Imperfect Knowledge, Retirement and Saving

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Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Imperfect Knowledge, Retirement and Saving by : Alan L. Gustman

Download or read book Imperfect Knowledge, Retirement and Saving written by Alan L. Gustman and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from the Health and Retirement Study, this paper creates variables measuring knowledge about future social security and pension benefits by comparing respondent reports of their expected benefits with benefits calculated from social security earnings records and employer provided descriptions of pension plans. The knowledge measures suggest that misinformation, imprecision and lack of information about retirement benefits is the norm. Those who are most dependent on social security are the least well informed about their social security benefits, while those who are most dependent on pensions are best informed about their pension benefits. Women and minorities are less well informed about both types of retirement benefits. Having documented the extent of misinformation, we turn to questions about the production of information, and the consequences of misinformation for real outcomes. Relating measures of information to planning activities, we find that those who plan are somewhat better informed than those who do not, but with the exception of having requested a social security earnings record, the effects of planning activities on knowledge are modest. In descriptive and reduced form equations for planned and actual retirement and saving, there is at best a modest relation of knowledge measures to planned and actual retirement and to nonpension, nonsocial security wealth as a share of lifetime earnings. Individuals who overestimate their benefits are likely to retire sooner than they planned, but the measured effects are relatively modest. Coefficients of measures of the increase in reward from postponed retirement are barely affected by the addition of measures of respondent knowledge of their retirement benefits to standard reduced form retirement and wealth equations.

Imperfect Knowledge of Pension Plan Type

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ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Imperfect Knowledge of Pension Plan Type by : Alan L. Gustman

Download or read book Imperfect Knowledge of Pension Plan Type written by Alan L. Gustman and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper investigates the reasons for discrepancies between the pension plan type reported by respondents to the Health and Retirement Study (HRS) and pension plan type obtained from documents produced by their employers, called Summary Plan Descriptions (SPDs). The analysis suggests the discrepancies are sizable and are mainly due to misreports by respondents. Discrepancies between respondent and firm reports of plan type are first documented for different years and from different data sources. Changes over time in respondent and firm reports are analyzed for those who say their plans did not change. Plan type from payroll data produced by Watson Wyatt, a pension consulting company, is examined and compared to respondent reports for employees covered by Watson Wyatt plans. The Watson Wyatt payroll data report plan type without error, and yet we find the patterns of discrepancies between respondent and firm provided data are the same as for the HRS employer and respondent data. We also explore other evidence gathered by the HRS in the course of interviews and various experiments. Our findings that errors are mainly the result of misreporting by respondents, together with findings from experiments, suggest a number of changes in survey design that can help to reduce reporting error. They also suggest that models of retirement and saving behavior should allow for imperfect knowledge by decision makers"--Abstract.

Pensions in the Health and Retirement Study

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Publisher : Harvard University Press
ISBN 13 : 9780674048669
Total Pages : 404 pages
Book Rating : 4.0/5 (486 download)

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Book Synopsis Pensions in the Health and Retirement Study by : Alan L. Gustman

Download or read book Pensions in the Health and Retirement Study written by Alan L. Gustman and published by Harvard University Press. This book was released on 2010-05 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals’ work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.

Overcoming the Saving Slump

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Publisher : University of Chicago Press
ISBN 13 : 0226497100
Total Pages : 406 pages
Book Rating : 4.2/5 (264 download)

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Book Synopsis Overcoming the Saving Slump by : Annamaria Lusardi

Download or read book Overcoming the Saving Slump written by Annamaria Lusardi and published by University of Chicago Press. This book was released on 2009-10-15 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: The great majority of working Americans are unprepared to face the difficult task of planning for retirement. In fact, the personal savings rate has been holding steady at zero for several years, down from 8 percent in the mid-1980s. Overcoming the Saving Slump explores the many challenges facing workers in the transition from a traditional defined benefit pension system to one that requires more individual responsibility, analyzing the considerable impediments to saving and evaluating financial literacy programs devised by employers and the government. Mapping the changing landscape of pensions and the rise of defined contribution plans, Annamaria Lusardi and others investigate new methods for stimulating saving and promoting financial education drawing on the experience of the United States as well as countries that have privatized their welfare systems, including Sweden and Chile. This timely volume pinpoints where human resources departments, the financial industry, and government officials have succeeded—or failed—in bridging the way to a new retirement system. As the workforce ages and more pensions disappear each second, Lusardi’s findings will be invaluable for economists and anyone facing retirement.

