Retirement Security And Financial Decision Making PDF Download
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| Author | : Olivia S. Mitchell |
| Publisher | : Oxford University Press |
| Total Pages | : 249 |
| Release | : 2017-09-29 |
| Genre | : Business & Economics |
| ISBN | : 0192537849 |
Download Financial Decision Making and Retirement Security in an Aging World Book in PDF, ePub and Kindle
As the world's population lives longer, it will become increasingly important for plan sponsors, retirement advisors, regulators, and financial firms to focus closely on how older persons fare in the face of rising difficulties with cognition and financial management. This book offers state-of-the-art research and recommendations on how to evaluate when older persons need financial advice, help them make better financial decisions, and to identify policy options for handling these individual and social challenges efficiently and fairly. This latest volume in the Pension Research Council series, draws lessons from theory and practice, and will be of interest to employees and retirees, consumers and researchers, and financial institutions working to design better retirement plan offerings.
| Author | : Philip Armour |
| Publisher | : |
| Total Pages | : 58 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
Download Retirement Security and Financial Decision Making Book in PDF, ePub and Kindle
Financial planning for retirement in the United States has never been more important. Americans now have greater control on how much to accumulate during their working years, and how much to deaccumulate during their retirement. With greater control also comes great responsibility for the individual. As this individual-level responsibility has increased so has the relevance of making the right claiming decision about Social Security, which for many will be the only source of life-time income protected against inflation. Longer life spans, and especially longer post-retirement life spans, have also raised long-term care costs for households, further requiring careful financial planning for retirement. The Consumer Financial Protection Bureau's Office of Older Americans seeks to provide older Americans with resources to help them plan for their retirement. To do so, they also need a greater knowledge of which populations are the most at risk. In this report, we seek to identify leading indicators of financial insecurity in retirement that can assist the Office of Older Americans in 1) identifying key decisions prior to retirement that may be correlated with insecurity in later years, and 2) identifying populations who may benefit most from targeted information. Individuals and households who are financially secure are able to meet their financial goals. In this report, we develop three measures of financial security, related to three common financial goals, among retired Health and Retirement Study (HRS) respondents. These measures cover ability to pay for regular expenses, ability to pay for long-term care costs, and the ability to bequest. Since the HRS follows the same households over time, interviewing them every two years, we investigate whether these financial security measures are associated with decisions made leading up to and during retirement. Doing so allows us to track which decisions are associated with more secure finances as retired individuals continue to age. By examining these financial security measures and how certain financial decisions are related to them, we explore whether current retirees' are able to balance between regular expenses, maintaining sufficient wealth to cover the costs of long-term care, should the need arise, protecting against longevity risks, and leaving a bequest to their heirs.
| Author | : Olivia S. Mitchell |
| Publisher | : Oxford University Press |
| Total Pages | : 328 |
| Release | : 2011-10-27 |
| Genre | : Business & Economics |
| ISBN | : 0199696810 |
Download Financial Literacy Book in PDF, ePub and Kindle
As defined contribution pensions become prevalent, retirees are increasingly responsible for managing their own pension assets and thus their own financial literacy becomes crucial. Based on empirical evidence and new research, the book examines how financial literacy enhances retirement decision-making in ever more complex financial markets.
| Author | : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises |
| Publisher | : |
| Total Pages | : 140 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : |
Download Retirement Security Book in PDF, ePub and Kindle
| Author | : William G. Gale |
| Publisher | : Brookings Institution Press |
| Total Pages | : 406 |
| Release | : 2021-07-27 |
| Genre | : Business & Economics |
| ISBN | : 0815739354 |
Download Wealth After Work Book in PDF, ePub and Kindle
Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans.
