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August 2024

30Aug

A Two-Generation Model with Altruism for Reverse Mortgage Demand

By Yunxiao Wang, Katja Hanewald, Zilin (Scott) Shao & Hazel Bateman Reverse mortgage markets remain relatively small internationally, with one frequently cited reason being bequest motives. We study the role of reverse mortgages in intergenerational financial planning as a tool for families to bring forward bequests. We develop a new two-generation lifecycle model with parental altruism to compare the welfare gains of bequests and early bequests (inter vivos gifts) for homeowning parents and adult children seeking to purchase their first...

August 30, 2024
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30Aug

Collective Defined Contribution (CDC) Schemes: Assessing Capacity for Alternative Investments

By Aili Chen, CFA  As pension systems adapt to changing economics and demographics, there is growing interest in collective defined contribution (CDC) schemes as they offer a different approach to retirement savings compared to defined benefit (DB) schemes. Instead of providing a guaranteed pension payment, CDC schemes provide workers with a pot of money to use in retirement, alleviating corporate sponsors of the responsibility and cost associated with providing lifetime guaranteed benefit payments. The size of the pension pot can...

August 30, 2024
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July 2024

31Jul

Sexual Orientation and Financial Well-Being in the United States

By Christopher S. Carpenter, Kabir Dasgupta, Zofsha Merchant & Alexander Plum We study the relationship between financial well-being and sexual orientation in the United States using Survey of Household Economics and Decisionmaking (SHED) data for 2019-2022. We document that people who are lesbian, gay, and bisexual (or LGB) have significantly more difficulty managing financially than similarly situated heterosexual individuals—and this pre-dated the COVID-19 pandemic. Differences are found across a broad array of current and future financial well-being outcomes, including retirement...

July 31, 2024
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19Jul

Pension Reforms, Expectations, and Labour Market Behaviour

By Tabea Bucher-Koenen, Irene Ferrari & Yuri Pettinicchi This study examines how expectations about institutional settings and their reform affect middleaged individuals’ labour market behaviour in the context of these reforms. We exploit time and cross-country variation in pension regulations in six European countries. We show that, following a 1-year increase in the pension eligibility age (SEA), individuals expect to claim their pensions around 3.6 months later on average - adjustments are larger among women compared to men. Individuals with...

July 19, 2024
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05Jul

Pensions for Migrants – Leveraging the Renda Success

By Arun Muralidhar, Leandro Sarai & Sid Muralidhar Since migrants typically come from developing countries, with weak currencies, and are considered informal workers in developed countries, with hard(er) currencies, they slip through the economic and social cracks. Even if they earn a reasonable income, they do not have access to the formal financial sector and hence have no retirement security (much like informal workers in developed or developing countries). Brazil’s digitally-enabled, through Tesouro Direto, RendA+ retirement income bond, designed along the...

July 5, 2024
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05Jul

Changing Retirement Incentives and Retirement in the US

By Courtney Coile Employment rates of older Americans have been rising since the 1990s. While the US is fairly unique among advanced economies in not experiencing any large-scale pension reforms in recent decades, there have been multiple changes to Social Security policy that have strengthened the incentive to work at older ages. This study builds on prior work documenting the changes in retirement incentives over time to explore the effect of these changes on retirement behavior, using over two decades...

July 5, 2024
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June 2024

28Jun

Retirement Guide For LGBTQ Americans

By John Schmidt & Benjamin Curry Heterosexual Americans have historically made more on average than their LGBTQ+ counterparts. But some studies suggest that the income gap has disappeared. In recent years, gay men have been earning 10% more than straight men with similar education, experience, and job profiles. Same-sex married couples have a higher median household income than opposite-sex married couples, according to the U.S. Census Bureau data. But the issue is more nuanced than these broad statistics suggest. Source Forbes 

June 28, 2024
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21Jun

How planning for LGBT retirement differs

By UBS Wealth Management  The U.S. Supreme Court’s landmark decision on same-sex marriage in 2015 made marriage equality the law of the land, giving same-sex partners spousal inheritance rights, survivor social security, tax credits, second-parent adoption rights and other benefits accrued to married couples. Yet as momentous as that decision was, “the right to get married doesn’t fix all the other problems out there,” says David Mietty, Wealth Management Consultant at UBS. He notes, individuals may still encounter workplace and housing...

June 21, 2024
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14Jun

Retirement Confidence Survey and the LGBTQ Community

By Craig Copeland (Employee Benefit Research Institute) & Lisa Greenwald (Greenwald Research) The Retirement Confidence Survey (RCS) was conducted for its 32nd year in 2022 to measure attitudes of American workers and retirees about issues surrounding retirement. For the first time, in 2022, the RCS included an oversample of LGBTQ Americans to allow for an analysis of the challenges that LGBTQ workers and retirees face in preparing for and living in retirement. Questions included in this year’s survey explore priorities...

June 14, 2024
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07Jun

A Wealth of Well-Being: A Holistic Approach to Behavioral Finance

By Meir Statman I often note that the biggest risks in life are not in the stock market. If you want real risk, I say, get married. And if you want more risk, have children. People laugh, because the point is obvious. Yet that point is regularly lost when we speak about financial well-being, neglecting life well-being. I was motivated to write my book, “A Wealth of Well-Being, by reflecting on my own financial and life well-being and those of...

June 7, 2024
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