Life-Cycle Finance and the Design of Pension Plans
Zvi Bodie (),
Jérôme Detemple and
Marcel Rindisbacher ()
Annual Review of Financial Economics, 2009, vol. 1, issue 1, 249-286
This article reviews recent scientific literature on consumer financial decisions over the life cycle, outlining its implications for the design of pension plans. It begins with a review of advances in the theory of rational financial planning and wealth management. It then summarizes the recent empirical literature on the actual behavior of households regarding saving, investing, and insuring their consumption in old age. Finally, it briefly comments on the practical implications of the theory for the design of pension systems and outlines areas of future research.
Keywords: consumption; savings; labor; investments; retirement planning (search for similar items in EconPapers)
JEL-codes: D14 D91 E21 J32 (search for similar items in EconPapers)
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