Accumulation and Decumulation in Retirement Savings Plans

退休储蓄计划的累积和减少

• 批准号: 8828527
• 负责人: BRIGITTE C. MADRIAN
• 金额: $ 34.25万
• 依托单位: NATIONAL BUREAU OF ECONOMIC RESEARCH
• 依托单位国家: 美国
• 财政年份: 2003
• 资助国家: 美国
• 起止时间: 2003-03-15 至 2016-03-31
• 项目状态: 已结题
• 来源: https://reporter.nih.gov/project-details/8828527
• 关键词: Accounting; Adoption; Affect; Communication; Complement; Consumption; Crowding; Data; Databases; Decision Making; Economic Models; Economics; Elderly; Employee; Enrollment; Ensure; Exposure to; Extravasation; Funding; Goals; Growth; Health Expenditures; Income; Individual; Institution; Light; Link; Longevity; Measures; Modeling; Outcome; Participant; Pensions; Play; Policy Maker; Preparation; Psyche structure; Psychological Factors; Psychological Models; Research; Resources; Retirement; Risk; Role; Savings; Shapes; Source; Stream; Testing; Time; Work; defined contribution; financial incentive; health savings account; heuristics; improved; literacy; longitudinal database; mental set; peer influence; psychologic; retiree; theories; tool

DESCRIPTION (provided by applicant): Over the last 30 years, defined contribution (DC) savings plans, such as 401(k)s, have gradually replaced defined benefit (DB) pension plans as the primary privately sponsored vehicle for providing retirement income. Employers now sponsor over 650,000 401(k) plans with more than 87 million participants and $2 trillion in assets.1 401(k) plan participants outnumber DB plan participants by 5 to 2. This continuation application proposes projects that analyze how institutional, economic, and psychological mechanisms interact to shape participation, savings, asset allocation, savings leakage, annuitization, and decumulation outcomes in defined contribution savings plans. Key mechanisms that our ongoing research has identified include financial incentives, institutional constraints, procrastination, anchoring, status quo bias, framing, salience, peer influence, heuristics, mental accounting, and bounded rationality. Our goal is to better understand these mechanisms so that institutions can be optimized to improve retirement savings outcomes. Building on our current R01, this continuation proposal has four aims that complement our previous and ongoing work. First, we plan to study the features of savings plans that affect participation, savings rates, and retirement wealth accumulation. Specifically, we will study, in the context of employer adoption of Roth 401(k) plans, the effects of changing the menu of retirement accounts and the role of savings heuristics. We will also measure the impact of numerical psychological anchors, salient thresholds, and goal-setting prompts that are included in communications to employees. Second, we plan to identify institutional features of employer-sponsored plans that affect savings crowd-out and savings "leakage." We will measure the link between the automatic enrollment of "unmotivated" savers and resulting increases in 401(k) cash-outs that occur when workers separate from firms. We will also measure the magnitude of crowd-out across different types of savings accounts, including health savings accounts (HSA) and retirement savings accounts. Third, we plan to study institutional features of retirement plans that affect decumulation decisions. We will study the effect of changing the set of annuitization options in DB and DC accounts, the effect of making partial annuitization salient as an alternative to total annuitization, and the impact of new decision tools that make longevity risk and annuitization easier to understand. Fourth, we will expand the time horizon and number of firms in our 12-year longitudinal database on defined contribution savings plan participants. We will also create four entirely new databases on annuitization decisions in both DB and DC retirement plans. These new databases will cover several million individuals. 1 See EBRI Databook on Employee Benefits (2010).

描述（由申请人提供）：在过去的30年里，固定缴款（DC）储蓄计划（例如401（k）s）已逐渐取代固定福利（DB）养老金计划，成为提供退休收入的主要私人赞助工具。雇主现在赞助了超过650，000个401（k）计划，参与者超过8700万人，资产达2万亿美元。 这个延续申请提出了一些项目，分析制度，经济和心理机制如何相互作用，以塑造参与，储蓄，资产配置，储蓄泄漏，年金化和递减结果在固定缴款储蓄计划。我们正在进行的研究已经确定的关键机制包括经济激励，制度约束，拖延，锚定，现状偏见，框架，突出，同伴影响，心理学，心理会计和有限理性。我们的目标是更好地了解这些机制，以便优化机构，改善退休储蓄结果。 在我们目前的R01的基础上，这一延续建议有四个目标，补充了我们以前和正在进行的工作。首先，我们计划研究影响参与度、储蓄率和退休财富积累的储蓄计划的特征。具体来说，我们将研究，在雇主采用罗斯401（k）计划的背景下，改变退休账户菜单的影响和储蓄的作用。我们还将衡量与员工沟通中包含的数字心理锚、显著阈值和目标设定提示的影响。 第二，我们计划确定雇主赞助的计划的制度特征，影响储蓄挤出和储蓄“泄漏”。“我们将衡量自动登记的“无动机”储蓄者和导致增加的401（k）现金退出时，发生的工人从公司。我们还将衡量不同类型储蓄账户的挤出程度，包括健康储蓄账户（HSA）和退休储蓄账户。 第三，我们计划研究退休计划的制度特征，这些特征会影响累积退休的决策。我们将研究改变DB和DC账户中的年金化选项集的影响，将部分年金化作为总年金化的替代方案的影响，以及使长寿风险和年金化更容易理解的新决策工具的影响。 第四，我们将扩大我们12年纵向数据库中关于固定缴款储蓄计划参与者的时间范围和公司数量。我们还将创建四个全新的数据库，用于DB和DC退休计划的年金化决策。这些新的数据库将覆盖数百万人。1见EBRI雇员福利数据手册（2010年）。