Financial regret at older ages and longevity awareness

IF 1.7 3区经济学 Q2 BUSINESS, FINANCE

Journal of Risk and Insurance Pub Date : 2025-04-28 DOI:10.1111/jori.70008

Abigail Hurwitz, Olivia S. Mitchell

引用次数: 0

Abstract

To investigate financial regret among older Americans, we conduct a controlled experiment in the Health and Retirement Study. We document that many older people regret not having bought longevity protection or long-term care insurance, as well as having retired and claimed social security benefits too early. This is especially true for women, Black, and less wealthy older individuals. Additionally, we find that informing participants about objective survival probabilities boosts regret by 43% regarding not having lifetime income, and by even more for those in good health and still working.

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年老时的财务遗憾和长寿意识

为了调查美国老年人的财务遗憾，我们在“健康与退休研究”中进行了一项对照实验。我们记录了许多老年人后悔没有购买长寿保险或长期护理保险，以及过早退休并申请社会保障福利。对于女性、黑人和不太富裕的老年人来说尤其如此。此外，我们发现，告知参与者客观生存概率会让43%的人对没有终身收入感到遗憾，而对于那些身体健康且仍在工作的人来说，这一比例甚至更高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Risk and Insurance Multiple-

CiteScore

3.50

自引率

15.80%

发文量

期刊介绍： The Journal of Risk and Insurance (JRI) is the premier outlet for theoretical and empirical research on the topics of insurance economics and risk management. Research in the JRI informs practice, policy-making, and regulation in insurance markets as well as corporate and household risk management. JRI is the flagship journal for the American Risk and Insurance Association, and is currently indexed by the American Economic Association’s Economic Literature Index, RePEc, the Social Sciences Citation Index, and others. Issues of the Journal of Risk and Insurance, from volume one to volume 82 (2015), are available online through JSTOR . Recent issues of JRI are available through Wiley Online Library. In addition to the research areas of traditional strength for the JRI, the editorial team highlights below specific areas for special focus in the near term, due to their current relevance for the field.