Working Paper: NBER ID: w23501
Authors: Robert L. Clark; Robert G. Hammond; Christelle Khalaf; Melinda Sandler Morrill
Abstract: Ensuring retirement income security is a priority for individuals, employers, and policymakers. Using merged administrative and survey data for public sector workers in North Carolina, we explore how workers’ characteristics and preferences are associated with planning and saving for retirement. We then assess the “quality” of a retirement plan and whether retirement behavior is consistent with these plans. The findings indicate that the way that individuals discount future consumption is associated with the extent of their retirement planning and preparedness. We find that individuals who engage in retirement planning are better prepared to meet their retirement goals upon leaving their career jobs.
Keywords: No keywords provided
JEL Codes: J32
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Higher patience (C41) | Engage in retirement planning (J26) |
| Engage in retirement planning (J26) | Better prepared for retirement goals (D14) |
| Self-reported retirement plans (J26) | Actual retirement behavior (J26) |
| Planned retirement age (J26) | Actual retirement timing (J26) |
| Time preferences (D11) | Retirement behavior (J26) |
| Patient planners (I11) | Likelihood to retire (J26) |