“Retiree Health Insurance for Public School Employees: Does it Affect Retirement?” by Maria D. Fitzpatrick (CESifo Working Paper No. 4415, October 2013, .pdf format, 38p.). Note: Links to the abstract and full-text can be found at:
www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=19096941
“State of the American Senior: The Changing Retirement Landscape for Baby Boomers,” a hearing held September 25, 2013 (witness statements available in .pdf format, full hearing available in Flash format, running time 1 hour 34 minutes). Note: Hearing begins at the 19:06 mark.
“Are Gender Differences Emerging in the Retirement Patterns of the Early Boomers?” by Kevin E. Cahill, Michael D. Giandrea, and Joseph F. Quinn (WP-468, September 2013, .pdf format, 27p.). Note: Links to the abstract and full-text can be found at:
“The Future of Retirement: Life after work?” (September 2013, .pdf format, 38p.). Note: Individual country reports are also available (.pdf format).
“Saving for Retirement and Investing for Growth,” by Mirzha de Manuel (September 2013, .pdf format, 127p.).
“Retirement Savings in Australia, Asia and Beyond: What are the Lessons for the United States?” (Sept. 17, 2013, Washington, DC, 1:30-4pm). Note: Registration is required.
www.brookings.edu/events/2013/09/17-retirement-savings-programs-lessons
“Transition from work into retirement,” (September 2013, .pdf, Excel, and zipped archive format, 171p.).
“Working Longer: An EU Perspective,” by David Sinclair, Jessica Watson, and Brian Beach (September 2013, .pdf format, 60p.).
www.ilcuk.org.uk/index.php/publications/publication_details/working_longer_an_eu_perspective
“Immigrants, Household Production and Women’s Retirement,” by Giovanni Peri, Agnese Romiti, and Mariacristina Rossi (Discussion Paper No. 7449, August 2013, .pdf format, 43p.). Note: Links to the abstract and full-text can be found at:
www.iza.org/en/webcontent/publications/papers/viewAbstract?dp_id=7549
“Retirement Prospects for the Racially and Ethnically Diverse Older Adult Labor Force,” by Betty Cohen (July 2013, .pdf format, 2p.).
Note: PRC requires free registration before providing working papers.
“Retirement in Japan and the United States: Cross-national Comparisons using the Japanese Study of Aging and Retirement (JSTAR) and the U.S. Health and Retirement Study (HRS),” by Olivia S. Mitchell and John W. R. Phillips (WP 2013-05, July 2013, .pdf format, 48p.). Note: Links to the abstract and full-text can be found at:
www.pensionresearchcouncil.org/publications/document.php?file=1108
A. “Early Retirement Incentives and Student Achievement,” by Maria D. Fitzpatrick and Michael Lovenheim (CESifo Working Paper No. 4347, July 2013, .pdf format, p.). Note: Links to the abstract and full-text can be found at:
www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=19093144
B. “The Effect of Firms’ Partial Retirement Policies on the Labour Market Outcomes of their Employees,” by Martin Huber, Michael Lechner and Conny Wunsch (CESifo Working Paper No. 4343, July 2013, .pdf format, 34p.). Note: Links to the abstract and full-text can be found at:
www.cesifo-group.de/ifoHome/publications/working-papers/CESifoWP/CESifoWPdetails?wp_id=19093136
“Golden Years or Financial Fears? Decision Making After Retirement Seminars,” by Steven G. Allen, Robert L. Clark, Jennifer Maki, and Melinda Sandler Morrill (w19231, July 2013, .pdf format, 44p.).
Abstract:
Many organizations provide retirement planning seminars to their employees as a benefit to help them make better informed retirement decisions. This study examines the participants in 85 seminars conducted by five companies in 2008 and 2009 to determine how much learning takes place and whether employees adjust retirement plans. Using surveys conducted before and after the seminars, we find that financial literacy and knowledge of retirement program parameters are significantly higher after the seminar. Employees with the largest increases in knowledge were most likely to change their planned retirement age and planned age of claiming Social Security benefits.
“Pooled Retirement Plans: Closing the Retirement Plan Coverage Gap for Small Businesses,” a hearing held July 16, 2013 (witness statements available in .pdf format, full hearing can be viewed in Flash format, running time 1 hour 13 minutes).
www.help.senate.gov/hearings/hearing/?id=a821d5cc-5056-a032-5262-bef6f7aec87f
“Government Interventions to Support Future Retirement Incomes,” (July 2013, .pdf format, 50p.).
www.nao.org.uk/report/government-interventions-to-support-future-retirement-incomes/
“The Retirement Savings Crisis: Is it Worse Than We Think?” (June 2013, .pdf format, 26p.).
www.nirsonline.org/index.php?option=content&task=view&id=768
More information about NIRS:
www.nirsonline.org/index.php?option=com_content&task=view&id=30&Itemid=66
“Retirement and Cognitive Development: Are the Retired Really Inactive?” by Andries de Grip, Arnaud Dupuy. Jelle Jollesx, and Martin van Boxtel (Working Paper No 2013-11, June 2013, .pdf format, 40p.). Note: Links to the abstract and full-text can be found at:
EBRI Notes (Vol. 34, No. 6, June 2013, .pdf format, 24p.). Note: The articles in this issue are: “What a Sustained Low-yield Rate Environment Means for Retirement Income Adequacy: Results From the 2013 EBRI Retirement Security Projection Model,” by Jack VanDerhei; and, “Use of Health Care Services and Access Issues by Type of Health Plan: Findings from the EBRI/MGA Consumer Engagement in Health Care Survey,” by Paul Fronstin.
www.ebri.org/publications/notes/index.cfm?fa=notesDisp&content_id=5227
“The Impact of Population Aging and Delayed Retirement on Workforce Productivity,” by Gary Burtless (WP No. 2013-11, May 2013, .pdf format, 45p.). Note: Links to the abstract and full-text can be found at:
MRRC Newsletter (Vol. 13, No. 3, May 2013, HTML and .pdf format, 8p.).
www.mrrc.isr.umich.edu/publications/newsletters/newsletter_item.cfm?NewsletterID=1019
MRRC Newsletter (Vol. 13, No. 3, May 2013, HTML and .pdf format, 8p.).
www.mrrc.isr.umich.edu/publications/newsletters/newsletter_item.cfm?NewsletterID=1019
“Retirement Security Across Generations: Are Americans Prepared for Their Golden Years?” (May 2013, .pdf format, 32p.).
www.pewstates.org/research/reports/retirement-security-across-generations-85899476870
A. “Income and Wealth in the Irish Longitudinal Study on Ageing,” by Vincent O’Sullivan, Brian Nolan, and Alan Barrett (Discussion Paper No. 7393, May 2013, .pdf format, 22p.). Note: Links to the abstract and full-text can be found at:
www.iza.org/en/webcontent/publications/papers/viewAbstract?dp_id=7393
B. “Retirement Incentives in Belgium: Estimations and Simulations Using SHARE Data,” by Alain Jousten and Mathieu Lefebvre (Discussion Paper No. 7387, May 2013, .pdf format, 24p.). Note: Links to the abstract and full-text can be found at:
www.iza.org/en/webcontent/publications/papers/viewAbstract?dp_id=7387
On April 23, 2013 PBS Frontline aired a documentary titled “The Retirement Gamble.” The program examines many of the economic issues that Americans face as they age. The entire episode is available for viewing (running time 53 minutes 37 seconds). In edition, links to companion articles are also available.
Beyond the Numbers (Vol. 2, No. 10, April 2013, .pdf and HTML format, 8p.). Note: The title of this issue is “Retirement and medical benefits: Who has both?” by Lindsay B. Kimbro and Michelle B. Mayfield.
www.bls.gov/opub/btn/volume-2/retirement-and-medical-benefits-who-has-both.htm
“Australia’s Retirement System: Strengths, Weaknesses, and Reforms,” by Julie Agnew (IB 13-5, April 2013, .pdf format, 10p.).
crr.bc.edu/briefs/australia%e2%80%99s-retirement-system-strengths-weaknesses-and-reforms-2/
“Snapshot of Spending for Military Retirement Pay,” by Matt Schmit (April 2013).
