Research and Insights

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Research and Insights

The Institute will offer private-sector insights about and solutions to the barriers preventing households from securing protected lifetime income. The Institute will fund and support original scholarly research as well as efforts to translate existing scholarly research. Institute programs will include:

  • Original scholarly research (proposed or underway) in academia
  • Retirement Income Insights
  • Scholarly Essays
  • Literature reviews
  • Institute Notes

USE THIS QUICK REFERENCE GUIDE TO FIND RESEARCH AND PAPERS OF SPECIFIC INTEREST TO YOU.

Retirement planningIncome planning
Retirement planning
Portfolio allocationFinancial planning
Risk management
Investor insightsInvestor Behavior
Financial Literacy
Diversity, Equity & Inclusion (DEI)

LinkDateResearch, White papers
10/24
 Minding the Gaps in Advisor Perceptions-Client RealitiesDavid Blanchett
9/24 Protection as an Asset Class Wade Pfau
05/24 How the Rise Score™ Seeks to Help Answer the Critical Question All Americans Will Face - Do I Have Enough Money Saved for Retirement? Suzanne Norman
05/24 Finding The Right Path For Defined Contribution Participants To Delay Claiming Social Security Retirement Benefits David Blanchett
04/22 Retirement Preparation: Differences By Race And Ethnicity Andrew G. Biggs
12/21 It’s Good To Have Options: The Potential Benefits Of Allocating To Protected Wealth Strategies David Blanchett
10/21 Examining The Barriers To Annuity Ownership For Older Americans Hallie Davis, Andrea Hasler, Annamaria Lusardi
12/20 Planning For Retirement Income Within An Increasingly Volatile And Uncertain World Colin Devine & Ken Mungan
02/22 Managing Market Risks In The Pre-Retirement Years Using Defined-Outcome Investments Michael Finke & Wade Pfau
11/21 Participant Attitudes Toward Guaranteed Income In A Defined-Contribution Plan Michael Finke & Jason Fichtner
03/21 The Peak 65 Generation: Creating A New Retirement Security Framework Jason Fichtner
07/22 A Primer on Annuities: What Economists and Financial Professionals Need to Know about Variable Annuities,
Fixed Indexed Annuities, and Registered Index-Linked Annuities 		Leora Friedberg & Anthony Webb
01/22 The Retirement Income Challenge in 401k Plans: Overcoming Legal Obstacles Fred Reish & Bruce Ashton
10/20 Private Sector Solutions For Legal And Regulatory Barriers To Annuities In 401(K) Plans David Pratt
12/20 Thinking About Using Assets During Retirement Anna M. Rappaport
07/22 The Changing Nature of Protected Income in Retirement John Sabelhaus