Research Handbook on Motivation in Public Administration

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Publisher : Edward Elgar Publishing
ISBN 13 : 1789906806
Total Pages : 448 pages
Book Rating : 4.7/5 (899 download)

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Book Synopsis Research Handbook on Motivation in Public Administration by : Stazyk, Edmund C.

Download or read book Research Handbook on Motivation in Public Administration written by Stazyk, Edmund C. and published by Edward Elgar Publishing. This book was released on 2022-03-17 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This cutting-edge Research Handbook brings together international scholars to provide a comprehensive overview of motivation within and beyond the field of public administration. Discussing the implications of contemporary research for theory and practice, it offers suggestions for the development of future research in the field.

Social Security Bulletin

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Publisher :
ISBN 13 :
Total Pages : 508 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Social Security Bulletin by :

Download or read book Social Security Bulletin written by and published by . This book was released on 2011 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pension Reform

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Publisher : World Bank Publications
ISBN 13 : 082136166X
Total Pages : 692 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Pension Reform by : Robert Holzmann

Download or read book Pension Reform written by Robert Holzmann and published by World Bank Publications. This book was released on 2006 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.

Private Pensions and Public Policies

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Publisher : Rowman & Littlefield
ISBN 13 : 9780815796428
Total Pages : 428 pages
Book Rating : 4.7/5 (964 download)

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Book Synopsis Private Pensions and Public Policies by : William G. Gale

Download or read book Private Pensions and Public Policies written by William G. Gale and published by Rowman & Littlefield. This book was released on 2004-04-21 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private pension system, together with Social Security, has provided millions of Americans with income security in retirement. But over the past thirty years, pension coverage has stagnated, leaving behind some vulnerable groups. Defined contribution plans have exposed workers to greater investment risk, while cash balance and other hybrid plans may have adverse effects on older workers caught in the transition. Pension regulations, infamous for their complexity, can be bewildering to policy analysts and policymakers. Private Pensions and Public Policies sheds timely and much-needed light on specific issues within the broader context and framework of pension reform. Contributors focus on topics that must be addressed in any reform effort, including the effects of the shift in emphasis toward defined contribution plans (after the 1974 Employee Retirement Income and Security Act) and hybrid plans (from the 1990s); regulatory issues such as nondiscrimination rules and contribution limits; how to increase the information available to participants and improve financial education; how participants in defined contribution plans make choices on questions such as asset allocation, back-loaded versus front-loaded saving, and annuities versus lump sum distributions; and the interaction of the private pension system with Social Security. Contributors include Robert L. Clark (North Carolina State University), Sylvester J. Schieber (Watson Wyatt Worldwide), Richard A. Ippolito (George Mason University School of Law), Alan L. Gustman (Dartmouth College), Thomas L. Steinmeier (Texas Tech University), John Karl Scholz (University of Wisconsin), Dean M. Maki, (JPMorgan Chase), William Even (Miami University of Ohio), Jagadeesh Gokhale (American Enterprise Institute), Laurence J. Kotlikoff (Boston University), Mark J. Warshawsky (TIAA-CREF Institute), Annika Sunden (Boston College), Andrew A. Samwick (Dartmouth College), David A. Wise (Harvard University), Joel Dickson (T

Welfare and Pension Plans Investigation

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Publisher :
ISBN 13 :
Total Pages : 1672 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Welfare and Pension Plans Investigation by : United States. Congress. Senate. Committee on Labor and Public Welfare. Subcommittee on Welfare and Pension Funds

Download or read book Welfare and Pension Plans Investigation written by United States. Congress. Senate. Committee on Labor and Public Welfare. Subcommittee on Welfare and Pension Funds and published by . This book was released on 1955 with total page 1672 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Welfare and Pension Plans Investigation

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Publisher :
ISBN 13 :
Total Pages : 864 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Welfare and Pension Plans Investigation by : United States. Congress. Senate. Committee on Labor and Public Welfare

Download or read book Welfare and Pension Plans Investigation written by United States. Congress. Senate. Committee on Labor and Public Welfare and published by . This book was released on 1955 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Assessing Knowledge of Retirement Behavior

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Publisher : National Academies Press
ISBN 13 : 0309589533
Total Pages : 288 pages
Book Rating : 4.3/5 (95 download)

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Book Synopsis Assessing Knowledge of Retirement Behavior by : Panel on Retirement Income Modeling

Download or read book Assessing Knowledge of Retirement Behavior written by Panel on Retirement Income Modeling and published by National Academies Press. This book was released on 1996-08-13 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together in one volume what researchers have learned about workers, employers, and retirees that is important for formulating retirement income policies. As the U.S. population ages, there is increasing uncertainty about the solvency of the Social Security and Medicare systems and the adequacy of private pensions to provide for people's retirement needs. The volume covers such critical behaviors as workers' decisions to retire, people's choices of saving over consumption, and employers' decisions about hiring older workers and providing pension and health care benefits. Also covered are trends in mortality, health status, and health care costs that are key to projecting the likely costs and effects of alternative retirement income security policies and a strategy for combining data and research knowledge into a policy modeling framework.

OECD Journal

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Publisher :
ISBN 13 :
Total Pages : 616 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis OECD Journal by :

Download or read book OECD Journal written by and published by . This book was released on 2008 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Welfare State as Piggy Bank

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Publisher : OUP Oxford
ISBN 13 : 0191608270
Total Pages : 316 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis The Welfare State as Piggy Bank by : Nicholas Barr

Download or read book The Welfare State as Piggy Bank written by Nicholas Barr and published by OUP Oxford. This book was released on 2001-05-10 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Of the many functions of the welfare state, two are particularly prominent: the 'Robin Hood' function - the provision of poverty relief, the redistribution of income and wealth, and the reduction of social exclusion; and the 'piggy bank' function - ensuring mechanisms for insurance and for redistribution over the life cycle. The piggy-bank function, unlike the redistributive purpose of the welfare state, has received relatively little attention, and is not widely understood. This book redresses the balance. Nicholas Barr's central contention is that—-contrary to popular opinion—-the welfare state exists for reasons additional to poverty relief. These reasons - encapsulated by the piggy-bank function - arise out of pervasive problems of imperfect information, risk, and uncertainty. Even if all poverty and social exclusion could be eradicated, people would still need to insure themselves and to redistribute over the life cycle. As a result, Barr argues, the welfare state is here to stay, since twenty-first century developments do nothing to undermine these reasons. He also explores ways in which the welfare state can and will adapt to economic and social change, including specific, and sometimes novel, solutions. The analysis in "The Welfare State as Piggy Bank" is international, applying to advanced industrial countries, as well as addressing post-communist countries, and touching upon middle-income developing countries. Barr's approach is contemporary and forward-thinking. His discussion ranges over a number of topics of central relevance to life in the twenty-first century, including genetic screening and its impact on insurance; the convergence of private and social insurance; how to finance long-term care; pension reform in the light of fluid family structures and a mobile workforce; loans for financing investment in human capital; and new ways of involving private finance in tertiary education.

Economic Policy Issues for the Next Decade

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Publisher : Springer Science & Business Media
ISBN 13 : 1475750463
Total Pages : 292 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Economic Policy Issues for the Next Decade by : Karl Aiginger

Download or read book Economic Policy Issues for the Next Decade written by Karl Aiginger and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are several reasons why it has become important to rethink economic policy. Out of the European perspective it is the new currency, the enlargement towards Central and Eastern European countries, the sluggish growth and the end of productivity convergence towards the USA and the insufficient creation of employment. From the transatlantic perspective increasing differences in the economic policy and the potential rise of conflicts between Europe and the USA, for example, in trade, competition and health issues are important. The current volume touches most, but not all of these topics. It starts with the overview by Joseph Stiglitz on policy issues. Then macroeconomics policy is discussed, followed by the problem of an ageing society and European enlargement. Differences between Europe and the USA are large in taxation and in the role of public finance. The relative competitiveness of countries as well as of Europe will be decided by investments into new technologies and progression towards the Science Based Economy. In the final section the role of economists in shaping the economic agenda and giving policy advice is discussed.

Reforming Public Pensions Sharing the Experiences of Transition and OECD Countries

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Publisher : OECD Publishing
ISBN 13 : 9264105816
Total Pages : 344 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Reforming Public Pensions Sharing the Experiences of Transition and OECD Countries by : OECD

Download or read book Reforming Public Pensions Sharing the Experiences of Transition and OECD Countries written by OECD and published by OECD Publishing. This book was released on 2004-01-07 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference proceedings compares public pension reform efforts in Central and Eastern Europe with those in other OECD countries, looking at the reasons for reform, policy choices and constraints, the well-being of older people, distributional consequences of reform, and implementation.

Working Paper Series

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Publisher :
ISBN 13 :
Total Pages : 604 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 2002 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Defined Contribution Plans: Challenges and Opportunities for Plan Sponsors

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Publisher :
ISBN 13 : 9781952927201
Total Pages : pages
Book Rating : 4.9/5 (272 download)

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Book Synopsis Defined Contribution Plans: Challenges and Opportunities for Plan Sponsors by : Jeffery V. Bailey

Download or read book Defined Contribution Plans: Challenges and Opportunities for Plan Sponsors written by Jeffery V. Bailey and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: