2006; 2013–2014) of the Midlife in the United States (MIDUS; N = 2,503). Perceived discrimination accounts for 5% to 8% of the association between disability and the three mental health outcomes. Moderated mediation analyses reveal significant age differences; perceived discrimination is a stronger explanatory mechanism among midlife (ages 40–64) relative to older (age 65+) adults. Disability stigma takes a heightened psychological toll at midlife, a life stage when adults are expected to be able-bodied and interact with a diverse social network, which may be a source of interpersonal mistreatment. Among older adults, for whom impairment is expected and common, the psychological impact of disability may operate through other pathways. We discuss implications for research and practice.

scholarly journals Endogenous Selection Bias and Cumulative Inequality over the Life Course: Evidence from Educational Inequality in Subjective Well-Being

2020 ◽  
Vol 36 (3) ◽  
pp. 333-350
Author(s):  
Fabian Kratz ◽  
Alexander Patzina
Keyword(s):  
United States ◽  
Panel Data ◽  
Life Course ◽  
Panel Study ◽  
Well Being ◽  
The United States ◽  
Subjective Well Being ◽  
Interviewer Effects ◽  
Endogenous Selection ◽  
The Life Course

Abstract According to theories of cumulative (dis-)advantage, inequality increases over the life course. Labour market research has seized this argument to explain the increasing economic inequality as people age. However, evidence for cumulative (dis-)advantage in subjective well-being remains ambiguous, and a prominent study from the United States has reported contradictory results. Here, we reconcile research on inequality in subjective well-being with theories of cumulative (dis-)advantage. We argue that the age-specific endogenous selection of the (survey) population results in decreasing inequalities in subjective well-being means whereas individual-level changes show a pattern of cumulative (dis-)advantage. Using repeated cross-sectional data from the European Social Survey (N = 15,252) and employing hierarchical age-period-cohort models, we replicate the finding of decreasing inequality from the United States with the same research design for Germany. Using panel data from the German Socio-Economic Panel Study (persons = 47,683, person-years = 360,306) and employing growth curve models, we show that this pattern of decreasing inequality in subjective well-being means is accompanied by increasing inequality in intra-individual subjective well-being changes. This pattern arises because disadvantaged groups, such as the low educated and individuals with low subjective well-being show lower probabilities of continuing to participate in a survey and because both determinants reinforce each other. In addition to allowing individual changes and attrition processes to be examined, the employed multi-cohort panel data have further key advantages for examining inequality in subjective well-being over the life course: They require weaker assumptions to control for period and cohort effects and make it possible to control for interviewer effects that may influence the results.

scholarly journals Retirement Security in an Aging Population

2014 ◽  
Vol 104 (5) ◽  
pp. 1-30 ◽  
Author(s):  
James M. Poterba
Keyword(s):  
Well Being ◽  
Pension Plans ◽  
Support Program ◽  
Standard Of Living ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Private Pensions ◽  
Elderly Individuals ◽  
Income Sources ◽  
Retirement Security

Elderly individuals exhibit wide disparities in their sources of income. For those in the bottom half of the income distribution, Social Security is the most important source of support; program changes would directly affect their well-being. Income from private pensions, assets, and earnings are relatively more important for higher-income elderly individuals, who have more diverse income sources. The trend from private sector defined benefit to defined contribution pension plans has shifted responsibility for retirement security to individuals. A significant subset of the population is unlikely to be able to sustain their standard of living in retirement without higher pre-retirement saving.

