New research finds a hidden price of trust in financial decision-making. Investors allocate much more to trust funds associated with highly trusted organizations, even when less-trusted institutions offer identical funds, potentially leading investors to sacrifice substantial long-term wealth. Read more about the price of trust in financial behavior here.…Read More
Hosted by Olivia S. Mitchell and Nikolai Roussanov, Wharton’s Pension Research Council held its annual Spring Symposium in May of 2026, bringing together leading academics, Industry experts, and policymakers to explore the rise of public debt and how it shapes saving, investments, and retirement. Presentations covered the federal debt, social security, investment trends, and retirement wellbeing. …Read More
New research from the TIAA Institute examines retirement systems across 11 countries and finds that retirees are more likely to choose lifetime income when it is integrated directly into the retirement system. Their findings offer important lessons for policymakers, plan sponsors, and financial advisors seeking to strengthen retirement security in the United States.…Read More
New research by economists Carlo Pizzinelli and Maria M. Tavares finds that older workers are often better positioned than younger workers to benefit from artificial intelligence, particularly in occupations where experience, judgment, and interpersonal skills remain essential. Their findings may help an aging workforce navigate technological change.…Read More
Dr. Sylvain Catherine, an Advisory Board member of Wharton’s Pension Research Council, explains why traditional measures of U.S. wealth inequality are incomplete when they exclude Social Security benefits. Read his Q&A with Knowledge at Wharton to learn more.…Read More
How closely are health and retirement linked? New research by Professors Slavov and Chung finds that health shocks experienced by an individual or their partner often lead to earlier-than-planned retirement, while retirement itself can bring modest health improvements when not driven by illness. Their findings emphasize the importance of incorporating health risks and trajectories into retirement planning and policy design.…Read More
How risky are health care costs in retirement? Dr. Banerjee finds that while most retirees face manageable, predictable expenses, a small share experience severe financial shocks, especially from long-term care. His research highlights that these risks are highly concentrated and tend to arise late in life, underscoring the need for better planning and stronger policy solutions around long-term care.…Read More
Can aging societies still grow? Dr. Park and Dr. Shin argue that they can, thanks to the “silver dividend” created by healthier older workers staying economically active. However, their research finds that the main drag on growth comes not from labor shortages but from weaker productivity gains, emphasizing the need for policies that foster innovation and efficiency in an aging world.…Read More
What drives individuals to avoid annuities, even when they offer protection against outliving their savings? Hallstein, Liebler, and Maurer highlight the role of loss aversion, showing how fear of “losing” an investment can increase demand for costly guarantees and reduce lifetime income. Their findings underscore the importance of clearer communication and better product design to help individuals and advisers make more informed retirement decisions.…Read More
What steps can solo-agers take to protect their independence as housing and financial needs evolve? Anna Rappaport highlights the critical role of proactive housing decisions, financial planning, and support network development in later life. Her insights suggest what thoughtful preparation and practical actions individuals and advisers can take to help solo-agers age with confidence and stability.…Read More
