Behavioral finance and retirement planning in defined contribution plans

Julie Agnew

Chapter 19 in Handbook of Financial Decision Making, 2023, pp 411-431 from Edward Elgar Publishing

Abstract: This chapter provides a broad overview of academic research focused on individual retirement decision-making made mainly in corporate U.S. defined contributions plans, such as 401(k) plans. Summaries of academic literature analyzing decisions in both the pre-retirement accumulation phase and the post-retirement decumulation phase are included. The chapter highlights how behavioral biases, decision framing, and targeted interventions can affect the quality of individual choices. Given the complexity of these decisions, the chapter also delves into how financial literacy, financial education, and financial advice relate to observed choices.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2023
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