With Social Security insolvency looming, reforms will require spreading the burden across current & future generations, says Olivia S. Mitchell of The Wharton School. Via Penn Today. …Read More
What is the future of Social Security?
financial literacy
Many 401(k) Participants Have No Idea How Cash Will Come Out
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
How schools are prepping Gen Z for financial literacy
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
State retirement plan is helping, study finds, but many opt out
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
OregonSaves Program Is Helping Boost Employees’ Retirement Savings
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
United States Senate Special Committee on Aging
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
U.S. Women, Work, and the COVID Pandemic: Myths and Realities
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
Make Social Security Fairer to Workers
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
Olivia Mitchell: “La persistente falta de conocimiento financiero ha contribuido al escepticismo de muchos chilenos sobre el sistema de pensiones”
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
Olivia S. Mitchell on Wharton Business Daily: Debt among Older Americans
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