Abstract
AbstractAccess to emergency funds during times of need is increasingly dependent on a “choice-based” retirement system in the United States. This study examines the operation of this choice-based retirement system across a socioeconomically stratified population impacted by the Great Recession. Using data from the Panel Study of Income Dynamics collected between 2005 and 2011, we first assess how socioeconomic status shapes access to different types of retirement plans. We then examine the varied pathways that lead to the early withdrawal of retirement savings. The results depict a multistage selection process through which socioeconomic resources structure the process of withdrawal. This occurs first through the availability of retirement funds and the makeup of the retirement portfolio and then through the likelihood of hardship. The results also reveal the importance of education in getting access to retirement savings during a hardship. The general implications for choice-based programs are discussed.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