LinkDateEssays, Insights, Literature reviews
— Why Are So Many People Bad at Planning for RetirementChris Heye
— Withdrawal Behaviors With and Without Explicit Longevity Protection David Blanchett
— Trends In Retirement Security By Race/Ethnicity Julie M. Anderson
— What Factors Related To Overall Well-Being Make Retirees Happy? Julie M. Anderson
— What Information Sources Millennials Seek To Improve Their Financial Well-Being Julie M. Anderson
— Can Financial Professionals Help Clients Learn Better From The Outcomes Of Past Decisions? Dr. Kremena Bachmann
— Value For Money And Prudential Regulation Of Annuities Edmund Cannon & I. Tonks
02/22 Barriers And Opportunities For Latinos To Retire With Lifetime Income Jeff Cruz
10/20 A New Take On The Annuity Puzzle Jeanne de Cervens
— The Annuitization Decision And Framing Jason Fichtner
— The Annuity Puzzle And Bequest Motives Jason Fichtner
— The Annuity Puzzle And The Role Of Pension Plan Structure And Decision Framing Jason Fichtner
— The Decision To Annuitize: Reconciling Economic Theory And Consumer Behavior Using Behavioral Economics Jason Fichtner
— The Impact Of Defined-Benefit Pension Plan Features On The Annuitization Decision, And Implications For
Defined Contribution Benefit Plan Design 		Jason Fichtner
— Using Prospect Theory To Explain Annuity And Insurance Market Puzzles Jason Fichtner
— The Annuity Puzzle: Drivers Of Annuitization Decisions, Behavioral Biases, And Potential Solutions
To Under-Annuitization 		Nadine Gatzert
— Policies To Increase The Popularity Of Lifetime Annuities Rami Hanegb
01/22 The Impact Of Educational And Labor Market Discrimination On Wealth And Income Disparities Julia D. Hewitt & George A. (Sandy) Mackenzie
11/21 The Racial Aspects Of Retirement Income Adequacy Julia D. Hewitt & George A. (Sandy) Mackenzie
05/22 Aging, Cognitive Decline, and Financial Decision-Making Chris Heye, PhD
— Focused Research Sheds Better Light On Dilemmas Women Face In Saving For Retirement Linda S. Jamison
— How Default Income Annuities Can Help Protect Against Running Out Of Retirement Income Linda S. Jamison
— Information And Engagement In Choosing Annuities: A Survey Of Pre-Retirees Linda S. Jamison
— The Gender Gap In Financial Matters Linda S. Jamison
— The Important Role Of Fairness In Choosing Annuities Linda S. Jamison
— Understanding Why People Seek Financial Advice Linda S. Jamison
— Defined-Benefit/Defined-Contribution Hybrid Pension Plans: Helping Retirees Succeed In Their Retirement Goals Barry Kozak
— Financial Knowledge And Behavior Improved Through Education Programs Barry Kozak
— Optimizing The Retirement Planning Strategy: A Combination Of Investments, Whole Life Insurance, And Annuities Barry Kozak
— The Value Of Annuities Vs. Lump-Sum Payments For Retirees Matteo Leombroni
12/20 Annuities: Whose Cup Of Tea? Junhao Liu
12/21 Racial Inequities And Retirement Income: Contributing Factors And Possible Solutions Lori Lucas
— Boosting Financial Literacy To Improve Retirement Planning Annamaria Lusardi
9/20 Longstanding And Novel Risks Facing Households Already Retired And Households In The Run-Up To Retirement George A. (Sandy) Mackenzie
11/21 The Impact Of The Pandemic On The Prospects For Retirement And Annuity Markets George A. (Sandy) Mackenzie
— Can An Experiment Shed Light On The Decision To Annuitize? George A. (Sandy) Mackenzie
— What Factors Can Explain Low Annuity Market Participation Rate Among U.S. Retirees? Svetlana Pashchenko
— Helping Plan Sponsors Provide A Full Menu Of Retirement Income Options To Their Participants Wade D. Pfau
— Understanding Why Annuities Work Better Than Bonds In A Retirement Income Portfolio Wade D. Pfau
— Household Savings And Level Of Retirement Investors’ Interest In Immediate Annuities Paul M. Secunda
— The Importance Of De-Emphasizing Death Or Dying When Promoting Annuities Paul M. Secunda
— Do Individuals Select Similar Gender Advisors? And, What Advisor Attributes Are Most Important
To Male And Female Clients? 		Matthew Sommer
04/22 Lump Sums vs. Annuities: Different Effects on Saving Intentions Emerson Sprick
11/21 A New Approach To Building A Sustainable Retirement Plan Using Proven Actuarial Principles Kenneth Steiner
03/22 New Approaches to Finance Long-Term Care Costs in Retirement Nora Super & Jeanne de Cervens
12/21 Understanding Private Sector Longevity Insurance Annuities John Turner
09/20 How Does The Risk Of Incurring Out-Of-Pocket Medical Costs Affect The Value Of Annuities? Anthony Webb
04/21 What Can Scholarly Research Tell Us About The Merits Of Annuitization Vs. Drawing Down Unannuitized Wealth?
Do Low Interest Rates Post Covid-19 Change The Rules Of The Game? 		Anthony Webb
02/21 What Lessons, If Any, Can Practitioners Apply From Academic Economists About The Role Of Annuities
In Post-Retirement Asset Decumulation? 		Anthony Webb
— The Advanced Life Deferred Annuity— Cost-Effective Insurance Against The Risk Of Outliving One’s Wealth Anthony Webb
— What Factors Influence Annuity Value For Money: Lessons From Other Countries Anthony Webb
11/21 What Can Scholarly Research Tell Us About Cognitive And Behavioral Impediments To Annuitization?
Do These Impediments Vary With Race/Ethnicity And Gender? 		Anthony Webb
11/21 What Lessons Can Those Seeking To Narrow The Racial Retirement Income Gap Draw From Academic Research? Anthony Webb
— Using A Financial Planner And Portfolio Performance Rui Yao

