This paper explores how an environment of persistent low returns influences saving, investing, and retirement behaviors … the (system-defined) Full Retirement Age of 66. In the context of a zero return environment, we show that workers will … optimally devote more of their savings to non-retirement accounts and less to 401(k) accounts, since the relative appeal of …

interest in mechanisms that can protect people against retirement account volatility. This paper explores the consequences for … savers' wellbeing of implementing market-based retirement account guarantees, using a life cycle consumption and portfolio … choice model where investors have access to stocks, bonds, and tax-qualified retirement accounts. We evaluate the case of …

. Optimal annuitization boosts welfare by 5-20% of average retirement plan accruals at age 66 (assuming average mortality rates …

The US has long incentivized retirement saving in 401(k) and similar retirement accounts by permitting workers to defer … taxes on contributions, levying them instead when retirees withdraw funds in retirement. This paper develops a dynamic life … lead to later retirement ages, particularly for the better-educated. It would also reduce work hours and lifetime tax …