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The Importance of Default Options for Retirement Saving Outcomes: Evidence from the USA *

John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian

in Lessons from Pension Reform in the Americas

Published in print:
2007
Published Online:
January 2008
ISBN:
9780199226801
eISBN:
9780191710285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199226801.003.0004
Subject:
Business and Management, Pensions and Pension Management

If transaction costs are small, standard economic theory would suggest that defaults have little impact on economic outcomes. Agents with well-defined preferences will opt out of any default that ... More


“Money Attitudes” and Retirement Plan Design: One Size Does Not Fit All

Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus

in Pension Design and Structure: New Lessons from Behavioral Finance

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199273393
eISBN:
9780191601675
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199273391.003.0006
Subject:
Economics and Finance, Financial Economics

The chapter examines how workers’ attitudes about money and retirement planning influence their participation in defined contribution (DC) pension plans. Workers were grouped into five “money ... More


Tax Policy and Retirement Savings

John N. Friedman

in The Economics of Tax Policy

Published in print:
2017
Published Online:
March 2017
ISBN:
9780190619725
eISBN:
9780190619756
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190619725.003.0018
Subject:
Economics and Finance, Public and Welfare

Governments around the world spend hundreds of billions of dollars subsidizing retirement savings through various tax preferences. This chapter reviews the economics literature on retirement savings, ... More


Implications of Pension Plan Features, Information, and Social Interactions for Retirement Saving Decisions

Esther Duflo and Emmanuel Saez

in Pension Design and Structure: New Lessons from Behavioral Finance

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199273393
eISBN:
9780191601675
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199273391.003.0008
Subject:
Economics and Finance, Financial Economics

This chapter examines the factors influencing enrolment in 401(k) retirement plans. In one study, a random sample of employees was asked to attend a benefits information fair organised by the ... More


The Role of Mutual Funds in Retirement and Education Savings

Sarah A. Holden

in Mutual Funds and Exchange-Traded Funds: Building Blocks to Wealth

Published in print:
2015
Published Online:
November 2015
ISBN:
9780190207434
eISBN:
9780190207465
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190207434.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter explores the role of mutual funds in U.S. households’ retirement and education savings. Nearly three-quarters of mutual fund-owning households in mid-2013 showed that saving for ... More


Bigger and Better: Redesigning Our Retirement System in the Wake of the Financial Collapse

Alicia H. Munnell

in Shared Responsibility, Shared Risk: Government, Markets and Social Policy in the Twenty-First Century

Published in print:
2012
Published Online:
February 2015
ISBN:
9780199781911
eISBN:
9780190252519
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199781911.003.0011
Subject:
Political Science, American Politics

This chapter outlines ways of building a bigger and better retirement income system in the United States. It first traces the evolution of today's retirement programs, focusing on Social Security and ... More


Investing over the Life Cycle

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0005
Subject:
Economics and Finance, Financial Economics

Labor income is an asset, and for young investors the value of labor income usually dominates the rest of their financial holdings. An investor’s mix of assets changes as her labor income evolves ... More


We’ve Killed the Goose, Let’s Gild the Eggs

Sylvester J. Schieber

in The Predictable Surprise: Unraveling the U.S. Retirement System

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199890958
eISBN:
9780190261382
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199890958.003.0023
Subject:
Economics and Finance, Microeconomics

This chapter examines concerns about what workers do with their participant-directed retirement savings plans. While recent restructuring has made defined contribution plans considerably more ... More


Analyses in the Economics of Aging

David A. Wise (ed.)

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226902869
eISBN:
9780226903217
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903217.001.0001
Subject:
Economics and Finance, Econometrics

This book provides a massive amount of new research on several popular and less-examined topics pertaining to the relationship between economics and aging. Among the many themes explored in this ... More


How Big Is the Problem?

Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth

in Falling Short: The Coming Retirement Crisis and What to Do About It

Published in print:
2014
Published Online:
December 2014
ISBN:
9780190218898
eISBN:
9780190218928
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190218898.003.0003
Subject:
Economics and Finance, Public and Welfare

This chapter explores the specific causes and size of America’s worsening retirement problem. It first sets out a goal for households: to save enough to maintain their pre-retirement standard of ... More


What Can We Do as Individuals?

Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth

in Falling Short: The Coming Retirement Crisis and What to Do About It

Published in print:
2014
Published Online:
December 2014
ISBN:
9780190218898
eISBN:
9780190218928
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190218898.003.0004
Subject:
Economics and Finance, Public and Welfare

This chapter discusses steps that individuals can take to improve their retirement prospects, namely working longer and saving more. Working longer increases monthly Social Security benefits, allows ... More


Securing Tax-Favored Benefits and Living Standards

Sylvester J. Schieber

in The Predictable Surprise: Unraveling the U.S. Retirement System

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199890958
eISBN:
9780190261382
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199890958.003.0028
Subject:
Economics and Finance, Microeconomics

This chapter argues that the U.S. retirement system that has served generations retiring in the past is no longer sustainable in many cases for the baby boom and future generations. It first ... More


Life-cycle Asset Allocation Strategies and the Distribution of 401(k) Retirement Wealth

James M. Poterba, Joshua Rauh, Steven F. Venti, and David A. Wise

in Developments in the Economics of Aging

Published in print:
2009
Published Online:
February 2013
ISBN:
9780226903354
eISBN:
9780226903361
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903361.003.0002
Subject:
Economics and Finance, Public and Welfare

This chapter presents evidence on the distribution of balances in 401(k)-type retirement saving accounts under various asset allocation strategies that investors might choose. In addition to a range ... More


Financial Engineering and Social Security Reform

Zvi Bodie

in Risk Aspects of Investment-Based Social Security Reform

Published in print:
2000
Published Online:
February 2013
ISBN:
9780226092553
eISBN:
9780226092560
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092560.003.0009
Subject:
Economics and Finance, Economic Systems

A major concern in the debate about replacing the current social security system in the United States with a system of self-directed personal investment accounts is that ordinary Americans will not ... More


Passive Decisions and Potent Defaults

James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick (eds)

in Analyses in the Economics of Aging

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226902869
eISBN:
9780226903217
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903217.003.0003
Subject:
Economics and Finance, Econometrics

This chapter proposes a theory of optimal defaults in related to retirement savings. It suggests that it is sometimes optimal to set extreme defaults that are far away from the mean optimal savings ... More


Responding to Fund Growth: Calls for New Types of Regulation

Matthew P. Fink

in The Rise of Mutual Funds: An Insider's View

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195336450
eISBN:
9780199868469
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195336450.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

The eighteen-year bull market of 1982-2000, combined with new fund products and distribution systems and legislation providing incentives for individual retirement savings, propelled mutual funds ... More


Choice, Chance, and Wealth Dispersion at Retirement

Steven F. Venti and David A. Wise

in Aging Issues in the United States and Japan

Published in print:
2001
Published Online:
February 2013
ISBN:
9780226620817
eISBN:
9780226620831
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226620831.003.0002
Subject:
Economics and Finance, Economic History

In a previous study, the authors of this chapter evaluated the extent to which the different wealth accumulation of households with similar lifetime earnings could be accounted for by random shocks, ... More


Preretirement Cashouts and Foregone Retirement Saving: Implications for 401(k) Asset Accumulation

James M. Poterba, Steven F. Venti, and David A. Wise (eds)

in Themes in the Economics of Aging

Published in print:
2001
Published Online:
February 2013
ISBN:
9780226902845
eISBN:
9780226903330
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903330.003.0002
Subject:
Economics and Finance, Behavioural Economics

This chapter draws together previous research on withdrawals from retirement saving plans to gauge the importance of such withdrawals on the saving balances of future retirees. The chapter is ... More


Utility Evaluation of Risk in Retirement Saving Accounts

James M. Poterba, Joshua Rauh, Steven F. Venti, and David A. Wise (eds)

in Analyses in the Economics of Aging

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226902869
eISBN:
9780226903217
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903217.003.0002
Subject:
Economics and Finance, Econometrics

This chapter evaluates the effect of holding a broadly diversified portfolio of common stocks compared to a portfolio of index bonds on the distribution of 401(k) account balances at retirement using ... More


Design Features that Determine Gender Outcomes

Estelle James, Alejandra Cox Edwards, and Rebeca Wong

in The Gender Impact of Social Security Reform

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226392004
eISBN:
9780226392028
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226392028.003.0009
Subject:
Economics and Finance, Public and Welfare

Multipillar social security systems consist of two parts: a privately managed funded defined contribution (DC) plan that handles workers' retirement saving and a publicly managed, tax-financed ... More


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