Research and Insights

The Institute will offer private-sector insights about and solutions to the barriers preventing households from securing protected lifetime income. The Institute will fund and support original scholarly research as well as efforts to translate existing scholarly research. Institute programs will include:

  • Original scholarly research (proposed or underway) in academia
  • Retirement Income Insights
  • Scholarly Essays
  • Literature reviews
  • Institute Notes

The Institute has adopted its 2023 Research Agenda consisting of topics directly related to protected lifetime income as part of retirement planning for American households:

  • Focus on financial professionals.
  • Understanding and offering solutions to the barriers to annuitization (especially beyond the already-identified barriers) from the perspective of financial professionals, broker-dealers, plan sponsors, and individuals.
  • Optimizing annuities as part of a balanced portfolio for a financially secure retirement.
  • Advantages and flexibilities of annuities as “solutions” (versus just products) to mitigating various risks faced in retirement.
  • Understanding risk in retirement and consumer risk comprehension – longevity risk, health risk, market risk, trading risk, behavioral biases, etc.
  • Understanding consumer behavior to design tools and profiles to educate and inform the market on the benefit of annuities.
  • Generational, market segment & racial differences in retirement attitudes and preparedness.
  • The intersection of health, wealth, wellbeing and a financially secure retirement.
  • Policy solutions to improve the environment for annuitization of assets for retirement both inside and outside of employee-sponsored retirement plans.
  • Tools, profiles, and online calculators to help inform financial professionals and consumers on the flexibility of annuities as part of a balanced portfolio.

Research and Insights

  • Types

David Blanchett

Minding the Gaps in Advisor Perceptions and Client Realities When It Comes to Retirement Income Planning

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Wade Pfau

Protection as an Asset Class

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Leora Friedberg, Guoxuan Ma, Wei Sun, Anthony Webb

WHO SHOULD PURCHASE VARIABLE ANNUITIES AND HOW SHOULD THEY USE THEM?

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Suzanne Norman

How the Rise Score™ Seeks to Help Answer the Critical Question All Americans Will Face – Do I Have Enough Money Saved for Retirement?

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David Blanchett

FINDING THE RIGHT PATH FOR DEFINED CONTRIBUTION PARTICIPANTS TO DELAY CLAIMING SOCIAL SECURITY RETIREMENT BENEFITS

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David Blanchett

PROTECTED MODERN TONTINES: A NEW APPROACH TO AN OLD AGE PROBLEM

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Annamaria Lusardi

RISK LITERACY IN THE US: NEW EVIDENCE AND IMPLICATIONS FOR RETIREMENT PLANNING AND FINANCIAL FRAGILITY

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Chris Heye

COGNITIVE DECLINE AND DESIRABILITY OF PROTECTED INCOME

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Fred Reish And Bruce Ashton

INCLUSION OF GUARANTEED RETIREMENT INCOME SOLUTIONS IN 401(K) PLANS: IMPACT OF SECURE 2.0

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