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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: 3/27/2012
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: 3/27/2012
Though millions of US workers have 401(k) plans, few studies evaluate participant investment performance. Using data on over 1,000 401(k) plans and their participants, we identify key portfolio investment inefficiencies and attribute them to offered investment menus versus individual portfolio More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This study explores the relationship between general human capital investment, financial knowledge, occupational spillovers, and the accumulation of wealth in a primarily descriptive manner. Drawing upon human capital theory and following previous related work by Delavande, Rohwedder and Willis More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper explores the determinants of people’s decisions to take 401(k) loans. We argue that 401(k) plans do not simply represent retirement saving, but they also provide a means of saving for precautionary purposes. We model factors that rationally would induce people to borrow from their More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
A key issue in designing any individual accounts program is how many and what mix of investment options to provide to participants. While standard economic theory suggests that more choice is always better, this paper provides evidence from 401(k) plans that more choice does not necessarily lead More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/26/2012
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: 3/27/2012
We consider the evolution of assets after retirement. We ask whether total assets- -including housing equity, personal retirement accounts, and other financial assets--tend to be husbanded for a rainy day and drawn down primarily at the time of precipitating shocks. We give particular attention More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Prior research has demonstrated that defaults have a powerful influence on economic outcomes in a wide range of settings because individuals often passively accept default options. This paper examines the degree to which defaults become less powerful as they become more extreme. We study a firm More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
We study retirement savings decisions and outcomes in Oregon University System’s Optional Retirement Plan (ORP). During our sample period, 32% of ORP participants choose to invest through HIGH, which markets itself as providing personal face-to-face financial service. The other participants More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012