| Author | : David A. Littell |
| Publisher | : |
| Total Pages | : 528 |
| Release | : 1997 |
| Genre | : Business & Economics |
| ISBN | : |
Download Financial Decision Making at Retirement Book in PDF, ePub and Kindle
| Author | : Gordon L. Clark |
| Publisher | : OUP Oxford |
| Total Pages | : 240 |
| Release | : 2012-01-05 |
| Genre | : Business & Economics |
| ISBN | : 0191618993 |
Download Saving for Retirement Book in PDF, ePub and Kindle
Understanding the ways in which people save for their retirement is an urgent issue. So much has changed in the last 10 to 15 years, especially in the area of the provision of pensions and retirement income. Around the world, greater and greater responsibility is being allocated to individuals while governments discount their contributions to social security and employers retreat from the provision of supplementary retirement income. This book explores the behavioral revolution and its implications for understanding financial decision-making and saving for the future. Recognizing the profound implications of this research program, it goes beyond issues of risk aversion, framing, and decision-making to consider how social identity and the resources due to people by virtue of their place in society figure in savings behavior. It gives considerable attention to the context of the environment in which people make financial decisions, arguing that this allows a better understanding of the coexistence of sophistication and naivety apparent in patterns of retirement saving. Utilizing databases from the UK, the book provides an empirical foundation to its theoretical arguments, demonstrating how an integrated approach to individual financial decision-making is necessary if we are to address the apparent shortfall in many people's planning for the future. The book concludes by setting the agenda for the design, governance, and regulation of pension savings schemes consistent with delivering cost-effective solutions to pension adequacy. In these ways, it sets forth a strategy for rethinking individual behavior as well as the design of retirement income systems.
| Author | : Mark J. Warshawsky |
| Publisher | : MIT Press |
| Total Pages | : 277 |
| Release | : 2011-12-09 |
| Genre | : Business & Economics |
| ISBN | : 0262300842 |
Download Retirement Income Book in PDF, ePub and Kindle
Strategies, products, and public policies that will help a new generation of retirees maximize income and minimize risk. As members of the baby boom generation head into retirement, they face an economic environment that has changed noticeably since their parents retired. Most of these new retirees will not be equipped, as many in the earlier generation were, with private pension plans, early retirement options, and fully paid retiree health benefits in addition to Social Security and Medicare. Today it is increasingly left to retirees themselves to plan how to maximize retirement income and minimize risk. In Retirement Income, Mark Warshawsky and his colleagues describe strategies, products, and public policies that will help a new generation achieve financial security and income growth in retirement. Warshawsky, a noted expert in the field who has worked in both government and private industry, analyzes two insurance vehicles, life annuities and long-term care insurance, and their capacity to protect against the extra costs arising from longevity and disability. He proposes two innovations. The first is a strategy that includes a set percentage withdrawal from a balanced portfolio, which is gradually used to purchase a ladder of life annuities. The second proposal, which includes a description of the potential choices in product design and available tax characteristics, is a product that integrates the immediate life annuity and long-term care insurance. With Retirement Income, Warshawsky offers practical ideas based on the results of empirical investigations and analyses, which can be applied to household decision making by retirees and their financial planners and to the design of insurance products and public policy.
| Author | : Jacques Lussier |
| Publisher | : CFA Institute Research Foundation |
| Total Pages | : 272 |
| Release | : 2019-09-19 |
| Genre | : Business & Economics |
| ISBN | : 1944960821 |
Download Secure Retirement: Connecting Financial Theory and Human Behavior Book in PDF, ePub and Kindle
Financial science, both quantitative and behavioral, can be used to improve the retirement planning effort. Despite a vast amount of literature on the topic, Secure Retirement recognizes the need to validate this knowledge and develop a comprehensive framework for investors.
| Author | : Stephen Butler |
| Publisher | : iUniverse |
| Total Pages | : 112 |
| Release | : 2014-01-24 |
| Genre | : Business & Economics |
| ISBN | : 149172059X |
Download Roadmap to Retirement Security Book in PDF, ePub and Kindle
This book won't waste your time. It explains the fundamentals leading to investment success while avoiding the all-too-common "dumbed-down" information that just tells readers what they already know. Sophisticated concepts like "marked-to-market" and "the snapback phenomenon" and "Modern Portfolio Theory" are some of the book's themes that can lead to confidence and success as investors. For retirees, the book's purpose is to provide a do-it-yourself course of action allowing for an "end-run" around the financial services industry with the latter's excessive costs --- costs that eat up what could otherwise have been more retirement income. Knowing how to effectively self-manage assets and implement a mix of cost-effective investments is a critical skill for retirees. Understanding and applying some simple basics will deliver the most on-going income while still combating the disasterous effects of inflation.
