1. Comments to Comprehensive Wealth of Immigrants and Natives (David Love and Lucie Schmidt) 17 th Annual Retirement Research Consortium Conference National Press Club, Washington DC María E. Enchautegui Senior Fellow Urban Institute

2. The findings of this paper that stood out for me were the following: Immigrants have less wealth than comparable natives during retirement. For instance, at age 75-85 the median comprehensive wealth of immigrants is 69 percent of natives’. Housing wealth is the exception: Immigrants have more housing wealth than comparable natives. Growth in housing wealth is also higher for immigrants. Recent immigration cohorts, those who arrived after 1984, have poorer retirement wealth than prior immigrant cohorts, even after controlling for many personal characteristics.

3. I would like to see more discussion in this paper about: Emigration Undocumented immigrants in the sample Cohort effects versus period effects Meaning of findings for well-being of immigrant retirees Policy implications

4. Emigration: Are the observed patterns in any way affected by emigration?  Are retired immigrants who sell their homes leaving the country to enjoy retirement in their home countries?  If this is the case, can we say for sure that immigrants keep their homes for a longer time or it is that the data are capturing those who keep their homes?  We know that emigration rates (from SSA data):  are around 1.3 percent per year  are lower wage workers are more likely to emigrate  are lower for persons from Mexico are less likely to emigrate  decline with time in the US  Not sure about what we know about emigration of retirement-age immigrants.

5. Undocumented immigrants: How the observed patterns are affected by undocumented immigration?  It is possible that there are very few undocumented immigrants over the age of 65. They either self-deport of become legal immigrants across time.  Periods of undocumented status are quite common according to the research by Jasso and Rosenzweig: How can these periods of illegality may be affecting the wealth of immigrants at retirement age.

6. Immigrant Cohort Effects:  Not clear from the paper if these are truly cohort effects because I did not see control for period effects.  Not clear if the more recent cohorts are of “lower quality” using the terms of Borjas or if they are entering the US in a very difficult time. The historical economic moment immigrants enter the country shapes their mobility prospects (Portes).  The post-1984 cohort is also interesting because a large number of these immigrants came sponsored by family members who were IRCA legalized. Would that be part of the explanation for their low performance? Borjas work shows that immigrants who follow their families have poorer earnings prospects (Borjas and Bronars)  Among the recent cohort you also have people who come at old age, being brought by their children and they may not be doing very well. The paper does not include age of arrival.

7. Interpretation of findings: What these findings mean for the well-being of immigrants?  What having housing wealth at older agers affects their well- being during older age? Poverty Rates and Number Poor by Nativity and Naturalization Status, Age 65 and older (2013) NativesImmigrants - Citizens Immigrants, Noncitizens 11.6%16.1%23.1% 4,500,000678,422356,245

8. Percentage of Income Spent on Housing by Housing Tenure: Age 65 and older, 2013 Own home, free and clear18% Home with a mortgage26% Renters43% Source Richard Johnson, Urban Institute Housing Costs and Financial Challenges for Low-Income Older Adults

9. Interpretation of findings: What these findings mean for policy?  Information: Could it also be that immigrants are less informed about how to manage their wealth portfolio during retirement and if they were better informed they will sell their homes during retirement as native do?  Legalization programs: Failure to pass a legalization bill could mean longer time as undocumented without paying social security and difficult to plan for the future. Eventually these immigrants will enter retirement with very little economic security.  Access to government jobs: Exclusion of legal permanent residents from government jobs has implications for retirement income since government is still one of the major providers of pension plans in this country.

10. A couple of minor points: Present numbers of how many people we are talking about. What is the distribution of immigrants according to entry cohort? Update references in footnote 3, there is more recent work that could be cited. Talk about results on Table 3 by education Some distinction by naturalization status if possible