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Retirement Planning: Most People Don’T Know How Nor Even Think About It, Knowledge@Smu
Retirement Planning: Most People Don’T Know How Nor Even Think About It, Knowledge@Smu
Knowledge@SMU
Worldwide, individuals are being asked to make more of their own savings and investment decisions, especially for retirement. In the US and Europe, for example, company-managed pension plans are giving way to those where employees are in charge of their own retirement money. In Singapore too, the government is encouraging individuals to take a more active role in their own retirement planning. Research by Wharton insurance and risk management professor Olivia Mitchell and Singapore Management University finance professor Benedict Koh shows, however, that people are not well-equipped to handle such investment decisions.
How Can Employers Improve Defined Contribution Plans?, Knowledge@Smu
How Can Employers Improve Defined Contribution Plans?, Knowledge@Smu
Knowledge@SMU
If 401(k)s and similar plans are the main way Americans invest for retirement, how can employers improve them? By making enrollment automatic, minimizing the use of the employer's stock, expanding the role of annuities and improving employees' financial knowledge, according to a set of recommendations issued by the Financial Economists Roundtable, a group of about 50 prominent economists, including several Wharton faculty members.