A. “Two-Thirds of States Integrating Medicare and Medicaid Services for Dual Eligibles,” by Jenna Walls, Diana Scully, Eunhee (Grace) Cho, John Michael Hall, Wendy Fox-Grage, and Kathleen Ujvari (April 2013, .pdf format, 16p.).
B. “An Uphill Climb: Women Face Greater Obstacles to Retirement Security,” by Mikki Waid (April 2013, .pdf format, 3p.).
EBRI Notes (Vol. 34, No. 3, April 2013, .pdf format). The articles in this issue are: “A Little Help: The Impact of On-line Calculators and Financial Advisors on Setting Adequate Retirement-Savings Targets: Evidence from the 2013 Retirement Confidence Survey,” by Jack VanDerhei and Nevin Adams; and, “‘Post’ Script: What’s Next for Employment-Based Health Benefits?” by Nevin Adams.
www.ebri.org/publications/notes/index.cfm?fa=notesDisp&content_id=5180
“Personality Traits and Economic Preparation for Retirement,” by Michael Hurd, Angela Lee Duckworth, Susann Rohwedder and David Weir (WP 2012-279, Sept. 2012, .pdf format, 25p.). Note: Links to the abstract and full-text can be found at:
www.mrrc.isr.umich.edu/publications/index_abstract.cfm?ptid=1&pid=886
A. “Rethinking Elderly Poverty: Time for a Health Inclusive Poverty Measure?”A. by Sanders Korenman and Dahlia Remler (18900, March 2013, .pdf format, 68p.).
Abstract:
Census’s Supplemental Poverty Measure (SPM) nearly doubles the elderly poverty rate compared to the “Official” Poverty Measure (OPM), a result of the SPM subtraction of medical out-of-pocket (MOOP) expenditures from income. Neither the SPM nor OPM counts health benefits or assets as resources. Validation studies suggest that subtracting MOOP from resources worsens a poverty measure’s predictive validity and excluding assets exacerbates this bias, since assets fund MOOP.
The SPM is based on a 1995 NAS report that recommended a health-exclusive poverty measure, despite considering it, conceptually, a “second best” to a Health-Inclusive Poverty Measure (HIPM). We analyze the reasons for the NAS recommendation and argue that constructing a HIPM is now feasible if we conceptualize health needs as a need for health insurance, and if plans with non-risk-rated premiums and caps on MOOP are universally available, a condition largely met by the Affordable Care Act and Medicare Advantage Plans.
We describe four HIPM variants and present analyses that suggest the SPM treatment of MOOP results in a less valid measure of elderly poverty and an overstatement of the elderly poverty rate (by up to 5.5 percentage points or 50 percent). Many elderly classified as poor by the SPM’s unlimited MOOP deduction are not poorly insured persons with incomes near the poverty line, but well-insured persons with incomes well above the poverty line.
B. “Retirement Plan Type and Employee Mobility: The Role of Selection and Incentive Effects,” by Gopi Shah Goda, Damon Jones, and Colleen Flaherty Manchester (w18902, March 2013, .pdf format, 49p.).
Abstract:
Employer-provided pension plans may affect employee mobility both through an “incentive effect,” where the bundle of benefit characteristics such as vesting rules, pension wealth accrual, risk, and liquidity affect turnover directly, and a “selection effect,” where employees with different underlying mobility tendencies select across plans or across firms with different types of plans. In this paper, we quantify the role of selection by exploiting a natural experiment at a single employer in which an employee’s probability of transitioning from a defined benefit (DB) to a defined contribution (DC) pension plan was exogenously affected by default rules. Using regression discontinuity as well as differences-in-regression-discontinuities (DRD) methods, we find evidence that employees with higher mobility tendencies self-select into the DC plan. Our results suggest that selection likely contributes to the observed positive relationship between the transition from DB to DC plans and employee mobility in settings where employees sort into plans or employers. Counter to conventional wisdom, we find a negative direct effect of the DC plan on turnover relative to the DB plan, which underscores the multi-dimensional difference between these plans.
