What you don't know can't help you: pension knowledge and retirement decision making
This paper provides an answer to an important empirical puzzle in the retirement literature: while most people know little about their own pension plans, retirement behavior is strongly affected by pension incentives. We combine administrative and self-reported pension data to measure the retirement response to actual and perceived financial incentives. While virtually all recent empirical work has relied on administrative- or employer-reported data, we document an important role for self-reported pension data in determining retirement behavior. Well-informed individuals are five times more responsive to pension incentives than the average. In contrast, ill-informed individuals respond to their own misperceptions of the incentives rather than being unresponsive to any measured incentives.
Year of publication: |
2005
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Authors: | Stevens, Ann Huff ; Chan, Sewin |
Publisher: |
Davis, CA : University of California, Department of Economics |
Saved in:
freely available
Series: | Working Paper ; 05-18 |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 505118726 [GVK] hdl:10419/31390 [Handle] |
Source: |
Persistent link: https://www.econbiz.de/10010266416
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