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Retirement Saving Over the Life Cycle: Evidence from a Developing Country
Athiphat Muthitacharoen1, Trongwut Burong2
1Associate Professor, Faculty of Economics, Chulalongkorn University, Bangkok, Thailand.
Journal of Aging & Social Policy
|June 22, 2023
Summary
This study reveals a hump-shaped retirement saving pattern across working lives in Thailand. Saving rates peak in middle age before declining, with higher earners saving later.
Area of Science:
- Economics
- Retirement Planning
- Public Finance
Background:
- Limited understanding of long-term retirement saving behavior through tax-advantaged accounts.
- Importance of analyzing saving patterns for retirement income adequacy.
- Need for country-specific data on retirement saving dynamics.
Purpose of the Study:
- To examine the age profile of retirement saving using tax return data.
- To explore the implications of saving patterns for retirement income adequacy.
- To identify factors influencing the timing and level of retirement savings.
Main Methods:
- Analysis of a population-wide dataset of tax returns in Thailand.
- Examination of the life-cycle saving pattern across different age groups.
- Estimation of income replacement rates based on predicted saving profiles.
Main Results:
- Retirement saving exhibits a hump-shaped age profile, rising from 3.0% to 4.6% and then declining.
- Higher-income individuals show a later peak in their retirement saving rates.
- Low-risk saving vehicles are consistently utilized across all working life stages.
Conclusions:
- Retirement saving behavior follows a predictable life-cycle trajectory.
- Estimated income replacement rate from tax-advantaged vehicles is approximately 24%.
- Findings align with retirement saving patterns observed in advanced economies.
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