RI: Adequacy of Retirement Income (Topic)最新文献

{"title":"Behavioral Biases in Annuity Choice: An Experiment","authors":"Robert S. Gazzale, Lina Walker","doi":"10.2139/ssrn.1370535","DOIUrl":"https://doi.org/10.2139/ssrn.1370535","url":null,"abstract":"We conduct a neutral-context laboratory experiment to systematically investigate the role of the hit-by-bus concern in explaining the annuitization puzzle: the low rate of retirement-asset annuitization relative to the predictions of standard models. We vary endowed asset (annuity vs. stock of wealth vs. no explicit endowment), and find a strong endowment effect. Furthermore, we find that the ordering of survival risks matters. Compared to a frame in which a single draw from a known distribution determines survival outcome, annuity choice is lower when subjects must sequentially survive early periods to reach periods in which the annuity dominates. We conclude with policy implications.","PeriodicalId":186173,"journal":{"name":"RI: Adequacy of Retirement Income (Topic)","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123833107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Filling the Pension Gap: Coverage and Value of Voluntary Retirement Savings","authors":"","doi":"10.2139/ssrn.1368827","DOIUrl":"https://doi.org/10.2139/ssrn.1368827","url":null,"abstract":"The current generation of workers can expect lower pension benefits in retirement than the current generation of pensioners. Private, voluntary pension savings will therefore play a greater role in providing for old age. This paper calculates the size of the “pension gap”: the difference between the benefits from mandatory retirement-income provision and a target pension level. It then computes the amount that people would need to save to achieve the target. Data on coverage of private, voluntary pension schemes in a range of OECD countries are then presented. The paper also shows how coverage varies with age and earnings. The results show significant gaps in coverage, particularly among low earners and younger workers. The effect could be a resurgence of old-age poverty when these generations reach retirement. Data on contributions to private pensions show that these are, on average, at a level likely to fill the pension gap. Expanding coverage rather than raising contribution rates should therefore be the policy priority. Five policy options for increasing coverage are assessed: (i) mandating private pensions; (ii) “soft compulsion”, which is automatic enrolment in private pensions but with an opt-out; (iii) facilitating access to the means for saving for retirement; (iv) preferential tax treatment of retirement savings; and (v), improving financial awareness. L’actuelle generation de travailleurs peut s’attendre a toucher des prestations de retraite inferieures a celles que percoit l’actuelle generation de retraites. Les regimes prives, volontaires, d’epargne-retraite seront donc appeles a jouer un plus grand role en tant que source de revenu pour les personnes âgees. Le present document evalue l’ampleur du deficit d’epargne-retraite : c’est-a-dire de la difference entre les prestations servies par les regimes obligatoires de retraite et l’objectif vise en matiere de pension. Il calcule ensuite les sommes que les salaries devraient epargner pour atteindre cet objectif. Le document presente ensuite des donnees sur la couverture des regimes de retraite volontaires prives dans un certain nombre de pays de l’OCDE. Il montre aussi que cette couverture varie fortement en fonction de l’âge et des gains et qu’elle est particulierement reduite dans le cas des titulaires de bas salaires et des jeunes travailleurs. La consequence pourrait etre une resurgence de la pauvrete des personnes âgees, lorsque ces generations atteindront l’âge de la retraite. Les donnees sur les cotisations aux regimes de pensions prives montrent qu’elles se situent, en moyenne, a un niveau qui devrait permettre de combler le deficit d’epargne retraite. L’extension de la couverture plutot que l’augmentation des taux de cotisation, devrait donc etre consideree comme la priorite d’action. Cinq lignes d’action pour etendre cette couverture sont evaluees : (i) l’adhesion obligatoire a des regimes de pension prives ; (ii) la contrainte douce, c’est-a-dire l’inscription automatique a d","PeriodicalId":186173,"journal":{"name":"RI: Adequacy of Retirement Income (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127304038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Changing Earnings Volatility on Retirement Wealth","authors":"A. Nichols, Melissa M. Favreault","doi":"10.2139/ssrn.1360881","DOIUrl":"https://doi.org/10.2139/ssrn.1360881","url":null,"abstract":"Over the last several decades, the volatility of family income has increased markedly, and own earnings volatility has remained relatively flat. Volatility may affect retirement wealth, depending on whether volatility affects accrued pension contributions or withdrawals or earnings credited toward future Social Security benefits. This project assesses the effect of the volatility of individual and family earnings on asset accumulation and projected retirement wealth using survey data matched to administrative earnings records.","PeriodicalId":186173,"journal":{"name":"RI: Adequacy of Retirement Income (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133807127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}