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What Will My Account Really Be Worth? an Experiment on Exponential Growth Bias and Retirement Saving

Goda, Gopi Shah - 2012

Recent findings on limited financial literacy and exponential growth bias suggest saving decisions may not be optimal because such decisions require an accurate understanding of how current contributions can translate into income in retirement. This study uses a large-scale field experiment to...

Persistent link: https://www.econbiz.de/10013108601

The Role of Time Preferences and Exponential-Growth Bias in Retirement Savings

Goda, Gopi Shah - 2015

There is considerable variation in retirement savings within income, age, and educational categories. Using a broad … retirement savings, even while controlling for measures of IQ and general financial literacy as well as a rich set of demographic … savings. We assess potential threats to a causal interpretation of our results with a hypothetical choice experiment and …

Persistent link: https://www.econbiz.de/10013017085

The Role of Financial Literacy in Determining Retirement Plans

Clark, Robert L. - 2010

Workers nearing retirement face many important, and often irreversible, choices. We collected detailed demographic and financial literacy data on over 1,500 workers nearing retirement at three large companies to assess how individuals are planning for retirement. Many respondents display limited...

Persistent link: https://www.econbiz.de/10013134999

Retirement Plan Type and Employee Mobility : the Role of Selection and Incentive Effects

Goda, Gopi Shah - 2013

Employer-provided pension plans may affect employee mobility both through an "incentive effect," where the bundle of benefit characteristics such as vesting rules, pension wealth accrual, risk, and liquidity affect turnover directly, and a "selection effect," where employees with different...

Persistent link: https://www.econbiz.de/10013084739

Social Security and the Timing of Divorce

Goda, Gopi Shah - 2010

Social Security provides spousal benefits in retirement to secondary workers in married couples based on the primary worker's earnings record. In addition, Social Security pays spousal benefits to divorced secondary workers whose marriages lasted at least ten years. However, if a marriage failed...

Persistent link: https://www.econbiz.de/10012759856

Removing the Disincentives in Social Security for Long Careers

Goda, Gopi Shah - 2010

Implicit taxes in Social Security, which measure Social Security contributions net of benefits accrued as a percentage of earnings, tend to increase over the life cycle. In this paper, we examine the effects of three potential policy changes on implicit Social Security tax rates: extending the...

Persistent link: https://www.econbiz.de/10012760092

Post-Retirement Increases in Pensions in the 1980s : Did Plan Finances Matter?

Allen, Steven G.; Clark, Robert L.; McDermed, Ann A. - 2021

Many firms give post-retirement increases in pension benefits to retirees even though the pension contract does not require such increases. A leading explanation of this behavior is that benefit increases are part of an implicit contract where retirees accept lower initial benefits in return for...

Persistent link: https://www.econbiz.de/10013218418

Post-Retirement Adjustments of Pension Benefits

Allen, Steven G.; Clark, Robert L.; Sumner, Daniel A. - 2021

This paper examines why pension plans increased their liabflities by giving benefit increases to persons no longer working even though almost al lof them were not required to do so by any legally enforceable contract. In our model workers and firms have implicit contracts under which...

Persistent link: https://www.econbiz.de/10013237289

Phasing into Retirement

Allen, Steven G.; Clark, Robert L.; Ghent, Linda - 2021

Employers have been launching phased retirement programs to help workers navigate the transition from work to retirement more effectively. This paper examines the experience of the phased retirement system for tenured faculty in the University of North Carolina system. After phased retirement...

Persistent link: https://www.econbiz.de/10013238688

Pensions and Firm Performance

Allen, Steven G.; Clark, Robert L. - 2021

pensions on firm performance cannot be predicted. Firms with pensions should have lower turnover rates and more efficient … pension coverage is associated with higher productivity, a proposition that is supported by indirect evidence on pensions …

Persistent link: https://www.econbiz.de/10013240642