Working Papers from 2023
Registered Index-Linked Annuities in Qualified Retirement Plans, Cameron Ellis, Thorsten Moenig, and Jacqueline Volkman-Wise
Early Pension Withdrawals in Chile During the Pandemic, Olga M. Fuentes, Olivia S. Mitchell, and Felix Villatoro
Four Facts About ESG Beliefs and Investor Portfolios, Stephano Giglio, Matteo Maggiori, Johannes Stroebel, Zhenhao Tan, Stephen Utkus, and Xiao Xu
Understanding Financial Vulnerability Among Asians, Blacks, and Hispanics in the United States, Andrea Hasler, Annamaria Lusardi, Olivia S. Mitchell, and Alessia Sconti
Fixed and Variable Longevity Annuities in Defined Contribution Plans: Optimal Retirement Portfolios Taking Social Security into Account, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell
How Would 401(k) ‘Rothification’ Alter Saving, Retirement Security, and Inequality?, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell
Time Discounting and Economic Decision-making among the Elderly, David Huffman, Raimond Maurer, and Olivia S. Mitchell
Household Investment in 529 College Savings Plans and Information Processing Frictions, James J. Li, Olivia S. Mitchell, and Christina Zhu
The Importance of Financial Literacy: Opening a New Field, Annamaria Lusardi and Olivia S. Mitchell
Older Peoples’ Willingness to Delay Social Security Claiming, Raimond Maurer and Olivia S. Mitchell
Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek
Splurging After Reaching Your Goal: How and When a Used (vs. Unused) Account Affects Consumption Behavior?, Siyuan Yin and Marissa A. Sharif
Working Papers from 2022
The early impacts of coronavirus pandemic on Americans’ economic security, Marco Angrisani, Jeremy Burke, and Arie Kapteyn
What Matters for Annuity Demand: Objective Life Expectancy or Subjective Survival Pessimism?, Karolos Arapakis and Gal Wettstein
Is Attention Produced Optimally? Theory and evidence from Experiments with Bandwidth Enhancements, Erin T. Bronchetti, Judd B. Kessler, Erin B. Magenheim, Dmitry Taubinsky, and Eric Zwick
Movements In and Out of Poverty at Older Ages: Evidence from the HRS, Robert L. Clark, Annamaria Lusardi, and Olivia S. Mitchell
Factors Influencing the Choice of Pension Distribution at Retirement, Robert L. Clark and Olivia S. Mitchell
Americans’ Financial Resilience during the Pandemic, Robert Clark and Olivia S. Mitchell
Recessions and Retirement: New Evidence from the COVID-19 Pandemic, Courtney Coile and Haiyi Zhang
Changes in Retirement Savings During the COVID Pandemic, Elena Derby, Lucas Goodman, Kathleen Mackie, and Jacob Mortenson
Saving and Wealth Accumulation among Student Loan Borrowers: Implications for Retirement Preparedness, Lisa J. Dettling, Sarena F. Goodman, and Sarah J. Reber
Life-Cycle Portfolio Choice with Stock Market Loss Framing: Explaining the Empirical Evidence, Arwed Ebner, Vanya Horneff, and Raimond Maurer
Motivated Errors, Christine L. Exley and Judd B. Kessler
Information Avoidance and Image Concerns, Christine L. Exley and Judd B. Kessler
Retirement Security and Health Costs, Glenn Follette and Louise Sheiner
Does financial education in high school affect retirement savings in adulthood?, Melody Harvey and Carly Urban
American's debt burden, retirement readiness, and the pandemic, Andrea Hasler, Annamaria Lusardi, and Olivia S. Mitchell
Financial Regret at Older Ages and Longevity Awareness, Abigail Hurwitz and Olivia S. Mitchell
Racial and Ethnic Differences in Longevity Perceptions and Implications for Financial Decision-Making, Abigail Hurwitz, Orly Sade, and Olivia S. Mitchell
How Gloomy is the Retirement Outlook for Millennials?, Richard W. Johnson and Karen E. Smith
Saving and Attitudes to the Future, John Knowles and Andrew Postlewaite
Overpaying and Undersaving? Correlated Mistakes in Retirement Saving and Health Insurance Choices, Adam Leive, Leora Friedberg, and Brent Davis
