How Longevity and Health Information Shapes Retirement Advice

Abigail Hurwitz and Olivia Mitchell

No 33872, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We investigate how advisors’ own health and survival assessments, and information about their advisees’ health and survival probabilities, shape their recommendations regarding retirement spending and investment. Using experiments involving amateur and professional advisors, we show that advisors’ self-assessments have only mild effects on their recommendations, but they do respond differently when provided longevity and health information about their advisees. Moreover, amateur advisors mainly react to simple cues, while professional advisors are more sensitive to client-specific information. While many rely on informal advice from friends or family, amateurs often cannot accurately analyze and utilize key information needed to provide suitable advice.

JEL-codes: D91 G52 J32 (search for similar items in EconPapers)
Date: 2025-05
New Economics Papers: this item is included in nep-age and nep-lma
Note: AG LS
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