The U-Shape of Happiness: A Response

2021 ◽  
pp. 174569162098439
Author(s):  
David G. Blanchflower ◽  
Carol L. Graham
Keyword(s):  
United States ◽  
Literature Review ◽  
Life Course ◽  
Well Being ◽  
The United States ◽  
Late Adolescence ◽  
Nationally Representative ◽  
The Life Course

We write in response to an article published in this journal, “The U Shape of Happiness Across the Life Course: Expanding the Discussion,” by Galambos, Krahn, Johnson and Lachman. The authors claim that “support for the purported U shape is not as robust and generalizable as is often assumed” and “we believe the conclusion that happiness declines from late adolescence to midlife (the first half of the U shape) is premature, and possibly wrong.” We respectfully disagree. The authors’ main evidence is based on summaries of 33 articles; they find 12 to have U shapes, seven to have none, and 14 to be mixed. We found that most of these articles are misclassified: Four of them are ineligible for inclusion, 25 find a U, and four are mixed. We then identified a further 353 articles, including 329 in peer-reviewed journals, that all found U shapes that were not identified in the literature review. This is a major omission. We also present our own evidence of midlife nadirs in well-being using around eight and a half million individual observations from nationally representative surveys for the United States and Europe. The midlife low occurs in the mid-40s and its drop is equivalent to roughly three quarters of the unprecedented drop observed in well-being during the COVID-19 pandemic.

Religion, Aging, and Public Health

2021 ◽  
Author(s):  
Jeff Levin ◽  
Ellen Idler
Keyword(s):  
Public Health ◽  
Life Course ◽  
Perinatal Care ◽  
Geriatric Medicine ◽  
Healthcare Delivery ◽  
Well Being ◽  
Age Cohorts ◽  
Wide Range ◽  
The Life Course ◽  
Health And Well Being

Religion, in both its personal and institutional forms, is a significant force influencing the health of populations across the life course. Decades of research have documented that expressions of faith and the practice of spiritual pursuits exhibit significantly protective effects for physical and mental health, psychological well-being, and population rates of morbidity, mortality, and disability. This finding has been observed across sociodemographic categories, across nations and cultures, across specific disease outcomes, and regardless of one’s religious affiliation. A salutary religious effect on health and well-being is especially apparent among older adults, but is also observed across generations and age cohorts. Moreover, this association has been persistently found for various religious indicators, including attendance at worship services, prayer and other private practices, subjective feelings of religiosity, and numerous measures of religious behaviors, attitudes, beliefs, and experiences. Finally, a protective or primary preventive effect of religion has been observed in clinical, epidemiologic, social, and behavioral studies, regardless of research design or methodology. Faith-based organizations also have contributed to the health of populations, in partnerships or alliances with medical institutions and public health agencies, many of these dating back many decades. Examples include congregational health promotion and disease prevention programs and community-wide interventions, especially targeting the health and well-being of older congregants and those in less well-resourced communities, as well as faith–health partnerships in healthcare delivery, public health policymaking, and legislative advocacy for healthcare reform. Religious denominations and institutions also play a substantial role in global health development throughout the world, individually and in partnership with national health ministries, transnational medical mission organizations, and established nongovernmental agencies. These efforts focus on a wide range of goals and objectives, including building public health infrastructure, addressing ongoing environmental health needs, and responding to acute public health challenges and crises, such as infectious disease outbreaks. Constituencies include at-risk populations and cohorts throughout the life course, and programming ranges from perinatal care to maternal and child healthcare to geriatric medicine.

scholarly journals Midlife as a pivotal period in the life course

2014 ◽  
Vol 39 (1) ◽  
pp. 20-31 ◽  
Author(s):  
Margie E. Lachman ◽  
Salom Teshale ◽  
Stefan Agrigoroaei
Keyword(s):  
United States ◽  
Life Course ◽  
Middle Age ◽  
Well Being ◽  
The United States ◽  
Cross Sectional ◽  
Cross Sectional Studies ◽  
The Life Course ◽  
Health And Well Being

We provide evidence for multidirectionality, variability, and plasticity in the nature and direction of change in physical health, cognitive functioning, and well-being during the middle years of the life course. The picture of well-being in midlife based on longitudinal data from the Midlife in the United States (MIDUS) study is a more positive one than portrayed in previous cross-sectional studies. We present middle age as a pivotal period in the life course in terms of balancing growth and decline, linking earlier and later periods of life, and bridging younger and older generations. We highlight the role of protective factors and multisystem resilience in mitigating declines. Those in middle age play a central role in the lives of those who are younger and older at home, in the workplace, and in society at large. Thus, a focus on promoting health and well-being in middle age can have a far-reaching impact.