Paying for Performance in Public Pension Plans, Yan Lu, Kevin Mullally, and Sugata Ray
Economic Conditions, the COVID-19 Pandemic Recession, and Implications for Disability Insurance in the United States, Nicole Maestas and Kathleen J. Mullen
Financial Literacy and Financial Behavior at Older Ages, Olivia S. Mitchell and Annamaria Lusardi
The Safety Net Response to the Covid-19 Pandemic Recession and the Older Population, Robert A. Moffitt and James P. Ziliak
The Current State of U.S. Workplace Retirement Plan Coverage, John Sabelhaus
Wealth Inequality and Retirement Preparedness: A Cross-Cohort Perspective, John Sabelhaus and Alice Henriques Volz
A Closer Look at Fringe Benefits for Faculty, Robert K. Toutkoushian
Working Papers from 2021
Auctioning Annuities, Gaurab Aryal, Eduardo Fajnzylber, Maria F. Gabrielli, and Manuel Willington
Eliciting Pension Beneficiaries’ Sustainability Preferences: Why and How?, Rob M.M.J. Bauer and Paul M.A. Smeets
Shoring Up Shortfalls: Women, Retirement and the Growing GigSupp Economy, Caroline Lewis Bruckner and Jonathan Barry Forman
Auto-Enrollment Retirement Plans for the People: Choices and Outcomes in OregonSaves, John Chalmers, Olivia S. Mitchell, Jonathan Reuter, and Mingli Zhong
Financial Fragility during the COVID-19 Pandemic, Robert L. Clark, Annamaria Lusardi, and Olivia S. Mitchell
Own and Parents’ Schooling as Predictors of Cognition: Findings from the Longitudinal Chilean Social Protection Survey, Irma T. Elo Professor, Jere R. Behrman, David Bravo, Sneha Mani, and Alejandro Sanchez Beccara
Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US, Nathan Fabian, Mikael Homanen, Nikolaj Pedersen, and Morgan Slebos
Sufficient Statistics for Nonlinear Tax Systems with Preference Heterogeneity, Antoine Ferey, Benjamin B. Lockwood, and Dmitry Taubinsky
ESG and Expected Returns on Equities: The Case of Environmental Ratings, Christopher C. Geczy and John B. Guerard Jr.
How the Norwegian SWF Balances Ethics, ESG Risks, and Returns: Can this Approach Work for Other Institutional Investors?, Anita Margrethe Halvorssen
Pensions and ESG: An Institutional and Historical Perspective, Brett Hammond and Amy O'Brien
Money-Back Guarantees in Individual Retirement Accounts: Still a Good Deal?, Vanya Horneff, Daniel Liebler, Raimond Maurer, and Olivia S. Mitchell
Do Required Minimum Distribution 401(k) Rules Matter, and For Whom? Insights from a Lifecycle Model, Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell
Longevity Perceptions and Saving Decisions During the COVID-19 Outbreak: An Experimental Investigation, Abigail Hurwitz, Olivia S. Mitchell, and Orly Sade
The Origins of ESG in Pensions: Strategies and Outcomes, Stéphanie Lachance and Judith C. Stroehle
What Does ESG Investing Really Mean? Implications for Investors of Separating Financial Materiality and Social Objectives, Linda-Eling Lee
Income Trajectories in Later Life: Longitudinal Evidence from the Health and Retirement Study, Olivia S. Mitchell, Robert Clark, and Annamaria Lusardi
Sustainable Investment in Retirement Plans: Introduction, Olivia S. Mitchell, P. Brett Hammond, and Raimond Maurer
Global Pensions and ESG: Is There A Better Way?, Luba Nikulina
ESG and Downside Risks: Implications for Pension Funds, Zacharias Sautner and Laura T. Starks
Optimal Default Retirement Saving Policies: Theory and Evidence from OregonSaves, Mingli Zhong
Working Papers from 2020
How the Coronavirus Could Permanently Cut Near-Retirees’ Social Security Benefits, Andrew G. Biggs
Building on Hope or Tackling Fear? Policy Responses to the Growing Costs of Alzheimer’s Disease and Other Dementias, Adelina Comas-Herrera
Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field, Stephen G. Dimmock, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg
