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Target Retirement Fund : A Variant on Target Date Funds that uses Deferred Life Annuities rather than Bonds to Reduce Risk as Retirement Approaches
Shoven, John B.; Walton, Daniel - National Bureau of Economic Research - 2023
approaches, a target retirement fund gradually purchases deferred life annuities beginning at age 50. In the particular straw … buying a retirement annuity in advance (by accumulating deferred life annuities) is superior to sticking with a Target Date …
Persistent link: https://www.econbiz.de/10013537711
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Fixed and Variable Longevity Annuities in Defined Contribution Plans : Optimal Retirement Portfolios Taking Social Security into Account
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - National Bureau of Economic Research - 2023
This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their … annuities in DC accounts is welfare enhancing for all sex/education groups examined. We also show that providing access to well …-designed variable deferred annuities with some equity exposure further enhances retiree wellbeing, compared to having access only to …
Persistent link: https://www.econbiz.de/10013537747
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Employer 401(k) Matches for Student Debt Repayment : Killing Two Birds with One Stone?
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - National Bureau of Economic Research - 2024
Almost 50 million Americans are burdened by the need to repay almost $2 trillion in student loan debt, while at the same time having to save for retirement. This article analyzes the potential impact of the 2022 SECURE 2.0 Act reform which permits employers to match contributions for student...
Persistent link: https://www.econbiz.de/10014544722
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Accelerating Vaccine Innovation for Emerging Infectious Diseases via Parallel Discovery
Barberio, Joseph; Becraft, Jacob; Ben Chaouch, Zied; … - National Bureau of Economic Research - 2022
We analyze the financial performance of a hypothetical portfolio of 120 mRNA vaccine candidates in the preclinical stage targeting 11 emerging infectious diseases. We calibrate the simulation parameters with input from domain experts in mRNA technology and an extensive literature review. We find...
Persistent link: https://www.econbiz.de/10013334345
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Broadband Internet and the Stock Market Investments of Individual Investors
Hvide, Hans K.; Meling, Tom G.; Mogstad, Magne; Vestad, … - National Bureau of Economic Research - 2022
We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market...
Persistent link: https://www.econbiz.de/10013362037
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What Drives Investors' Portfolio Choices? Separating Risk Preferences from Frictions
Choukhmane, Taha; De Silva, Tim - National Bureau of Economic Research - 2024
We study the role of risk preferences and frictions in portfolio choice using variation in 401(k) default options. Patterns of active choice in response to different default funds imply that, absent participation frictions, 94% of investors prefer holding stocks, with an equity share of...
Persistent link: https://www.econbiz.de/10014544754
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Dirty Air and Green Investments : The Impact of Pollution Information on Portfolio Allocations
Fisman, Raymond; Ghosh, Pulak; Sarkar, Arkodipta; … - National Bureau of Economic Research - 2023
We study exposure to pollution information and investment portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework, we show that retail investors' investments in "brown" stocks are negatively related to local air pollution...
Persistent link: https://www.econbiz.de/10014421239
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Protective Behavior and Life Insurance
Hurwitz, Abigail; Mitchell, Olivia S.; Sade, Orly - National Bureau of Economic Research - 2024
We study life insurance market responses to Covid-19 using unique national administrative data from Israel on purchases and cancellations of life insurance policies, and an internet survey of Americans' life insurance choices, risk attitudes, Covid-19 perceptions, and vaccination behavior. We...
Persistent link: https://www.econbiz.de/10014486194
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Aggregate Lapsation Risk
Koijen, Ralph S. J.; Lee, Hae Kang; Nieuwerburgh, Stijn van - National Bureau of Economic Research - 2022
We study aggregate lapsation risk in the life insurance sector. Using the regulatory reporting of historical lapse rates by life insurers, we empirically document the counter-cyclicality of lapsation behavior. We construct two lapsation risk factors that explain a large fraction of the common...
Persistent link: https://www.econbiz.de/10013334405
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Retirement Benefit Distributions for California Educators
Clark, Robert L.; Pelletier, Denis; Ritter, Beth - National Bureau of Economic Research - 2024
provide survivor benefits. Being married is a dominant factor in the selection of J&S annuities. Greater final annual salary …
Persistent link: https://www.econbiz.de/10014576660