Knowledge@Wharton Podcast
Changing Patterns in Household Ownership of Municipal Debt
Daniel Bergstresser and Randolph Cohen’s recent study presented at the 2026 Pension Research Council Symposium documents a major shift in household ownership of municipal debt. They report that the growing use of tax-deferred retirement accounts has contributed to municipal debt becoming increasingly concentrated among the wealthiest households. As of 2022, the wealthiest 0.5% of households ...
SECURE 3.0: New Proposals to Address Longevity Risk
The Pension Research Council invites you to view the Brookings Institute event titled “The Next Generation of Reforms to the Retirement Saving System,” held Wednesday, September 30th, 2026. With other panelists, PRC Executive Director Olivia S. Mitchell discussed proposals for SECURE 3.0, a potential new wave of US retirement policy reforms.
The Next Generation of Reforms to the Retirement Saving System
The Pension Research Council invites you to join us and the Brookings Institute for a livestreamed event titled “The Next Generation of Reforms to the Retirement Saving System,” held Wednesday, September 30th, at 9:45am – 11:35am (ET). With other panelists, PRC Executive Director Olivia S. Mitchell will discuss evidence-based proposals for SECURE 3.0, a potential ...
Changing Global Investment Trends
Dr. Karen Lewis and coauthors report that investors’ portfolio allocations have shifted toward riskier investments, rather than fixed-income securities. This is part of a global trend, where local-currency government bond yields are associated with lower bond-portfolio shares and higher holdings of mutual funds and foreign assets. At the 2026 Pension Research Council Symposium, Dr. Lewis ...
What Savers Should Know About Trump Accounts
Many have wondered just what the difference is between Trump accounts and other investment methods. Wharton’s Olivia S. Mitchell helps unpack Trump Accounts, explaining how they compare with IRAs and 529s, and why they should complement, not replace, existing retirement accounts.
Social Security’s Role in the Federal Debt Explosion
Social Security is already contributing to federal borrowing. Romina Boccia and Ivane Nachkebia argue that focusing solely on when the trust fund will be depleted overlooks the program’s unsustainable benefit design. At the 2026 PRC Symposium, they explained that structural reform should be evaluated not only by whether it restores solvency, but also by whether ...
Population Aging and the Long-Term Federal Debt Outlook
At the 2026 PRC symposium, Dr. Karen Dynan explained how rising Social Security, Medicare, and debt-servicing costs could constrain economic growth, limit the government’s ability to respond to future crises, and leave retirement programs more vulnerable. She cautions that delaying fiscal decisions could make future reforms more abrupt and more burdensome for the households that ...
A New Book From Wharton’s Pension Research Council
The newest book from the PRC, “Retirement Saving, Investment, and Spending – New Lessons from Behavioral Research” has now published, and is available at Oxford University Press.
Straining The Safety Net
Early access to retirement savings can provide important financial flexibility, but withdrawals could come at a cost to future retirement security. Wharton’s Olivia S. Mitchell examines how retirement plans can balance short-term financial needs with long-term retirement readiness.
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