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  1. Do individuals accept fluctuations in pension income?
    Author: Bucher-Koenen, Tabea; Knebel, Caroline; Weber, Martin
    Published: [2023]
    Publisher:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 15
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    Universitätsbibliothek Mannheim
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    How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the choice between phased withdrawal plans with varying riskiness resulting in volatile retirement income. We find that 40% of the participants choose some risk and thus, accept fluctuations in retirement income. Second, we analyze the choice between the selected withdrawal plan and a lifelong annuity. Overall 56% of the respondents switch to the annuity. Switching behavior is more prevalent among individuals who chose the risk-free and medium-risk withdrawal plans as compared to the risky plan. Anchoring and fluctuation frames have small and significant effects on plan choice.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/273467
    Edition: This draft: March 21, 2023
    Series: Discussion paper / ZEW ; no. 23, 019 (05/2023)
    Subjects: Retirement planning; phased withdrawal plans; annuities; framing
    Scope: 1 Online-Ressource (50 Seiten), Illustrationen
  2. Experimental Research on Retirement Decision-Making
    Evidence from Reproductions
    Author: Bachmann, Kremena; Lot, Andre; Xu, Xiaogeng; Hens, Thorsten
    Published: 2022
    Publisher:  SSRN, [S.l.]

    We adapt the design of five experimental studies on retirement decision-making and conduct reproductions with a larger sample from the broader population. We reproduce most of the main effects of the original studies. In particular, we find that... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We adapt the design of five experimental studies on retirement decision-making and conduct reproductions with a larger sample from the broader population. We reproduce most of the main effects of the original studies. In particular, we find that consumption decisions are less efficient when subjects need to borrow from the future than save from the present. When subjects collect retirement benefits as lump-sum instead of annuities, they choose to retire later. The duration of retirement affects the saving behavior of the subjects. Savings are higher when they are incentivized with matching contributions than with tax rebates. When faced with stochastic survival risk, subjects make partial adjustments to spending paths. We also propose a further experimental research agenda in related topics and discuss practical issues on subject recruitment, attrition, and redesign of complex tasks

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Swiss Finance Institute Research Paper ; No. 22-72
    Subjects: household finance; retirement decision; savings; annuities; life-cycle optimization; income smoothing; experiments; reproductions
    Scope: 1 Online-Ressource (53 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 12, 2022 erstellt
  3. What's wrong with annuity markets?
    Author: Verani, Stéphane; Yu, Pei Cheng
    Published: July 13, 2021
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Finance and economics discussion series ; 2021, 044
    Subjects: life insurance; annuities; corporate bond market; retirement; interestrate risk
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  4. Pension payout preferences
    Author: Dillingh, Willem Frederik; Zumbuehl, Maria
    Published: November 2021
    Publisher:  CPB Netherlands Bureau for Economic Policy Analysis, [Den Haag]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: CPB discussion paper
    Subjects: Pension; annuities; lump sum; consumer choice; survey experiment
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  5. The distributional implications of pension benefit indexation
    Author: Andersen, Torben M.; Jørgensen, Cecilie Marie Løchte
    Published: February 2024
    Publisher:  CESifo, Munich, Germany

    Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit... more

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    Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is determined by how benefits are indexed to prices and wages. Choosing indexation scheme involves a choice between a low initial benefit with an increasing profile and a high initial benefit with a flat/decreasing profile, where the former benefits groups with a high life expectancy, and vice versa. We analyse how indexation affects the trade-off between insurance and distribution when groups with different mortality are separated or pooled, and the optimal benefit profile under both standard preferences and temporal risk aversion wrt. the length of life.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/296032
    Series: CESifo working papers ; 10943 (2024)
    Subjects: annuities; differential mortality; distribution; indexation
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen