Cognitive Ability And Retirement Decision Making

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Cognitive Ability and Retirement Decision Making

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Author : Angela A. Hung
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (14 download)

Book Synopsis Cognitive Ability and Retirement Decision Making by : Angela A. Hung

Download or read book Cognitive Ability and Retirement Decision Making written by Angela A. Hung and published by . This book was released on 2018 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Planning for and managing retirement are inherently complex tasks. Persons with higher overall cognitive functioning may have higher financial literacy and be better equipped to handle such complexity. Since cognitive abilities change with age, often with pronounced declines in fluid or reasoning abilities, as older Americans enter retirement they may be losing the capability to make sound decisions to maximize their own welfare. We examine the relative roles of cognitive ability and financial literacy, and decline in cognitive ability, in influencing retirement-related financial behaviors, such as retirement saving and the decumulation of wealth. We find consistent evidence that when financial literacy and cognitive ability are both used to predict retirement planning behavior, financial literacy tends to have the largest influence on predicted behavior. Accordingly, our evidence supports a conceptualization in which financial literacy is a partial mediator of the relationship between underlying cognitive abilities and resulting behaviors. We also track fluid cognitive ability for individuals longitudinally over time and find that those with steeper cognitive decline are more likely to withdraw from pensions and more likely to claim Social Security at any given age. Together, our results suggest that cognition, and any decline in cognition, matter for retirement financial behaviors.

Cognitive Ability, Expectations, and Beliefs About the Future

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Author : Andrew M. Parker
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (13 download)

Book Synopsis Cognitive Ability, Expectations, and Beliefs About the Future by : Andrew M. Parker

Download or read book Cognitive Ability, Expectations, and Beliefs About the Future written by Andrew M. Parker and published by . This book was released on 2014 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent advances in behavioral decision research, behavioral economics, and life-span development psychology provide leverage for expanding our understanding of the decision to retire earlier versus later. This report examines how cognitive abilities, perceptions about the future, and other psychological characteristics affect retirement decisions. We use existing and new data collected through the RAND-USC American Life Panel, including detailed assessments of fluid and crystallized intelligence, financial literacy, expectations for the future, future time perspective, and maximizing versus satisficing decision styles.We find those with high levels of cognitive ability are more likely to retire later, as are those with greater longevity expectations. We also find those with lower cognitive ability have less coherent expectations of retirement -- suggesting a need for planning assistance. We also find expectation of lower Social Security benefits is associated with plans to retire later -- contrary to our hypothesis that such expectation might spur early retirement in an effort to lock in benefits. Finally, we find that tendencies to maximize (versus satisfice) had mixed effects on retirement decision making, with different aspects of maximizing tendencies showing different relationships with retirement decision making.Future work should expand these data in a targeted direction. Recent research notes that decision-making competence can be improved with training, and to the extent this trainability extends to older adults, decision skills may be a useful target for intervention. Stronger longitudinal design and analysis can also help demonstrate possible endogeneities between retirement and psychological variables.

Financial Decision Making and Retirement Security in an Aging World

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Author : Olivia S. Mitchell
Publisher : Oxford University Press
ISBN 13 : 0198808038
Total Pages : 249 pages
Book Rating : 4.1/5 (988 download)

Book Synopsis Financial Decision Making and Retirement Security in an Aging World by : Olivia S. Mitchell

Download or read book Financial Decision Making and Retirement Security in an Aging World written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2017 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume will explore how financial decision-making changes at older ages, how and when financial advice can be useful for the older population, and what solutions and opportunities are needed to resolve the likely problems that will arise.

Cognitive Aging

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Author : Institute of Medicine
Publisher : National Academies Press
ISBN 13 : 0309368650
Total Pages : 300 pages
Book Rating : 4.3/5 (93 download)

Book Synopsis Cognitive Aging by : Institute of Medicine

Download or read book Cognitive Aging written by Institute of Medicine and published by National Academies Press. This book was released on 2015-07-21 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: For most Americans, staying "mentally sharp" as they age is a very high priority. Declines in memory and decision-making abilities may trigger fears of Alzheimer's disease or other neurodegenerative diseases. However, cognitive aging is a natural process that can have both positive and negative effects on cognitive function in older adults - effects that vary widely among individuals. At this point in time, when the older population is rapidly growing in the United States and across the globe, it is important to examine what is known about cognitive aging and to identify and promote actions that individuals, organizations, communities, and society can take to help older adults maintain and improve their cognitive health. Cognitive Aging assesses the public health dimensions of cognitive aging with an emphasis on definitions and terminology, epidemiology and surveillance, prevention and intervention, education of health professionals, and public awareness and education. This report makes specific recommendations for individuals to reduce the risks of cognitive decline with aging. Aging is inevitable, but there are actions that can be taken by individuals, families, communities, and society that may help to prevent or ameliorate the impact of aging on the brain, understand more about its impact, and help older adults live more fully and independent lives. Cognitive aging is not just an individual or a family or a health care system challenge. It is an issue that affects the fabric of society and requires actions by many and varied stakeholders. Cognitive Aging offers clear steps that individuals, families, communities, health care providers and systems, financial organizations, community groups, public health agencies, and others can take to promote cognitive health and to help older adults live fuller and more independent lives. Ultimately, this report calls for a societal commitment to cognitive aging as a public health issue that requires prompt action across many sectors.

