Similar Search Results

Optimal social security claiming behavior under lump sum incentives: Theory and evidence

Maurer, Raimond; Mitchell, Olivia S.; Rogalla, Ralph; … - 2019

delays if, by delaying benefits, people received a lump sum instead of an annuity. We predict that current early claimers …

Persistent link: https://www.econbiz.de/10012113997

Fixed and variable longevity annuities in defined contribution plans: Optimal retirement portfolios taking social security into account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits...

Persistent link: https://www.econbiz.de/10013557346

Putting the pension back in 401(k) retirement plans: Optimal versus default longevity income annuities

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2018

A recent US Treasury regulation allowed deferred longevity income annuities to be included in pension plan menus as a default payout solution, yet little research has investigated whether more people should convert some of the $15 trillion they hold in employer-based defined contribution plans...

Persistent link: https://www.econbiz.de/10011936359

Actual and perceived financial sophistication and wealth accumulation: The role of education and gender

Bannier, Christina E.; Neubert, Milena - 2016

This study examines the role of actual and perceived financial sophistication (i.e., financial literacy and confidence) for individuals' wealth accumulation. Using survey data from the German SAVE initiative, we find strong gender- and education-related differences in the distribution of the two...

Persistent link: https://www.econbiz.de/10011420395

Financial literacy, retirement planning, and household wealth

van Rooij, Maarten; Lusardi, Annamaria; Alessie, Rob J. M. - Center for Financial Studies - 2011

There is ample empirical evidence documenting widespread financial illiteracy and limited pension knowledge. At the same time, the distribution of wealth is widely dispersed and many workers arrive on the verge of retirement with few or no personal assets. In this paper, we investigate the...

Persistent link: https://www.econbiz.de/10010958737

Building better retirement systems in the wake of the global pandemic

Mitchell, Olivia S. - 2020

In the wake of the global pandemic known as COVID-19, retirees, along with those hoping to retire someday, have been shocked into a new awareness of the need for better risk management tools to handle longevity and aging. This paper offers an assessment of the status quo prior to the spread of...

Persistent link: https://www.econbiz.de/10012321902

Betting on death and capital markets in retirement: A shortfall risk analysis of life annuities versus phased withdrawal plans

Dus, Ivica; Maurer, Raimond H.; Mitchell, Olivia S. - Center for Financial Studies - 2004

possibility would be to purchase an immediate annuity. Another approach, called the phased withdrawal strategy in the literature … about when to retire and when to switch to an annuity. We show that one particular phased withdrawal rule is appealing since … potential for the heirs. We also find that unisex mortality tables if used for annuity pricing can make womens expected …

Persistent link: https://www.econbiz.de/10010986362

Money in motion: Dynamic portfolio choice in retirement

Horneff, Wolfram J.; Maurer, Raimond H.; Mitchell, Olivia S. - Center for Financial Studies - 2007

resources). In practice, it turns out that many retirees will do almost as well by purchasing a variable annuity invested 60 …

Persistent link: https://www.econbiz.de/10010958527

Lifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply

Chai, Jingjing; Maurer, Raimond H.; Mitchell, Olivia S.; … - Center for Financial Studies - 2011

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...

Persistent link: https://www.econbiz.de/10010958546

Fitting parsimonious household- portfolio models to data

Hubar, Sylwia; Koulovatianos, Christos; Li, Jian - 2014

US data and new stockholding data from fifteen European countries and China exhibit a common pattern: stockholding shares increase in household income and wealth. Yet, there is a multitude of numbers to match through models. Using a single utility function across households (parsimony), we...

Persistent link: https://www.econbiz.de/10010426998