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The Miracle of Compound Interest : Does Our Intuition Fail?

Binswanger, Johannes - 2010

When it comes to estimating the benefits of long-term savings, many people rely on their intuition. Focusing on the … domain of retirement savings, we use a randomized experiment to explore people's intuition about how money accumulates over … time. We ask half of our sample to estimate future consumption given savings (the forward perspective). The other half of …

Persistent link: https://www.econbiz.de/10013134869

What is an adequate standard of living during retirement?

Binswanger, Johannes; Schunk, Daniel - 2009

Many economists and policy-makers argue that households do not save enough to maintain an adequate standard of living during retirement. However, there is no consensus on the answer to the underlying question about what this standard should be, despite the fact that it is crucial for the design...

Persistent link: https://www.econbiz.de/10003923525

Do savings increase in response to salient information about retirement and expected pensions?

Dolls, Mathias; Doerrenberg, Philipp; Peichl, Andreas; … - 2016

How can retirement savings be increased? We explore a unique policy change in the context of the German pension system … change the level of pensions, but only manipulated the knowledge about and salience of expected pension payments. Using … on private retirement savings. Our results show that the letters increase private retirement savings. The effects are …

Persistent link: https://www.econbiz.de/10011535690

Retirement and the Stock Market Bubble

Gustman, Alan L.; Steinmeier, Thomas L. - 2003

This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior. The model includes individual variation both...

Persistent link: https://www.econbiz.de/10014093130

How Real People Make Long-Term Decisions : The Case of Retirement Preparation

Binswanger, Johannes - 2009

A canonical but untested assumption in economics is that choices are determined only by preferences and budget constraints, but not by how people approach decision making. In particular, it is believed that people behave “as if they optimized”, even if they do not engage in any formal...

Persistent link: https://www.econbiz.de/10013156332

How Real People Make Long-Term Decisions : The Case of Retirement Preparation

Binswanger, Johannes - 2010

Large variations in retirement wealth are common, with some households accumulating hundreds of thousands of dollars and others accumulating next to nothing. We examine to what extent formal planning or simple rules of thumb contribute to these differences in wealth accumulation. In particular,...

Persistent link: https://www.econbiz.de/10013142149

Savings, child support, pensions and endogenous (and heterogeneous) fertility

Simonovits, András - 2013

heterogeneity of rearing costs and of enjoying children is introduced. Two major results: (i) excluding negative savings, fertility … decreases with pension contributions and increases with taxes; (ii) the introduction of fertility-dependent pensions may …

Persistent link: https://www.econbiz.de/10010193875

Increasing the effectiveness of financial education in the workplace

Lusardi, Annamaria - 2008

Persistent link: https://www.econbiz.de/10010298401

Why mandatory retirement saving?

Els, Peter J. van; Rooij, Maarten van; Schuit, M. E. - In: Costs and benefits of collective pension systems : with …, (pp. 159-186). 2007

Persistent link: https://www.econbiz.de/10003610520

Measuring retirement savings adequacy : developing a multi-pillar approach in the Netherlands

Knoef, Marike; Been, Jim; Alessie, Rob; Caminada, Koen; … - In: Journal of pension economics and finance 15 (2016) 1, pp. 55-89

Persistent link: https://www.econbiz.de/10011566188