Generative Mental Processes and Cognitive Resources

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Author : U. Hecker
Publisher : Springer Science & Business Media
ISBN 13 : 9401143730
Total Pages : 402 pages
Book Rating : 4.4/5 (11 download)

Book Synopsis Generative Mental Processes and Cognitive Resources by : U. Hecker

Download or read book Generative Mental Processes and Cognitive Resources written by U. Hecker and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, a booming research interest has been observed in linking basic cognitive processes with a variety of social and clinical phenomena. Evidence comes from the increasing popularity of psychological paradigms such as social cognition, cognitive psychopathology or cognitive aging. What links those paradigms is their special focus on explaining cognitive phenomena by use of the concept of mental resources. Immediate reasons for such a focus are found in the growing emphasis on understanding everyday dynamics of thinking and acting within a complex world, as well as within personal constraints. Obviously, our current goals and choice of activities constrain and influence our reasoning as well as the processes of input to and retrieval from memory. Situational demands will act to the same effect, and the interplay between both, internal and external constraints, makes apparent a first and straightforward relevance of the resource notion in action-oriented cognitive research. For example, person perception is a dynamic process depending on what my goals in perception are, what the perceiving situation is that I find myself in, and how complex the target characteristics are. In fact, the amount of resources spent in this process may be reflected in its speed, the quality of the perceptual or mnemonic trace which is being created, or the kind of social or non-social behavior that can be supported.

The Aging Mind

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Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309172195
Total Pages : 285 pages
Book Rating : 4.3/5 (91 download)

Book Synopsis The Aging Mind by : National Research Council

Download or read book The Aging Mind written by National Research Council and published by National Academies Press. This book was released on 2000-04-18 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Possible new breakthroughs in understanding the aging mind that can be used to benefit older people are now emerging from research. This volume identifies the key scientific advances and the opportunities they bring. For example, science has learned that among older adults who do not suffer from Alzheimer's disease or other dementias, cognitive decline may depend less on loss of brain cells than on changes in the health of neurons and neural networks. Research on the processes that maintain neural health shows promise of revealing new ways to promote cognitive functioning in older people. Research is also showing how cognitive functioning depends on the conjunction of biology and culture. The ways older people adapt to changes in their nervous systems, and perhaps the changes themselves, are shaped by past life experiences, present living situations, changing motives, cultural expectations, and emerging technology, as well as by their physical health status and sensory-motor capabilities. Improved understanding of how physical and contextual factors interact can help explain why some cognitive functions are impaired in aging while others are spared and why cognitive capability is impaired in some older adults and spared in others. On the basis of these exciting findings, the report makes specific recommends that the U.S. government support three major new initiatives as the next steps for research.

The Economics of Poverty Traps

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Author : Christopher B. Barrett
Publisher : University of Chicago Press
ISBN 13 : 022657430X
Total Pages : 425 pages
Book Rating : 4.2/5 (265 download)

Book Synopsis The Economics of Poverty Traps by : Christopher B. Barrett

Download or read book The Economics of Poverty Traps written by Christopher B. Barrett and published by University of Chicago Press. This book was released on 2018-12-07 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: What circumstances or behaviors turn poverty into a cycle that perpetuates across generations? The answer to this question carries especially important implications for the design and evaluation of policies and projects intended to reduce poverty. Yet a major challenge analysts and policymakers face in understanding poverty traps is the sheer number of mechanisms—not just financial, but also environmental, physical, and psychological—that may contribute to the persistence of poverty all over the world. The research in this volume explores the hypothesis that poverty is self-reinforcing because the equilibrium behaviors of the poor perpetuate low standards of living. Contributions explore the dynamic, complex processes by which households accumulate assets and increase their productivity and earnings potential, as well as the conditions under which some individuals, groups, and economies struggle to escape poverty. Investigating the full range of phenomena that combine to generate poverty traps—gleaned from behavioral, health, and resource economics as well as the sociology, psychology, and environmental literatures—chapters in this volume also present new evidence that highlights both the insights and the limits of a poverty trap lens. The framework introduced in this volume provides a robust platform for studying well-being dynamics in developing economies.

