As state and local policymakers enact benefit cuts to reduce the cost of their pension systems, the life-cycle model suggests that workers will adjust by saving more on their own. But, whether workers actually respond to pension characteristics remains an open question. After all, income...

This study explores how workers respond to reports about Social Security’s finances, using an online experiment in which participants are shown identical articles with different headlines. The headline for the control group reports that Social Security has a “long-term financing...