We study how cognitive ability and financial literacy relate to each step of the planning process for retirement, that is, individuals’ propensity to plan, planned savings amounts, and actual economic outcomes (savings, portfolio choice, annuity purchase). We find that cognitive ability and...

We study how age identity (measured by the difference between chronological age and perceived old age), influences financial planning among the older population (60+) in China. Using data from three waves of the China Longitudinal Aging Social Survey, we show that individuals who feel younger...