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Default contribution rates for 401(k) pension plans powerfully influence workers' choices. Potential causes include opt-out costs, procrastination, inattention, and psychological anchoring. We examine the welfare implications of defaults under each of these theories. We show how the optimal...
Persistent link: https://www.econbiz.de/10013118423
elasticity for such an important source of loanable funds in the economy suggests that the pensions funding mechanism should be …
Persistent link: https://www.econbiz.de/10013224409
pensions would probably have little effect on saving by higher income households. However, these households are more likely to …
Persistent link: https://www.econbiz.de/10013309345
-examination of existing empirical evidence concerning the effects of Social Security on personal savings, retirement, and the …
Persistent link: https://www.econbiz.de/10012762969
I employ data drawn from the Retirement History Survey to study the accuracy of pre-retirement expectations concerning social security benefits. The major findings of this study are as follows. First, survey responses to questions about expected benefits are reasonably noisy. However, when one...
Persistent link: https://www.econbiz.de/10013244119