When I'm 64

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Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309164915
Total Pages : 280 pages
Book Rating : 4.3/5 (91 download)

Book Synopsis When I'm 64 by : National Research Council

Download or read book When I'm 64 written by National Research Council and published by National Academies Press. This book was released on 2006-02-13 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: By 2030 there will be about 70 million people in the United States who are older than 64. Approximately 26 percent of these will be racial and ethnic minorities. Overall, the older population will be more diverse and better educated than their earlier cohorts. The range of late-life outcomes is very dramatic with old age being a significantly different experience for financially secure and well-educated people than for poor and uneducated people. The early mission of behavioral science research focused on identifying problems of older adults, such as isolation, caregiving, and dementia. Today, the field of gerontology is more interdisciplinary. When I'm 64 examines how individual and social behavior play a role in understanding diverse outcomes in old age. It also explores the implications of an aging workforce on the economy. The book recommends that the National Institute on Aging focus its research support in social, personality, and life-span psychology in four areas: motivation and behavioral change; socioemotional influences on decision-making; the influence of social engagement on cognition; and the effects of stereotypes on self and others. When I'm 64 is a useful resource for policymakers, researchers and medical professionals.

Sources of Lower Financial Decision-Making Ability at Older Ages

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Author : Shachar Kariv
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)

Book Synopsis Sources of Lower Financial Decision-Making Ability at Older Ages by : Shachar Kariv

Download or read book Sources of Lower Financial Decision-Making Ability at Older Ages written by Shachar Kariv and published by . This book was released on 2016 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: After middle age, further aging is associated with lower levels of many cognitive abilities, some of which could influence import economic decisions. Our prior research (Choi et al., 2014) shows a substantial negative relationship between age and the consistency of choices with economic rationality (decisionmaking quality). This paper investigates the sources of that negative correlation using panel data on more than 4,000 members of a panel study in the Netherlands. The analysis finds no evidence that the correlation between age and rationality is, in fact, a just a cohort, not an age effect. Similarly, there is little evidence that the correlation is due to other forms of cognitive or health declines. Rather, the findings indicate that age has an independent and negative effect on economic rationality.

Growing Older in America

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Author :
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.:/5 (891 download)

Book Synopsis Growing Older in America by :

Download or read book Growing Older in America written by and published by . This book was released on 2007 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Cognitive Aging

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Author : Denise Park
Publisher : Psychology Press
ISBN 13 : 1135887519
Total Pages : 294 pages
Book Rating : 4.1/5 (358 download)

Book Synopsis Cognitive Aging by : Denise Park

Download or read book Cognitive Aging written by Denise Park and published by Psychology Press. This book was released on 2012-12-06 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: As our society ages, the topic of cognitive aging is becoming increasingly important. This volume provides an accessible overview of how the cognitive system changes as a function of normal aging. Building on the successful first edition, this volume provide an even more comprehensive coverage of the major issues affecting memory, attention, language, speech and other aspects of cognitive functioning. The essential chapters from the first edition have been thoroughly revised and updated and new chapters have been introduced which draw in neuroscience studies and more applied topics. In addition, contributors were encouraged to ensure their chapters are accessible to students studying the topic for the first time. This therefore makes the volume appealing as a textbook on senior undergraduate and graduate courses.

A Multidisciplinary Approach to Capability in Age and Ageing

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Author : Hanna Falk Erhag
Publisher : Springer Nature
ISBN 13 : 3030780635
Total Pages : 254 pages
Book Rating : 4.0/5 (37 download)

Book Synopsis A Multidisciplinary Approach to Capability in Age and Ageing by : Hanna Falk Erhag

Download or read book A Multidisciplinary Approach to Capability in Age and Ageing written by Hanna Falk Erhag and published by Springer Nature. This book was released on 2022-01-10 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book provides insight on how to interpret capability in ageing – one’s individual ability to perform actions in order to reach goals one has reason to value – from a multidisciplinary approach. With for the first time in history there being more people in the world aged 60 years and over than there are children below the age of 5, the book describes this demographic trends as well as the large global challenges and important societal implications this will have such as a worldwide increase in the number of persons affected with dementia, and in the ratio of retired persons to those still in the labor market. Through contributions from many different research areas, it discussed how capability depends on interactions between the individual (e.g. health, genetics, personality, intellectual capacity), environment (e.g. family, friends, home, work place), and society (e.g. political decisions, ageism, historical period). The final chapter summarizes the differences and similarities in these contributions. As such this book provides an interesting read for students, teachers and researchers at different levels and from different fields interested in capability and multidisciplinary research.

