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Common financial planning advice calls for households to ensure that retirement income exceeds 70 percent of average pre-retirement income. We use an augmented life-cycle model of household behavior to examine optimal replacement rates for a representative set of retired American households. We More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2009
The decision of when to claim Social Security benefits has significant implications for households’ retirement income security. In recent years, claiming decisions have become more complex due to the increased number of two-earner couples and changes in Social Security law designed to improve work More information...
Audience: Researcher
Type of Resource: Working paper
Date: 8/1/2009
An on-line survey of K-12 teachers was conducted to determine teachers’ background and capacity to teach personal finance. Results indicate that while teachers recognize the importance of teaching personal finance, few have had formal preparation for teaching this subject matter; also, the teaching More information...
Audience: Researcher
Type of Resource: Working paper
Date: 1/1/2009
How do low-income households think about retirement? Do they think about retirement? If so, when do they think they will retire, and what is it they plan to live on? In this paper, we present evidence on these questions based on 51 qualitative interviews with low-income families in the Detroit More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2008
The degree to which the Social Security tax distorts labor supply decisions depends on the extent to which individuals recognize that future benefits are based on how much they worked. To measure the perceived linkage between labor supply and Social Security benefits, we administer a survey More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2008
Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy More information...
Audience: Researcher
Type of Resource: Working paper
Date: 6/1/2008
Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for More information...
Audience: Researcher
Type of Resource: Working paper
Date: 2/1/2008
While Social Security’s Normal Retirement Age (NRA) is increasing to 67, the Earliest Eligibility Age (EEA) remains at 62. Similar plans to increase the EEA raise concerns that they would create excessive hardship on workers who are worn-out or in bad health. One simple rule to increase the EEA is More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2007
Earlier research suggests that many people in their fifties and early sixties are not well informed about their Social Security entitlements. This paper investigates the effect of deviations between predicted and realized Social Security benefits on several measures of well-being in retirement, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 5/1/2006
Studying household investment behavior is essential for understanding the full consequences of old age social security benefits. Using data from six waves of the Health and Retirement Study, we analyze the dynamics of portfolio composition before respondents start claiming social security benefits. More information...
Audience: Researcher
Type of Resource: Working paper
Date: 5/1/2006