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House prices, second mortgages and household savings : an empirical investigation for the Netherlands, 1987 - 1994

Rouwendal, Jan; Alessie, Rob - 2002

Since the beginnings of the eighties house prices in the Netherlands haveincreased steadily and considerably. In this paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We use the dataof the Dutch socio-economic panel for the...

Persistent link: https://www.econbiz.de/10011327548

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/10011755248

Financial literacy and suboptimal financial decisions at older ages

Fong, Joelle H.; Koh, Benedict SK.; Mitchell, Olivia S.; … - 2019

Over the life-cycle, wealth holdings tend to be highest in the early part of retirement. The quality of financial decisions among older adults is therefore an important determinant of their financial security during the asset drawdown phase. This paper assesses how financial literacy shapes...

Persistent link: https://www.econbiz.de/10012113846

Simplifying choices in defined contribution retirement plan design : a case study

Mitchell, Olivia S.; Keim, Donald B. - 2017

The growth and popularity of defined contribution pensions, along with the government's increasing attention to retirement plan costs and investment choices provided, make it important to understand how people select their retirement plan investments. This paper shows how employees in a large...

Persistent link: https://www.econbiz.de/10011721902

Behavioral impediments to valuing annuities : complexity and choice bracketing

Brown, Jeffrey R.; Kapteyn, Arie; Luttmer, Erzo F. P.; … - 2019

This paper examines two behavioral factors that diminish people's ability to value a life-time income stream or annuity, drawing on a survey of about 4,000 adults in a U.S. nationally representative sample. By experimentally varying the degree of complexity, we provide the first causal evidence...

Persistent link: https://www.econbiz.de/10011997340

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/10012113765

Putting the pension back in 401(k) retirement plans : optimal versus default longevity income annuities

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2018

calibrated lifecycle consumption and portfolio choice model embodying realistic institutional considerations. Our welfare …

Persistent link: https://www.econbiz.de/10011932365

Non-take-up of tax-favored savings plans : are household portfolios optimal?

Alessie, Rob; Hochgürtel, Stefan; Soest, Arthur van - 2001

Since the early nineties, the Dutch tax system allows for a tax-favored form of risk free savings through employer-sponsored savings plans (ESSPs). Under some conditions and up to a certain amount, the contributions to this planare tax-deductible, and the returns as well as the withdrawals are...

Persistent link: https://www.econbiz.de/10011325658

Saving and habit formation : evidence from Dutch panel data

Alessie, Rob; Teppa, Federica - 2002

This paper focuses on the role of habit formation in individual preferencesover consumption and saving. We closely … relate to Alessie and Lusardi's(1997) model as we estimate a model which is based on their closed-formsolution, where saving … is expressed as a function of lagged saving and otherregressors. Alternatively, we could use an Euler-equation approach …

Persistent link: https://www.econbiz.de/10011327546

Pension wealth and household savings in Europe : evidence from SHARELIFE

Alessie, Rob; Angelini, Viola; Santen, Peter van - 2013

We use recently collected retrospective survey data to estimate the displacement effect of pension wealth on household savings. The third wave of the Survey of Health, Ageing and Retirement in Europe, SHARELIFE, collects information on the entire job history of the respondent, a feature missing...

Persistent link: https://www.econbiz.de/10009737604