Less is not more: 401(k) plan information and retirement planning choices.

ABSTRACT: This paper presents the results of a choice experiment that is designed to examine whether changing how plan information is presented affects planned retirement-savings behavior. The main hypothesis is that providing plan information in a more concise format with helpful recommendations, rather than providing lengthy and detailed information, will alter retirement-planning choices. The specific choices examined include: whether to enroll, how much to contribute, and how to structure (broadly) the asset allocation. The choice experiment is conducted on three different samples: (i) a Qualtrics panel of new employees, (ii) a Qualtrics panel of job seekers, and (iii) a sample of business-school students. Our results suggest that, controlling for demographic and other factors, our main hypothes

SUBMITTER: Cardella E 

PROVIDER: S-EPMC10704390 | biostudies-literature | 2023 Jul

REPOSITORIES: biostudies-literature