C. “Financial Education and Choice in State Public Pension Systems,” by Julie Agnew and Joshua Hurwitz (w18907, March 2013, .pdf format, 56p.).
Abstract:
As more and more public pension systems are shifting away from a defined benefit only framework, the complexity of the financial decisions facing public employees is increasing. This raises some concerns about the financial literacy of participants and their ability to make informed decisions. While surveys addressing financial education in private plans are available, little is known about what types of education and advice are offered in public plans. This paper fills this gap by presenting new results from the first National Public Pension Plan Financial Education Survey. The paper focuses specifically on primary defined contribution and hybrid plans. The results indicate that some form of education or advice is offered by every surveyed plan and that the sponsoring entity is actively involved in the development of the programs. However, it appears that legal uncertainties related to advice and education may be a problem for a few plans. In addition, more rigorous evaluation methods to test programs are needed. The paper concludes with suggestions for areas of future research.
“EBRI’s 2013 Retirement Confidence Survey: Perceived Savings Needs Outpace Reality for Many,” by Ruth Helman, Nevin Adams, Craig Copeland, and Jack VanDerhei (EBRI Issue Brief No. 384, March 2013, .pdf format, 36p.).
www.ebri.org/publications/ib/index.cfm?fa=ibDisp&content_id=5175
CRS has created a series of reports based on their 13th Annual Retirement Survey of “workers and employers.” Some of the reports include:
- Juggling Current Needs and Long-Term Security: Every Woman Needs Her Own Retirement Strategy.
- Weathering the Economic Storm: Retirement Plans in the U.S., 2007-2012.
- The Cracked Nest Egg (Unemployed/Underemployed Survey).
- Redefining Retirement: The New “Retirement Readiness”.
- Full Survey Results (Worker and Employer).
www.transamericacenter.org/resources/tc_center_research.html
“Developing Future Social Protection Systems Retirement Income,” (February 2013, .pdf format, 31p.).
www3.weforum.org/docs/WEF_FS_RetirementIncome_Report_2013.pdf
“Employment duration and shifts into retirement in the EU,” by Ted Aranki and Corrado Macchiarelli (Working Paper No. 1517, February 2013, .pdf format, 34p.).
Abstract:
The decision to cease working is traditionally influenced by a wide set of socio-economic and environmental variables. In this paper, we study transitions out of work for 26 EU countries over the period 2004-2009 in order to investigate the determinants of retirement based on the Eurostat Survey on Income and Living Conditions (EU-SILC). Applying standard survivor analysis tools to describe exits into retirement, we do not find any significant differences in the patterns into retirement between the average euro area and EU non-euro area countries. Moreover, we find that shifts into retirement have increased during the onset of the 2009 economic and financial crisis. Income, together with flexible working arrangements, is found to be important as regards early retirement decisions, compared to retiring beyond the legal retirement age. Finally, we show that institutional measures (such as, state/health benefits, minimum retirement age) could not be sufficient alone if individuals withdraw earlier from the labour market due to a weakening of their health. Especially, these latter results are of importance for structural and macroeconomic policy, for instance, in increasing the employment of both people and hours worked against the background of population ageing.
“The Future of Retirement: A new reality,” (February 2013, .pdf format, 42p.).
MRRC Newsletter (Vol. 13, No. 2, February 2013, HTML and .pdf format, 4p.).
www.mrrc.isr.umich.edu/publications/newsletters/newsletter_item.cfm?NewsletterID=1018
A. “It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans,” by Veronika K. Pool, Clemens Sialm, and Irina Stefanescu (w18764, February 2013, .pdf format, 51p.).
