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Abstract Details

Activity Number: 286
Type: Topic Contributed
Date/Time: Tuesday, July 31, 2012 : 8:30 AM to 10:20 AM
Sponsor: Section on Government Statistics
Abstract - #306372
Title: An Evaluation of Retirement Income in the CPS Using Form 1099-R Microdata
Author(s): Charles Bee*+
Companies: U.S. Census Bureau
Address: 3453 1/2 17th Street NW, Washington, DC, 20010, United States
Keywords: retirement ; income ; CPS ; ASEC ; 1099-R

In the past several decades, individuals 65 and over have experienced remarkable declines in poverty, from 35.2 percent in 1959 to 9.7 percent in 2008 (Meyer and Sullivan, 2010). These declines in official poverty statistics, however, are based largely on self-reported income data from the Current Population Survey Annual Social and Economic Supplement (CPS-ASEC). In this paper we evaluate the quality of the retirement income data in the CPS-ASEC by matching it to individual microdata from 1099-R forms filed with tax returns in the tax year 2008. Since income data in the CPS-ASEC is used in the calculation of several official economic statistics, we are able to test whether using 1099-R records instead would alter measurements ranging from poverty rates among the elderly to income inequality.

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