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Bateman, Hazel [Author] ; Eckert, Christine [Other]; Iskhakov, Fedor [Other]; Louviere, Jordan J. [Other]; Satchell, Stephen E. [Other]; Thorp, Susan [Other]

Individual Capability and Effort in Retirement Benefit Choice

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  • Media type: E-Book
  • Title: Individual Capability and Effort in Retirement Benefit Choice
  • Contributor: Bateman, Hazel [Author]; Eckert, Christine [Other]; Iskhakov, Fedor [Other]; Louviere, Jordan J. [Other]; Satchell, Stephen E. [Other]; Thorp, Susan [Other]
  • imprint: [S.l.]: SSRN, [2014]
  • Published in: UNSW Australia Business School Research Paper ; No. 2014ACTL07
  • Extent: 1 Online-Ressource (38 p)
  • Language: English
  • DOI: 10.2139/ssrn.2494036
  • Identifier:
  • Origination:
  • Footnote: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 24, 2014 erstellt
  • Description: We investigate the role of capability and effort in the management of retirement ruin. In an experimental setting, we analyze how 854 DC plan members reallocated wealth between a lifetime annuity and a phased withdrawal account when we increased the risk of exhausting the phased withdrawal account before the end of life. We find that more numerate individuals who put effort into understanding product features chose more longevity insurance at higher ruin risks. Financially literate members were more likely to show understanding of the product features, but general financial literacy did not directly improve ruin risk management. Initiatives aiming to help DC members understand income stream products at the time of the decision are warranted
  • Access State: Open Access