Retirement plan type, income level, and age all impact pension withdrawal choices for participants who terminate employment with company pensions, explain Profs. Olivia S. Mitchell of The Wharton School and Robert L. Clark of NC State Poole College of Management via ThinkAdvisor. Also participants with higher Financial Literacy levels are more likely to choose annuitized benefits. Download @PensionResearch working paper here.…Read More
Should personal finance be mandated in high school? More ways to make financial mistakes point to YES! says Wharton Prof. Olivia Mitchell, via Acorn.…Read More
Auto-enrollment in state retirement plan helps initiate savings but many opt out explain Profs. John Chalmers (University of Oregon), Olivia S. Mitchell (University of Pennsylvania), Jonathan Reuter (Boston College) and Mingli Zhong (Urban Institute). Via AroundtheO…Read More
State-run auto-enrollment IRAs generate savings for many, and meaningfully boost employee retirement assets, according to John Chalmers (University of Oregon), Olivia S. Mitchell (University of Pennsylvania), Jonathan Reuter (Boston College) and Mingli Zhong (Urban Institute). Via PlanSponsor…Read More
US Senate’s new bipartisan report on financial literacy, urging seniors and people with disabilities to plan for retirement cites research by Profs. Olivia S. Mitchell of Wharton and Annamaria Lusardi of George Washington University and GFLEC. Via Special Committee on Aging.…Read More
Periods of nonemployment like those caused by the pandemic can have long-term impacts on women’s financial well-being. Working longer and saving more for retirement can mitigate these effects, explains Wharton Prof. Olivia S. Mitchell via PRB.…Read More
Social Security needs reforms to strengthen it. One that would incentivize workers to delay retirement is to pay the delayed-retirement credit as a lump sum according to Wharton Prof. Olivia S. Mitchell, cited in Morning Consult.…Read More
Poor financial literacy is a major reason why people haven’t saved or invested more, and also why they have withdrawn so much from their pensions, Wharton Prof. Olivia S. Mitchell explains, discussing the struggles of the Chilean retirement system. Via La Tercera.…Read More
Older Americans are accumulating more debt as they approach retirement than prior generations, reports Wharton Prof. Olivia S. Mitchell to Dan Loney of Wharton Business Daily. Read the paper here.…Read More
Workplace-sponsored financial education programs, as well as programs targeted to the specific circumstances of Black and Hispanic women, would boost financial literacy far more than a one-size-fits-all approach, explains Wharton Prof. Olivia S. Mitchell to Julie Stich of IFEBP. Paper here: Financial Well-being among Black and Hispanic Women…Read More
