Pension Research Council News

A decade-long study of more than 1,000 older adults shows that financial and health literacy decline steadily with age, dropping about one percentage point each year. These findings highlight growing risks in money management and medical decision-making, and point to the need for early, targeted interventions to support financial well-being—particularly for women.

Over the past two decades, employers have helped workers save for retirement through automatic 401(k) enrollment and target-date funds. But few help them spend wisely in retirement. Professor Olivia S Mitchell proposes that legislators make annuities the default option in 401(k)s, giving retirees steady income for life. It’s a smart, equitable step toward real retirement ...

In their research, Gianpaolo Parise and Kim Peijnenburg demonstrate that traits such as conscientiousness, grit, locus of control, and emotional stability significantly shape individuals’ saving, investing, and retirement planning behaviors. Their findings underscore an important insight: personality traits, alongside income and financial literacy, are critical determinants of long-term wealth accumulation and retirement preparedness.

Trump-era policy shifts pose new risks to Americans’ retirement security. Yet, as Wharton Prof. Olivia S. Mitchell warns, retirees already depend heavily on Social Security and investment safeguards – making it more critical to plan ahead and push for reforms before protections weaken further.

Younger generations are likely to need to work longer than did their parents. Yet, as @Wharton Prof. Olivia S. Mitchell cautions, US retirees still rely heavily on Social Security benefits, making it all the more urgent to restore the system’s long-term solvency before benefits must be cut in 7 years

When it comes to longevity, the U.S. is falling far behind its peers. Through his analysis, Steve Utkus reveals a sobering reality – Americans not only live shorter lives than citizens of other wealthy nations, but they also spend fewer years in good health. His findings highlight an urgent challenge: Americans get sicker faster and ...

The U.S. retirement system gets a grade of C+, so what can be done to improve it? Wharton Prof. Olivia S. Mitchell and others explain the appeal of a national defined contribution plan, paired with guaranteed lifetime incomes.

How to avoid outliving your retirement savings? New research by Wharton Prof. Olivia S. Mitchell and co-authors shows that defaulting a portion of retirees’ 401(k) assets into annuities could boost their retirement security, especially for those who don’t understand the risk of outliving their assets.

When it comes to longevity, the U.S. is falling far behind its peers. Through his analysis, Steve Utkus reveals a sobering reality – Americans not only live shorter lives than citizens of other wealthy nations, but they also spend fewer years in good health. His findings highlight an urgent challenge: Americans get sicker faster and ...