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Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan : Impact of CVaR Cost Constraints
Maurer, Raimond - 2008
Using a Monte Carlo framework, we analyze the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for German civil servants, allowing for alternative strategic contribution and investment patterns. In the process we integrate a Conditional Value at Risk...
Persistent link: https://www.econbiz.de/10012464316
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Do Savings Increase in Response to Salient Information about Retirement and Expected Pensions?
Dolls, Mathias - 2016
How can retirement savings be increased? We explore a unique policy change in the context of the German pension system to study this question. As of 2004, the German pension authority started to send out annual letters providing detailed and comprehensible information about the pension system...
Persistent link: https://www.econbiz.de/10012455996
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Liquidity in Retirement Savings Systems : An International Comparison
Beshears, John - 2015
What is the socially optimal level of liquidity in a retirement savings system? Liquid retirement savings are desirable because liquidity enables agents to flexibly respond to pre-retirement events that raise the marginal utility of consumption. On the other hand, pre-retirement liquidity is...
Persistent link: https://www.econbiz.de/10012457499
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Health, Financial Incentives, and Early Retirement : Micro-Simulation Evidence for Germany
Juerges, Hendrik - 2014
decisions in Germany, in particular disability benefit uptake. We show that financial incentives to retire do affect sick …
Persistent link: https://www.econbiz.de/10012458775
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Propagation and Smoothing of Shocks in Alternative Social Security Systems
Auerbach, Alan - 2013
Even with well-developed capital markets, there is no private market mechanism for trading between current and future generations, so a potential role for public old-age pension systems is to spread economic and demographic shocks among different generations. This paper evaluates the smoothing...
Persistent link: https://www.econbiz.de/10012459525
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Financial Literacy and Retirement Planning in Germany
Bucher-Koenen, Tabea - 2011
We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial … concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education … and low income in East Germany have little financial literacy compared to their West German counterparts. Interestingly …
Persistent link: https://www.econbiz.de/10012461547
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Anticipated and Actual Bequests
Hurd, Michael D. - 1999
This paper uses data on anticipated bequests from two waves of the Health and Retirement Study and the Asset and Health Dynamics of the Oldest Old (AHEAD), and on actual bequests from AHEAD. Actual bequests were measured in exit interviews given by proxy respondents for 774 AHEAD respondents who...
Persistent link: https://www.econbiz.de/10012471404
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Pre-Retirement Cashouts and Foregone Retirement Saving : Implications for 401(k) Asset Accumulation
Poterba, James M. - 1999
This paper presents new evidence on the potential importance of 401(K) assets in contributing to the retirement resources of future retirees. We use data on past 401(k) participation rates by age and imcome decile, along with information on average 401(k) contribution rates, to project the...
Persistent link: https://www.econbiz.de/10012471470
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Consumption Over the Life Cycle
Gourinchas, Pierre-Olivier - 1999
This paper employs a synthetic cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of...
Persistent link: https://www.econbiz.de/10012471519
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Asset Location in Tax-Deferred and Conventional Savings Accounts
Shoven, John B. - 1999
attention in financial theory and practice. On the other hand, investors have not been given much guidance about which assets …
Persistent link: https://www.econbiz.de/10012471596