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How persistent low expected returns alter optimal life cycle saving, investment, and retirement behavior
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2017
This Chapter explores how an environment of persistent low returns influences saving, investing, and retirement … observed saving, work, and claiming age behavior of U.S. households. In particular, our model generates a large peak at the …
Persistent link: https://www.econbiz.de/10011755418
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Putting the pension back in 401(k) plans: Optimal versus default longevity income annuities
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2016
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into longevity income annuities (LIA). These are deferred annuities which initiate...
Persistent link: https://www.econbiz.de/10011553781
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Implications of money-back guarantees for individual retirement accounts: Protection then and now
Horneff, Vanya; Liebler, Daniel; Maurer, Raimond; … - 2019
-back guarantees. These guarantees influenced participant consumption, saving, and investment behavior in the higher interest rate … savers' wellbeing of implementing market-based retirement account guarantees, using a life cycle consumption and portfolio … that abandoning these guarantees could enhance old-age consumption for over 80% of retirees, particularly lower earners …
Persistent link: https://www.econbiz.de/10012113830
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Testing methods to enhance longevity awareness
Mitchell, Olivia S.; Sade, Orly; Hurwitz, Abigail - 2022
subjective survival probabilities. Moreover, this information also boosts respondents' interest in saving and demand for …
Persistent link: https://www.econbiz.de/10013470685
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Implications of Money-Back Guarantees for Individual Retirement Accounts : Protection Then and Now
Horneff, Vanya - 2020
-back guarantees. These guarantees influenced participant consumption, saving, and investment behavior in the higher interest rate … savers' wellbeing of implementing market-based retirement account guarantees, using a life cycle consumption and portfolio … that abandoning these guarantees could enhance old-age consumption for over 80% of retirees, particularly lower earners …
Persistent link: https://www.econbiz.de/10012847191
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Putting the Pension Back in 401(K) Plans : Optimal Versus Default Longevity Income Annuities
Horneff, Vanya - 2016
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into longevity income annuities (LIA). These are deferred annuities which initiate...
Persistent link: https://www.econbiz.de/10012981076
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Cognitive Constraints on Valuing Annuities
Brown, Jeffrey R. - 2014
This paper investigates consumers' difficulty in valuing life annuities. Using a survey-based experiment, we show that the prices at which people are willing to buy annuities are substantially below the prices at which they are willing to sell them. This finding is not a simple endowment effect,...
Persistent link: https://www.econbiz.de/10013044221