The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States

John Beshears, James Choi, David Laibson and Brigitte Madrian

No 12009, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper summarizes the empirical evidence on how defaults impact retirement savings outcomes. After outlining the salient features of the various sources of retirement income in the U.S., the paper presents the empirical evidence on how defaults impact retirement savings outcomes at all stages of the savings lifecycle, including savings plan participation, savings rates, asset allocation, and post-retirement savings distributions. The paper then discusses why defaults have such a tremendous impact on savings outcomes. The paper concludes with a discussion of the role of public policy towards retirement saving when defaults matter.

JEL-codes: D0 E21 G23 (search for similar items in EconPapers)
Date: 2006-02
New Economics Papers: this item is included in nep-fin, nep-fmk and nep-mac
Note: AG EFG PE
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Citations: View citations in EconPapers (34)

Published as in "Lessons from Pension Reform in the Americas," Kay, Stephen J. and Tapen Sinha (eds.) Oxford: Oxford University Press, 2008.
Published as The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States , John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian. in Social Security Policy in a Changing Environment , Brown, Liebman, and Wise. 2009

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Related works:
Chapter: The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States (2009)
Working Paper: The importance of default options for retirement saving outcomes: evidence from the United States (2005)
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