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Financial sophistication in the older population
Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa - 2012
This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic...
Persistent link: https://www.econbiz.de/10010311790
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Target date funds and portfolio choice in 401(k) plans
Mitchell, Olivia S.; Utkus, Stephen P. - 2021
investment decisions to fund managers selected by plan sponsors. Including these funds in retirement saving menus raised equity …
Persistent link: https://www.econbiz.de/10012669298
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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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Fixed and variable longevity annuities in defined contribution plans: Optimal retirement portfolios taking social security into account
Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023
This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits...
Persistent link: https://www.econbiz.de/10013557346
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Financial Literacy and Planning: Implications for Retirement Wellbeing
Lusardi, Annamaria; Mitchell, Olivia S. - de Nederlandsche Bank - 2006
Evidence suggests only a minority of American households feels "confident" about retirement saving adequacy. Little is … saving patterns. To better understand these issues, we devised and fielded a purpose-built module on planning and financial … literacy for the 2004 Health and Retirement Study (HRS). This module measures how workers make their saving decisions, how they …
Persistent link: https://www.econbiz.de/10005101811
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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/10011936359
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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/10011552461
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Financial literacy among the young : evidence and implications for consumer policy
Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa - 2010
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial...
Persistent link: https://www.econbiz.de/10003980623
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How ordinary consumers make complex economic decisions : financial literacy and retirement readiness
Lusardi, Annamaria; Mitchell, Olivia S. - 2010
This paper explores who is financially literate, whether people accurately perceive their own economic decision-making skills, and where these skills come from. Self-assessed and objective measures of financial literacy can be linked to consumers’ efforts to plan for retirement in the American...
Persistent link: https://www.econbiz.de/10003980633
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Financial sophistication in the older population
Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa - 2012
This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic...
Persistent link: https://www.econbiz.de/10009572844