This study investigates whether users of 25 free retirement planning programs available on the internet are advised to annuitize, in situations where it clearly would be advisable to do so. Our main conclusion is that the programs generally do not advise it, which contributes to other reasons...

This paper develops a rating system for internet-based free retirement planning software that assumes unsophisticated users. The rating system takes into account two of the most important sources of retirement income - Social Security and investments - and the two main determinants of retirement...