Making portfolio allocation decisions can be difficult for American households who lack interest or experience in financial matters. Service providers and 401(k) plan sponsors have introduced new plan design approaches and investment products, such as target-date funds, that can simplify savings...

Based on temporal construal theory, the length of time a person has before they reach retirement age will influence how they react to different types of messages. This theory predicts younger workers prefer more abstract communications compared to older workers who should prefer more concrete...