b'Retirement Wealth by Type of Asset & Cohort in 2016 DollarsA major change in pensions (households in the middle quintile of wealth at ages 5156) over the last 40 years is the ongoing shift from defined n SS wealth n DB wealth n DC wealth benefit (DB) to defined $46,315 contribution (DC) plans. DB $55,787 pensions depend primarily on employees years of service and $50,948 salary. DC plan benefits depend $25,698 $59,296 on how much employers $52,587$65,452 and employees contribute to $28,522 investment funds, how long $222,835 $29,963 the funds are invested, and $213,846 $211,112 how well they do. Younger $11,749$182,851 $184,236 cohorts were more affected by stock market losses during the Great Recession of 20072009 because more of their retirement savings were invested in the stock market through their DC pension plans. This is one reason for the lower retirement wealth of Late baby boomers. Late baby boomers also had the smallest fraction of HRS War BabiesEarly boomers Mid boomersLate boomers wealth in DB pension plans of any cohort.46 Source: Chen and others, Center for Retirement Research Working Paper, 2020Takeaway Percentage of HRS Participants Holding Either a DB or DC PensionIn 1992, 19% of HRSn Has DB n Has DCparticipants held DC pensions vs 28% in 201830%DB pension coverage went29%28%from 23% to 15% over that27%same time24% 24%23% 23%22% 21%21% 21%19% 19% 19%18% 18% 18%17% 17% 17% 17%16% 17% 16%15% 15%19921994199619982000200220042006200820102012201420162018Source: HRS, 1992201819'