Abstract:
This paper investigates whether mutual fund families acting as trustees of 401(k) plans display favoritism toward their own funds. Using a hand-collected dataset on retirement investment options, we show that poorly-performing funds are less likely to be removed from and more likely to be added to a 401(k) menu if they are affiliated with the plan trustee. We find no evidence that plan participants undo this affiliation bias through their investment choices. Finally, the subsequent performance of poorly-performing affiliated funds indicates that these trustee decisions are not information driven and are costly to retirement savers.
B. “On Financing Retirement with an Aging Population,” by Ellen R. McGrattan and Edward C. Prescott (w18760, February 2013, .pdf format, 37p.).
Abstract:
A problem facing the United States is financing retirement consumption as its population ages. Policy analysts increasingly advocate savings-for-retirement systems, but are concerned with insufficient savings opportunities with limited government debt. This concern is unwarranted. First, there is more productive capital than commonly assumed in macroeconomic modeling. Second, if the policy reform subsumes the elimination of capital income taxes, then the value of business equity increases relative to the capital stock. Phasing in a switch from the current U.S. system to a savings-for-retirement system without capital income taxes increases welfare of all current and future cohorts.
C. “Empirical Determinants of Intertemporal Choice,” by Jeffrey R. Brown, Zoran Ivkovic, and Scott Weisbenner (w18755, February 2013, .pdf format, 50p.).
Abstract:
We study the empirical determinants of intertemporal choice by analyzing a unique decision Croatian retirees made recently about whether to accept an immediate pension payment or a larger stream of delayed payments. Individual decisions are correlated in sensible ways with income, liquidity constraints, longevity expectations, and other covariates. Attitudes toward government also matter: those less confident that the government will honor its commitments are more likely to take the immediate stream of payments. Those who believe it is important to receive ‘the full amount due, no matter how long it takes’ are substantially more likely to take the delayed payments.
A. “What drives pension indexation in turbulent times? An empirical examination of Dutch pension funds,” by Dirk Broeders, Paul Hilbers and David Rijsbergen (Working Paper No. 368, January 2013, .pdf format, 46p.). Note: Links to the abstract and full-text can be found at:
B. “Are Retirement Decisions Vulnerable to Framing Effects? Empirical Evidence from NL and the US,” by Federica Teppa and Maarten van Rooij (Working Paper No. 366, December 2012, .pdf format, 46p.). Note: Links to the abstract and full-text can be found at:
EBRI Notes (Vol. 34, No. 1, January 2013, .pdf format, 16p.). Note: The articles in this issue are: “Views on Health Coverage and Retirement: Findings from the 2012 Health Confidence Survey,” by Paul Fronstin; and, “Tax Preferences and Mandates: Is the Danish Savings Experience Applicable to the United States?” by Sudipto Banerjee and Nevin Adams.
www.ebri.org/publications/notes/index.cfm?fa=notesDisp&content_id=5157
“Active vs. Passive Decisions and Crowd-out in Retirement Savings Accounts: Evidence from Denmark,” by Raj Chetty, John N. Friedman, Soren Leth-Peterson, Torben Heien Nielsen, and Tore Olsen (RWP13-002, January 2013, .pdf format, 71p.). Note: Links to the abstract and full-text can be found at:
web.hks.harvard.edu/publications/workingpapers/citation.aspx?PubId=8742
“The Great Recession, Older Workers with Disabilities, and Implications for Retirement Security,” by Onur Altindag, Lucie Schmidt and Purvi Sevak (WP 2012-277, November 2012, .pdf format, 31p.). Links to an abstract and full text are available at:
www.mrrc.isr.umich.edu/publications/index_abstract.cfm?ptid=1&pid=875
“Over 40 percent of employees 65 years or older at retirement,” (January 17, 2013).