Public-Private Partnerships Extend Community-based Organization’s Longevity, William J. Dionne and Dozene Guishard
Working Longer Solves (Almost) Everything: The Correlation between Employment, Social Engagement and Longevity, Tim Driver and Amanda Henshon
Does Working Longer Enhance Old Age?, Maria D. Fitzpatrick
Financial Literacy and Financial Decision-making at Older Ages, Joelle H. Fong, Benedict SK. Koh, Olivia S. Mitchell, and Susann Rohwedder
Asset-Rich and Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, and Benedict SK Koh
State-sponsored Pensions for Private-Sector Workers: The Case for Pooled Annuities and Tontines, Richard K. Fullmer and Jonathan Barry Forman
Aging in Place: The Role of Public-Private Partnerships, Nancy A. Hodgson
Testing Methods to Enhance Longevity Awareness, Abigail Hurwitz, Olivia S. Mitchell, and Orly Sade
Financial Education Affects Financial Knowledge and Downstream Behaviors, Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, and Carly Urban
New Financial Instruments for Managing Longevity Risk, John Kiff
How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell
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
Overpaying and Undersaving: Correlated Mistakes in Retirement Saving and Health Insurance Choices, Adam Leive and Leora Friedberg
Debt Close to Retirement and its Implications for Retirement Well-being, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero
Understanding Debt in the Older Population, Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero
The Market for Reverse Mortgages among Older Americans, Christopher Mayer and Stephanie Moulton
Perceptions of Mortality: Individual Assessment of Longevity Risk, Kathleen McGarry
Building Better Retirement Systems in the Wake of the Global Pandemic, Olivia S. Mitchell
Introduction: New Models for Managing Longevity Risk: Public-Private Partnerships, Olivia S. Mitchell
Target Date Funds and Portfolio Choice in 401(k) Plans, Olivia S. Mitchell and Stephen P. Utkus
Property Tax Deferral: Can a Public-Private Partnership Help Provide Lifetime Income?, Alicia H. Munnell, Wenliang Hou, and Abigail N. Walters
How do Behavioral Approaches to Increase Savings Compare? Evidence from Multiple Interventions in the U.S. Army, Richard W. Patterson and William L. Skimmyhorn
Innovative Strategies to Finance and Deliver Long-term Care, Nora Super, Arielle Burstein, Jason Davis, and Caroline Servat
Disability-free Life Trends at Older Ages: Implications for Longevity Risk Management, Douglas A. Wolf
Working Papers from 2019
Understanding the Macro-financial Effects of Household Debt: A Global Perspective, Adrian Alter, Alan Feng, and Nico Valckx
Ambiguity Attitudes about Investments: Evidence from the Field, Kanin Anantanasuwong, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg
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
How Much Should the Poor Save for Retirement? Data and Simulations on Retirement Income Adequacy among Low-earning Households, Andrew G. Biggs
The Risk of Financial Hardship in Retirement: A Cohort Analysis, Jason Brown, Karen Dynan, and Theodore Figinski
Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing, Jeffrey R. Brown, Arie Kapteyn, Erzo F. P. Luttmer, Olivia S. Mitchell, and Anya Samek
The Graying of American Debt, Meta Brown, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
Is Rising Household Debt Affecting Retirement Decisions?, Barbara A. Butrica and Nadia S. Karamcheva
Financial Well-being of State and Local Government Retirees in North Carolina, Robert L. Clark and Siyan Liu
Five Facts About Beliefs and Portfolios, Stefano Giglio, Matteo Maggiori, Johannes Stroebel, and Stephen P. Utkus
Household Debt and Aging in Japan, Charles Yuji Horioka and Yoko Niimi
Factors Affecting Temporal Discounting in Older Adults, Joseph W. Kable, Karolina Lempert, and David Wolk