The Composition and Draw-down of Wealth in Retirement

James M. Poterba, Steven F. Venti, David A. Wise

NBER Working Paper No. 17536
Issued in October 2011, Revised in July 2013

---- Acknowledgments ----

We are grateful to Isaiah Andrews for excellent research assistance, to Jonathan Skinner for providing us with estimates of the annuity value of Medicare and Medicaid, and to Jeffrey Brown and the editorial staff of the Journal of Economic Perpectives for extremely helpful comments and suggestions. Poterba is a trustee of the College Retirement Equity Fund, and of the TIAA-CREF mutual funds; TIAA-CREF is a provider of retirement services and annuity products. We are grateful to the National Institute of Aging, grant P01 AG005842, to the Social Security Administration, grant 5-RRC080984-00-03-00 (formerly 10-M-98363-1-02), and to the National Science Foundation (Poterba) for research support. David Wise received support for this research from the National Institute on Aging, grant numbers P01-AG005842 and P30-AG012810. Any opinions are those of the authors and not of any institutions with which they are affiliated, nor of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for James M. Poterba ----

In addition to my role as a faculty member at MIT, I am engaged in a number of outside activities. In the last three years, I have been:

(i) President of the National Bureau of Economic Research, a non-profit organization devoted to economic research ( (since July 2008)

(ii) Trustee of the College Retirement Equity Fund (CREF) and independent director of the TIAA-CREF mutual funds (

(iii) Trustee of the Alfred P. Sloan Foundation ( (since June 2009)

(iv) Member of the Panel of Economic Advisers at the Congressional Budget Office (

(v) Director, the Jeffrey Company and the Jeflion Company. (until June 2010)

(vi) I periodically receive compensation for lectures or presentations. During the last three years, I have received amounts in excess of $500 from each of the following organizations: Clemson University, Dimensional Fund Advisers, DuPont, the Economic and Social Research Institute (Dublin), the Geothe University (Frankfurt), the Institute of Fiscal Studies (London), the Investment Company Institute, Tulane University, the University of Illinois, and the University of Wisconsin.

return to bibliography page

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us