More than half of U.S. states are working to establish programs what would automatically enrollment in Individual Retirement Accounts (IRAs) workers who are not offered a retirement plan by their employer. These programs are designed to address a perceived shortfall of retirement saving,...

Most Americans will lack the financial resources to be secure and relatively satisfied upon retirement, and commentators increasingly recognize that this “retirement crisis” calls for policy changes affecting both active participants in the workforce and retirees. Nevertheless, some proposed...

We develop an equilibrium theory of employer-sponsored retirement plan design using a behavioral contract theory approach. The operation of the labor market results in retirement plans that generally cater to, rather than correct, workers' mistakes. Our theory provides new explanations for a...

Long term care expenses represent a known unknown in retirement planning. A large majority of households will need some sort of long term care support as they age and costs for certain types of long term care, like nursing homes, can run over USD 100,000 per year. However, most families will not...

In this paper, I estimate the effect of future pension benefits on pre-retirement labor supply for a representative sample of Chilean workers. Using non-linear patterns in pension benefit formulas and a reform that changed non-contributory pensions, I estimate the effect of pension accrual and...

In this paper, I am using the data from the 2013 Chinese Household Finance Survey (CHFS) to explore the impacts of financial literacy on Chinese households' retirement planning and the demand for commercial insurances, especially among the financial excluded/vulnerable subpopulations (rural,...

Individuals often fund charitable gifts with their savings or retirement benefits. However, such benefits, other than those from a Roth individual retirement arrangement, are generally included in the individual's gross income when received, and may not be deductible from the donor's income....

This study examined how Australia's tax and transfer system, especially in relation to the Age Pension, impacts on household retirement choices. As the population ages, fiscal challenges created when many individuals retire from working and paying tax to drawing government funded benefits and...

In 2012, Congress passed Moving Ahead for Progress in the 21st Century (“MAP-21”), which changed the ERISA pension funding rules such that mandatory pension contributions decreased. Advocates for the bill argued that reducing mandatory contributions would increase firms' investment. In...

In this paper we consider three types of embedded options in pension benefit design.The first is the Florida second election (FSE) option, which has been offered to public employees in the state of Florida since 2002. The state runs both defined contribution (DC) and defined benefit (DB) pension...