Wharton Pension Research Council Working Papers

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Working Papers from 2020

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How the Coronavirus Could Permanently Cut Near-Retirees’ Social Security Benefits, Andrew G. Biggs

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Auto-Enrollment Retirement Plans for the People: Choices and Outcomes in OregonSaves, John Chalmers, Olivia S. Mitchell, Jonathan Reuter, and Mingli Zhong

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Building on Hope or Tackling Fear? Policy Responses to the Growing Costs of Alzheimer’s Disease and Other Dementias, Adelina Comas-Herrera

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Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field, Stephen G. Dimmock, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg

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Public/Private Partnerships Extend Community-based Organization’s Longevity, William J. Dionne and Dozene Guishard

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Working Longer Solves (Almost) Everything: The Correlation Between Employment, Social Engagement and Longevity, Tim Driver and Amanda Henshon

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Does Working Longer Enhance Old Age?, Maria D. Fitzpatrick

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Financial Literacy and Financial Decision-making at Older Ages, Joelle H. Fong, Benedict SK. Koh, Olivia S. Mitchell, and Susann Rohwedder

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Asset-Rich and Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, and Benedict SK Koh

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State-sponsored Pensions for Private Sector Workers: The Case for Pooled Annuities and Tontines, Richard K. Fullmer and Jonathan Barry Forman

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Aging in Place: The Role of Public-Private Partnerships, Nancy A. Hodgson

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Implications of Money-Back Guarantees for Individual Retirement Accounts: Protection Then and Now, Vanya Horneff, Daniel Liebler, Raimond Maurer, and Olivia S. Mitchell

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How Would 401(k) ‘Rothification’ Alter Saving, Retirement Security, and Inequality?, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Financial Education Affects Financial Knowledge and Downstream Behaviors, Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, and Carly Urban

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New Financial Instruments for Managing Longevity Risk, John Kiff

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How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

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Social Security Research at the University of Michigan Retirement and Disability Research Center, John Laitner, Eric French, Alan L. Gustman, Michael D. Hurd, Olivia S. Mitchell, Kathleen J. Mullen, and Susan C. Barnes

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Debt Close to Retirement and Its Implications for Retirement Well-being, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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Understanding Debt in the Older Population, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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The Market for Reverse Mortgages among Older Americans, Christopher Mayer and Stephanie Moulton

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Perceptions of Mortality: Individual Assessments of Longevity Risk, Kathleen McGarry

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Building Better Retirement Systems in the Wake of the Global Pandemic, Olivia S. Mitchell

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Introduction: New Models for Managing Longevity Risk: Public/Private Partnerships, Olivia S. Mitchell

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Target Date Funds and Portfolio Choice in 401(k) Plans, Olivia S. Mitchell and Stephen P. Utkus

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Property Tax Deferral: Can a Public/Private Partnership Help Provide Lifetime Income?, Alicia H. Munnell, Wenliang Hou, and Abigail N. Walters

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Innovative Strategies to Finance and Deliver Long-Term Care, Nora Super, Arielle Burstein, Jason Davis, and Caroline Servat

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Disability-Free Life Trends at Older Ages: Implications for Longevity Risk Management, Douglas A. Wolf

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Optimal Default Retirement Saving Policies: Theory and Evidence from OregonSaves, Mingli Zhong

Working Papers from 2019

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Understanding the Macro-Financial Effects of Household Debt: A Global Perspective, Adrian Alter, Alan Feng, and Nico Valckx

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Ambiguity Attitudes about Investments: Evidence from the Field, Kanin Anantanasuwong, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg

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Save More Later? The Effect of the Option to Choose Delayed Savings Rate Increases on Retirement Wealth, John Beshears, Hengchen Dai, Katherine L. Milkman, and Shlomo Benartzi

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How Much Should the Poor Save for Retirement? Data and Simulations on Retirement Income Adequacy Among Low-Earning Households, Andrew G. Biggs

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The Risk of Financial Hardship in Retirement: A Cohort Analysis, Jason Brown, Karen Dynan, and Theodore Figinski

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Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing, Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, Olivia S. Mitchell, and Anya Samek

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The Graying of American Debt, Meta Brown, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw

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Is Rising Household Debt Affecting Retirement Decisions?, Barbara A. Butrica and Nadia S. Karamcheva

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Financial Well-being of State and Local Government Retirees in North Carolina, Robert L. Clark and Siyan Liu

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Five Facts About Beliefs and Portfolios, Stefano Giglio, Matteo Maggiori, Johannes Stroebel, and Stephen P. Utkus

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Household Debt and Aging in Japan, Charles Yuji Horioka and Yoko Niimi

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Factors Affecting Temporal Discounting in Older Adults, Joseph W. Kable, Karolina Lempert, and David Wolk

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Retirement Preparedness and Financial Literacy in Singapore: How Do the Self-Employed Compare?, Benedict S.K. Koh and Olivia S. Mitchell

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Trust and Retirement Preparedness: Evidence from Singapore, Benedict S.K. Koh, Olivia S. Mitchell, and Joelle H. Fong

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Paying it Back: Real-World Debt Service Trends and Implications for Retirement Planning, Anne Lester, Katherine Santiago, Je Oh, Livia Wu, and Ekaterina Chegaeva

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Financial Distress among the Elderly: Bankruptcy Reform and the Financial Crisis, Wenli Li and Michelle J. White

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Mortgage Foreclosures and Older Americans: A Decade after the Great Recession, Lori A. Trawinski

Working Papers from 2018

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Learning and Confirmation Bias: Measuring the Impact of First Impressions and Ambiguous Signals, Julie Agnew, Hazel Bateman, Christine Eckert, Fedor Iskhakov, Jordan Louviere University of South Australia, and Susan Thorp

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How FinTech is Reshaping the Retirement Planning Process, Julie Agnew and Olivia S. Mitchell

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Behavioral Finance, Decumulation, and the Regulatory Strategy for Robo-Advice, Tom Baker and Benedict Dellaert

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FinTech Disruption: Opportunities to Encourage Financial Responsibility, Julianne Callaway

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Exploring the Risks and Consequences of Elder Fraud Victimization: Evidence from the Health and Retirement Study, Marguerite DeLiema, Martha Deevy, Annamaria Lusardi, and Olivia S. Mitchell

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Financial Fraud among Older Americans: Evidence and Implications, Marguerite DeLiema, Martha Deevy, Annamaria Lusardi, and Olivia S. Mitchell

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Matching FinTech Advice to Participant Needs: Lessons and Challenges, Stephen L. Deschenes and P Brett Hammond

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The Chinese Pension System, Hanming Fang and Jin Feng

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The Emergence of the Robo-advisor, Jill E. Fisch, Marion Labouré, and John A. Turner

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Personality traits, intra-household allocation and the gender wage gap, Christopher J. Flinn, Petra E. Todd, and Weilong Zhong

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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors, Justine S. Hastings and Olivia S. Mitchell

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How Will Persistent Low Expected Returns Shape Household Economic Behavior?, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Cognitive Ability, Financial Literacy, and the Demand for Financial Advice at Older Ages: Findings from the Health and Retirement Study, Hugh H. Kim, Raimond Maurer, and Olivia S. Mitchell

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Transformation of Investment Advice: Digital Investment Advisors as Fiduciaries, Jennifer L. Klass and Eric L. Perelman

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Ethics, Insurance Pricing, Genetics, and Big Data, Robert Klitzman

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Financial Knowledge and Portfolio Complexity in Singapore, Benedict S. K Koh, Olivia S. Mitchell, and Susann Rohwedder

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Assessing the Impact of Financial Education Programs: A Quantitative Model, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell

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Understanding Debt at Older Ages and Its Implications for Retirement Well-being, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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Designing for Older Adults: Overcoming Barriers to a Supportive, Safe, and Healthy Retirement, Cosmin Munteanu, Benett Axtell, Hiba Rafih, Amna Liaqat, and Yomna Aly

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The FinTech Opportunity, Thomas Philippon

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The Big Spenddown: Digital Investment Advice and Decumulation, Steven Polansky, Peter Chandler, and Gary R. Mottola

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Benefit Plan Cybersecurity Considerations: A Recordkeeper and Plan Perspective, Timothy Rouse, David Levine, Allison Itami, and Benjamin Taylor

Working Papers from 2017

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Getting More from Less in Defined Benefit Plans: Three Levers for a Low-Return World, Daniel B. Berkowitz, Andrew S. Clarke, Kevin J. DiCiurcio, Kimberly A. Stockton, and Daniel W. Wallick

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Low Returns and Optimal Retirement Savings, David Blanchett, Michael Finke, and Wade D. Pfau

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How Persistent Low Returns Will Shape Saving and Retirement, Robert Clark, Raimond Maurer, and Olivia S. Mitchell

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Politics, Independence, and Retirees: Long-term Low Interest Rates at the US Federal Reserve, Peter Conti-Brown

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Retirement Saving and Decumulation in a Persistent Low-Return Environment, Jason J. Fichtner and Jason S. Seligmann

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State-Sponsored Retirement Savings Plans: New Approaches to Boost Retirement Plan Coverage, William G. Gale and David C. John

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Global Developments in Employee Benefits, Natalia Garabato, Jonathan Gardner, and Steve Nyce

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How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell

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Intelligent Risk Taking: How to Secure Retirement in a Low Expected Return World, Antti Illmanen and Matthew Rauseo

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Debt and Financial Vulnerability on the Verge of Retirement, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero

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Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek

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Enhancing Risk Management for an Aging World, Olivia S. Mitchell

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Evaluating Lump Sum Incentives for Delayed Social Security Claiming, Olivia S. Mitchell and Raimond Maurer

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Does Financial Literacy Increase Students’ Perceived Value of Schooling?, Luca Maria Pesando

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Challenges and Opportunities of Living and Working Longer, Joseph F. Quinn and Kevin E. Cahill

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Investing for Retirement in a Low Returns Environment: Making the Right Decisions to Make the Money Last, Catherine Reilly and Alistair Byrne

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Helping Employers Become Age-Ready, Yvonne Sonsino

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Attention Variation and Welfare: Theory and Evidence from a Tax Salience Experiment, Dmitry Taubinsky and Alex Rees-Jones

Working Papers from 2016

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Aging and Competence in Decision Making, Wandi Bruine de Bruin

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Advice in Defined Contribution Plans, Gordon L. Clark, Maurizio Fiaschetti, and Peter Tufano

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Worker Choices About Payouts in Public Pensions, Robert L. Clark and Janet Cowell

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Employee Financial Literacy and Retirement Plan Behavior: A Case Study, Robert Clark, Olivia S. Mitchell, and Annamaria Lusardi

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Aging and Exploitation: How Should the Financial Service Industry Respond?, Marguerite DeLiema and Martha Deevy

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Retirement and Cognitive Functioning: International Evidence, Raquel Fonseca, Arie Kapteyn, and Gema Zamarro

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Challenges for Financial Decision Making at Older Ages, Keith Jacks Gamble

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Introduction: Financial Decision Making and Retirement Security in an Aging World, P. Brett Hammond, Olivia S. Mitchell, and Steve Utkus

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Time Discounting and Economic Decision-making among the Elderly, David Huffman, Raimond Maurer, and Olivia S. Mitchell

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Understanding and Combating Investment Fraud, Christine N. Kieffer and Gary R. Mottola

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Choosing a Financial Advisor: When and How to Delegate?, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

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Seven Life Priorities in Retirement, Surya Kolluri and Cynthia Hutchins

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Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt, Annamaria Lusardi and Olivia S. Mitchell

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Older Peoples’ Willingness to Delay Social Security Claiming, Raimond Maurer and Olivia S. Mitchell