Explorations in the Economics of Aging

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Author : David A. Wise
Publisher : University of Chicago Press
ISBN 13 : 0226903370
Total Pages : 401 pages
Book Rating : 4.2/5 (269 download)

Book Synopsis Explorations in the Economics of Aging by : David A. Wise

Download or read book Explorations in the Economics of Aging written by David A. Wise and published by University of Chicago Press. This book was released on 2011-05 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is the thirteenth in a series of NBER volumes on the Economics of Aging"--Introduction.

The Effect of Retirement on Cognitive Functioning

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Author : Norma Coe
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

Book Synopsis The Effect of Retirement on Cognitive Functioning by : Norma Coe

Download or read book The Effect of Retirement on Cognitive Functioning written by Norma Coe and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cognitive impairment has emerged as a major driver of disability in old age, with profound effects on individual well-being and decision-making at older ages. Decelerating its decline among the elderly is one of the main challenges for ageing societies. In the light of policies aimed at postponing retirement ages, an important question is whether retirement has an influence on the descend rate. Among the life style and psychosocial risk factors, intellectual stimulation has often been mentioned as a key factor in maintaining high levels of cognitive functioning. We use data from the HRS to estimate a model for the change in cognitive functioning. As retirement and cognitive functioning may be endogenously related, we use unexpected early retirement window o ers to instrument for retirement behavior. These offers are legally required to be unrelated to the baseline health of the individual, and are significant predictors of retirement. While the simple OLS estimates show a negative relation between retirement and the rate of decline in various measures of cognitive functioning, instrumental variables estimates suggest that this may not be a causal effect. In particular, we do not find a clear relationship for white-collar workers and a positive relation for blue-collar workers.

Aging in Asia

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Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309254094
Total Pages : 486 pages
Book Rating : 4.3/5 (92 download)

Book Synopsis Aging in Asia by : National Research Council

Download or read book Aging in Asia written by National Research Council and published by National Academies Press. This book was released on 2012-07-31 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: The population of Asia is growing both larger and older. Demographically the most important continent on the world, Asia's population, currently estimated to be 4.2 billion, is expected to increase to about 5.9 billion by 2050. Rapid declines in fertility, together with rising life expectancy, are altering the age structure of the population so that in 2050, for the first time in history, there will be roughly as many people in Asia over the age of 65 as under the age of 15. It is against this backdrop that the Division of Behavioral and Social Research at the U.S. National Institute on Aging (NIA) asked the National Research Council (NRC), through the Committee on Population, to undertake a project on advancing behavioral and social research on aging in Asia. Aging in Asia: Findings from New and Emerging Data Initiatives is a peer-reviewed collection of papers from China, India, Indonesia, Japan, and Thailand that were presented at two conferences organized in conjunction with the Chinese Academy of Sciences, Indian National Science Academy, Indonesian Academy of Sciences, and Science Council of Japan; the first conference was hosted by the Chinese Academy of Social Sciences in Beijing, and the second conference was hosted by the Indian National Science Academy in New Delhi. The papers in the volume highlight the contributions from new and emerging data initiatives in the region and cover subject areas such as economic growth, labor markets, and consumption; family roles and responsibilities; and labor markets and consumption.

Social Security Programs and Retirement around the World

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Author : Jonathan Gruber
Publisher : University of Chicago Press
ISBN 13 : 0226309983
Total Pages : 752 pages
Book Rating : 4.2/5 (263 download)

Book Synopsis Social Security Programs and Retirement around the World by : Jonathan Gruber

Download or read book Social Security Programs and Retirement around the World written by Jonathan Gruber and published by University of Chicago Press. This book was released on 2009-02-15 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Programs and Retirement around the World represents the second stage of an ongoing research project studying the relationship between social security and labor. In the first volume, Jonathan Gruber and David A. Wise revealed enormous disincentives to continued work at older ages in developed countries. Provisions of many social security programs typically encourage retirement by reducing pay for work, inducing older employees to leave the labor force early and magnifying the financial burden caused by an aging population. At a certain age there is simply no financial benefit to continuing to work. In this volume, the authors turn to a country-by-country analysis of retirement behavior based on micro-data. The result of research compiled by teams in twelve countries, the volume shows an almost uniform correlation between levels of social security incentives and retirement behavior in each country. The estimates also show that the effect is strikingly uniform in countries with very different cultural histories, labor market institutions, and other social characteristics.

An Information Processing Study of Retirement Decision Making

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Author : Douglas A. Hershey
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (329 download)

Book Synopsis An Information Processing Study of Retirement Decision Making by : Douglas A. Hershey

Download or read book An Information Processing Study of Retirement Decision Making written by Douglas A. Hershey and published by . This book was released on 1995 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: