One important parameter in the decision process when buying a private annuity is individuals' subjective life expectancy, because it directly infuences the expected rate of return. We examine the market for private annuities in Germany and evaluate potential selection e ects based on subjective...

Im Zuge der Kritik an der Riester-Rente wird vielfach auf die schwedische Prämienrente als Vorbild für mögliche Korrekturen und Reformen verwiesen. Dort kam es mit der Rentenreform von 1998 zu einem Umbau des staatlichen Alterssicherungssystems hin zu einem Mischsystem, bestehend aus einer...

This paper provides a two-part empirical analysis on how actuarial reduction rates for early retirement affect current pension payments in Germany and to what extent the existence and the magnitude of these reduction rates influence people s retirement planning. First, by evaluating a large...

About 20% of German workers retire on disability pensions. Disability pensions provide fairly generous benefits for those who are not already age-eligible for an old-age pension and who are deemed unable to work for health reasons. In this paper, we use two sets of individual survey data to...

We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are influenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus...

Zum ersten Mal wurde in Deutschland eine groß angelegte wissenschaftliche Studie zur Machbarkeit und zum Nutzen einer säulenübergreifenden Renteninformationsplattform durchgeführt, unter realen Bedingungen und mit mehreren tausend Teilnehmern. Die beiden zentralen Ergebnisse sind, dass ein...

We document increased old-age mortality rates among Swedish twin mothers compared to non-twin mothers. Results are based on administrative data on mortality for the years 1990 to 2010. We argue that twins are an unplanned shock to fertility in the cohorts of older women considered. Deaths due to...

We show that financial advisors recommend more costly products to female clients, based on minutes from about 27,000 real-world advisory meetings and client portfolio data. Funds recom-mended to women have higher expense ratios controlling for risk, and women less often receive rebates on...

Trotz der sozialpolitischen Bedeutung, die der betrieblichen Altersvorsorge (bAV) seit den Rentenreformen der Neunziger- und Zweitausenderjahre zukommt, werden die unvollständige Evidenzlage, Intransparenz und fehlende Datengrundlagen in den letzten Jahren regelmäßig bemängelt. In diesem...