The COVID-19 pandemic will likely have longer-term economic effects, as people fearing financial fragility are less likely to save more for retirement or to annuitize their retirement savings: new research from Abigail Hurwitz, Olivia S. Mitchell, and Orly Sade.…Read More
Many retirement systems were struggling even before the pandemic, but aging populations and COVID’s impact require reforms even more urgently, notes Wharton Prof. Olivia S. Mitchell; see the AP7 2020 Annual Report here.…Read More
Early 401(k) withdrawals can drastically reduce retirement assets; if need be, borrowing from a retirement account can be a safer option, explains Wharton Prof. Olivia S. Mitchell. Via Knowledge@Wharton.…Read More
COVID is eroding the Social Security and Medicare trust funds, already facing looming insolvency. Not much time left to fix the system, cautions Wharton Prof. Olivia S. Mitchell. Via the Philadelphia Inquirer. See also Andrew Biggs’s examination of the social security benefits loophole, “How the Coronavirus Could Permanently Cut Near-Retirees’ Social Security Benefits.”…Read More
Congress removed some penalties from early withdrawals from retirement savings, but taking money out early can dramatically reduce one’s retirement assets, cautions Wharton Prof. Olivia S. Mitchell speaking with Dan Loney on Wharton Business Daily. …Read More
The COVID-19 pandemic is eroding retirement saving habits and long-term financial strategies of those already financially vulnerable, report Wharton Prof. Olivia S. Mitchell, & Profs. Abigail Hurwitz and Orly Sade of the Hebrew University of Jerusalem, in their new study via NBER.…Read More
Presentation slides and videos from IPRA’s recent session “Pensions and COVID-19: The Global Experience” are now available, including Wharton Prof. Olivia S. Mitchell’s presentation “Building Better Retirement Systems in the Wake of the Global Pandemic.” To join IPRA, sign up here.…Read More
Easing early withdrawals from retirement accounts could put many Americans at financial risk, especially given the looming insolvency of Social Security, explains Wharton Prof. Olivia S. Mitchell in the WSJ, advising caution and greater financial education instead.…Read More
Even pre-pandemic, many older Americans carried substantial debt in student loans, mortgages, and medical bills. Now many are tapping into retirement savings to support loved ones, notes Wharton Prof. Olivia S. Mitchell via WVTF-Radio IQ.…Read More
The 2020 OECD Pensions Outlook provides policy guidelines to strengthen retirement systems post-pandemic. The book launch featured a virtual roundtable discussion including Wharton’s Prof. Olivia S. Mitchell.…Read More