A. “Building Lifetime Middle Class Security,” by Donald L. Redfoot, Susan C. Reinhard, and Debra B. Whitman (January 2013, .pdf format, 24p.).
www.aarp.org/research/ppi/security/building-lifetime-middle-class-security-AARP-ppi-sec/
B. “What are the Retirement Prospects of Middle-Class Americans?” by Barbara A. Butricia and Mikki D. Waid (January 2013, .pdf format, 32p.).
www.aarp.org/research/ppi/security/retirement-prospects-middle-class-AARP-ppi-sec/
C. “Assets and Debt across Generations: The Middle Class Balance Sheet 1989-2010,” by Lori A. Trawinski (January 2013, .pdf format, 47p.).
www.aarp.org/research/ppi/security/middle-class-balance-sheet-1989-2010-AARP-ppi-sec/
D. “Tracking the Decline: Middle-Class Security in the 2000s,” by Tatjana Meschede, Laura Sullivan, Donald L. Redfoot, and Enid Kassner (January 2013, .pdf format, 15p.).
E. “The Elusive Middle in America – What Has Happened to Middle-Class Income?” by Gary Koenig (January 2013, .pdf format, 10p.).
F. “In the Red: Older Americans and Credit Card Debt,” by Amy Traub (January 2013, .pdf format, 15p.).
www.aarp.org/research/ppi/security/in-the-red-older-americans-credit-card-debt-AARP-ppi-sec/
G. “The Effects of Rising Health Care Costs on Middle-Class Economic Security,” by Harriet Komisar (January 2013, .pdf format, 18p.).
www.aarp.org/research/ppi/security/impacts-of-rising-healthcare-costs-AARP-ppi-sec/
H. “Loss of Housing Affordability Threatens Financial Stability for Older Middle-Class Adults,” by Rodney Harrell and Shannon G. Guzman (January 2013, .pdf format, 7p.).
“Optimal Financial Knowledge and Wealth Inequality,” by Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell (w18669, January 2013, .pdf format, 48p.).
Abstract:
While financial knowledge is strongly positively related to household wealth, there is also considerable cross-sectional variation in both financial knowledge and net asset levels. To explore these patterns, we develop a calibrated stochastic life cycle model featuring endogenous financial knowledge accumulation. The model generates substantial wealth inequality, over and above that of standard life cycle models; this is because higher earners typically have more hump-shaped labor income profiles and lower retirement benefits which, when interacted with precautionary saving motives, boost their need for private wealth accumulation and thus financial knowledge. Our simulations show that endogenous financial knowledge accumulation has the potential to account for a large proportion of wealth inequality. The fraction of the population which is rationally financially ‘ignorant’ depends on the generosity of the retirement system and the level of means-tested benefits. Educational efforts to enhance financial savvy early in the life cycle so as to produce one percentage point excess return per year would be valued highly by people in all educational groups.
A. “Retirement, Recessions and Older Small Business Owners,” by Tami Gurley-Calvez, Kandice Kapinos, and Donald Bruce (Report No. 400, December 2012, .pdf format, 62p.).
www.sba.gov/advocacy/7540/372751
B. “Financial Viability and Retirement Assets: A Look at Small Business Owners and Private Sector Workers,” by Jules Lichtenstein (Report No. 401, December 2012, .pdf format, 46p.).
“Retiree Out-of-Pocket Health Care Spending: A Study of Expert Views, Consumer Expectations, and Policy Implications,” by Allison K. Hoffman and Howell E. Jackson (WR962, November 2012, .pdf format, 72p.). Note: Links to the abstract and full-text can be found at:
“How Well Do Americans Anticipate Their Health Care Expenses in Retirement?” by Allison K. Hoffman, Howell E. Jackson (WB116, September 2012, .pdf and HTML format, 5p.).
“Financial Literacy and Retirement Planning in Australia,” by Julie R. Agnew, Hazel Bateman, and Susan Thorp (WP2012-22, December 2012, .pdf format, 22p.). Note: Links to the abstract and full-text can be found at:
www.pensionresearchcouncil.org/publications/document.php?file=1039
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