Taft Dorman, Barry S. Mulholland, Qianwen Bi, Harold R. Evensky
{"title":"The Efficacy of Publicly-Available Retirement Planning Tools","authors":"Taft Dorman, Barry S. Mulholland, Qianwen Bi, Harold R. Evensky","doi":"10.2139/ssrn.2732927","DOIUrl":null,"url":null,"abstract":"Publicly-available retirement planning tools are publicized to aid households in their retirement planning efforts, but households are likely overestimating tool effectiveness. The authors conclude that the advice provided from a majority of these tools is extremely misleading to households, and propose a more systematic approach to tool development by improved choice of input variables. Analyzing professional advisor opinion and theory, critical input variables are identified and recommended. A case scenario is developed incorporating these critical variables and used to test the efficacy of 36 publicly-available retirement planning tools.","PeriodicalId":407792,"journal":{"name":"Pension Risk Management eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pension Risk Management eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2732927","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
Abstract
Publicly-available retirement planning tools are publicized to aid households in their retirement planning efforts, but households are likely overestimating tool effectiveness. The authors conclude that the advice provided from a majority of these tools is extremely misleading to households, and propose a more systematic approach to tool development by improved choice of input variables. Analyzing professional advisor opinion and theory, critical input variables are identified and recommended. A case scenario is developed incorporating these critical variables and used to test the efficacy of 36 publicly-available retirement planning tools.