scholarly journals LIFE COURSE EXAMINATION OF GLOBAL AND DAILY PSYCHOSOCIAL IMPACTS OF FAMILY CAREGIVERS IN MIDLIFE AND LATE ADULTHOOD

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S819-S819
Author(s):  
Jen D Wong ◽  
Jen D Wong ◽  
Yetty Shobo ◽  
Barbara T Hodgdon
Keyword(s):  
Life Course ◽  
Marital Status ◽  
Family Caregivers ◽  
Family Caregiving ◽  
Multilevel Models ◽  
Well Being ◽  
The United States ◽  
Life Course Perspective ◽  
Psychosocial Impacts ◽  
The Life Course

Abstract Family members often serve as informal caregivers for the first line of care. The complexity of family caregiving suggests the need to examine the personal and environmental resources that contribute to caregivers’ psychosocial well-being. Informed by the life course perspective, this study investigates the impacts of providing care to a family member on global and daily psychosocial well-being, and the moderating influences of age, gender, marital status, and social support. The sample consists of 1449 (M=55.99, SD=9.31) participants from Midlife in the United States (MIDUS-II: Main and Diary) survey. Regression and multilevel models results indicated greater global negative affect and daily stressors in caregivers as compared to non-caregivers. In line with the positive correlates of caregiving, caregivers reported greater daily positive events. Age, gender, and marital status significantly moderated the associations between caregiving and well-being. Findings showed that services aimed at family caregivers should take into account of personal resources.

Pension Choices and the Savings Patterns of Public School Teachers

2016 ◽  
Vol 11 (4) ◽  
pp. 449-481 ◽  
Author(s):  
Dan Goldhaber ◽  
Cyrus Grout
Keyword(s):  
Public School ◽  
Teaching Experience ◽  
Pension Plan ◽  
Retirement Savings ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Public School Teachers ◽  
School Teachers ◽  
Savings Behavior ◽  
Retirement Security

This paper examines the savings behavior of public school teachers who are enrolled in a hybrid pension plan that includes a defined contribution (DC) component. Few states have incorporated DC features into teacher pension systems and little is known about how providing teachers with greater control over deferred compensation might affect their savings behavior—an important determinant of retirement security. We find the retirement savings choices of teachers—how much they opt to contribute to a DC retirement account—to be generally consistent with that of their peers in the private sector. In particular, age and salary are positively correlated with contribution rates, and contribution rates increase with teaching experience. Importantly, our analysis of retirement wealth suggests that Washington's hybrid plan is likely to provide a level of retirement security for a typical teacher that is comparable to or greater than that provided by the state's pure defined benefit plan.

A Comprehensive Review of the Evolution of Accounting Standards for State and Local Government Pensions and Other Postemployment Benefits in The United States

2019 ◽  
Vol 46 (1) ◽  
pp. 57-77
Author(s):  
Dale L. Flesher ◽  
Craig Foltin ◽  
Gary John Previts ◽  
Mary S. Stone
Keyword(s):  
United States ◽  
Local Government ◽  
Accounting Standards ◽  
The United States ◽  
Pension Funds ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Defined Contribution Plans ◽  
State And Local Government ◽  
State And Local

ABSTRACT Both the business media and the popular press have emphasized the underfunding problems associated with pension funds that are set aside for state and local government workers, a group that also includes teachers and professors at state-affiliated colleges and universities. The realization that pension funds are typically underfunded stems from the fact that the accounting standards associated with state and local government employee pension funds have led to greater transparency since 2011. This paper examines, explains, and interprets the historical development over the last 70 years of accounting standards for state and local government pension funds in the United States. Changing accounting standards, along with economic and social change, have led to consequences such as employers transforming their pension programs to avoid substantial costs and significant liabilities, for example by changing from defined benefit to defined contribution plans.

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