| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26406 |
| 来源ID | Working Paper 26406 |
| Money-Back Guarantees in Individual Retirement Accounts: Still a Good Deal? | |
| Vanya Horneff; Daniel Liebler; Raimond Maurer; Olivia S. Mitchell | |
| 发表日期 | 2019-10-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Capital market volatility spurs interest in protecting retirement accounts; one such approach is to require money-back guarantees. Using a lifecycle model where investors have access to stocks, bonds, and tax-qualified retirement accounts, we show that such guarantees alter participant consumption, saving, and investment behavior during times of high interest rates, but impacts are even larger in a low-return environment. We conclude that abandoning guarantees could enhance old-age consumption for over 80% of retirees, particularly lower earners, without harming pre-retirement consumption. Our results are of interest for default investment options in individual retirement accounts such as the Pan-European Personal Pension Products. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26406 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584080 |
| 推荐引用方式 GB/T 7714 | Vanya Horneff,Daniel Liebler,Raimond Maurer,et al. Money-Back Guarantees in Individual Retirement Accounts: Still a Good Deal?. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26406.pdf（1483KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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