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Putting the pension back in 401(k) plans: Optimal versus default longevity income annuities
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2016
protect retirees from outliving their assets by converting a portion of their plan balances into longevity income annuities … (LIA). These are deferred annuities which initiate payouts not later than age 85 and continue for life, and they provide an …
Persistent link: https://www.econbiz.de/10011553781
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Implications of money-back guarantees for individual retirement accounts: Protection then and now
Horneff, Vanya; Liebler, Daniel; Maurer, Raimond; … - 2019
In the wake of the financial crisis and continued volatility in international capital markets, there is growing interest in mechanisms that can protect people against retirement account volatility. This paper explores the consequences for savers' wellbeing of implementing market-based retirement...
Persistent link: https://www.econbiz.de/10012113830
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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 …
Persistent link: https://www.econbiz.de/10011936359
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Do Required Minimum Distribution 401(k) Rules Matter, and for Whom? Insights from a Lifecylce Model
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2021
Tax-qualified vehicles helped U.S. private-sector workers accumulate {dollar}25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the "Required Minimum Distribution" (RMD) regulation, requiring retirees to withdraw a...
Persistent link: https://www.econbiz.de/10012655971
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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. - 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/10013557346
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How persistent low expected returns alter optimal life cycle saving, investment, and retirement behavior
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2017
This Chapter explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, as compared to what in the past had been thought of as more "normal" financial conditions. Our calibrated lifecycle dynamic model with realistic tax, minimum distribution,...
Persistent link: https://www.econbiz.de/10011755418
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Putting the pension back in 401(k) plans : optimal versus default longevity income annuities
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2016
protect retirees from outliving their assets by converting a portion of their plan balances into longevity income annuities … (LIA). These are deferred annuities which initiate payouts not later than age 85 and continue for life, and they provide an …
Persistent link: https://www.econbiz.de/10011552461
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Time Discounting and Economic Decision-Making Among the Elderly
Huffman, David - 2020
This research project evaluates the extent of heterogeneity in time discounting among elderly Americans, as well as its role in explaining older peoples' key behaviors. We first show how older Americans evaluate simple (hypothetical) intertemporal choices in which payments now are compared with...
Persistent link: https://www.econbiz.de/10012854861
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How Financial Literacy Shapes the Demand for Financial Advice at Older Ages
Kim, Hugh Hoikwang; Maurer, Raimond; Mitchell, Olivia S. - 2021
We investigate how financial literacy shapes older Americans’ demand for financial advice. Using an experimental module fielded in the Health and Retirement Study, we show that financial literacy strongly improves the quality but not the quantity of financial advice sought. In particular, more...
Persistent link: https://www.econbiz.de/10013224571
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Do Required Minimum Distribution 401(K) Rules Matter, and for Whom? Insights from a Lifecycle Model
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2021
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a...
Persistent link: https://www.econbiz.de/10013245654