Laura D. Quinby, A. Munnell, Wenliang Hou, Anek Belbase, Geoffrey T. Sanzenbacher
About half of private sector workers in the United States do not participate in an employer-sponsored retirement plan at their current job. To fill the gap, a number of state governments around the country have recently launched initiatives to automatically enroll their uncovered workers in individual retirement accounts (IRAs). This article reports on the experience of Oregon, which was the first state to launch an auto-IRA program (OregonSaves). Because the program only began in July of 2017 and is in its infancy, analysts are still debating basic statistics about its operation, such as the participation rate. To advance the conversation, this study uses administrative data from OregonSaves to develop a conceptual framework for measuring participation. It then shifts the focus to pre-retirement withdrawals, tracking a cohort of employees who had funded accounts in September 2018 over a 12-month period. The study finds that participation ranges from 48% to 67% (the exact rate is uncertain because of data limitations) and that 20% of employees made at least one pre-retirement withdrawal during the subsequent year, removing $1,000 on average. TOPICS: Wealth management, retirement Key Findings • Most eligible employees participate in Oregon’s auto-IRA. • Some employees will use their account for precautionary savings as well as retirement. • It is still too early to draw conclusions about the program’s overall effect on household finances.
{"title":"Participation and Pre-Retirement Withdrawals in Oregon’s Auto-IRA","authors":"Laura D. Quinby, A. Munnell, Wenliang Hou, Anek Belbase, Geoffrey T. Sanzenbacher","doi":"10.3905/jor.2020.1.069","DOIUrl":"https://doi.org/10.3905/jor.2020.1.069","url":null,"abstract":"About half of private sector workers in the United States do not participate in an employer-sponsored retirement plan at their current job. To fill the gap, a number of state governments around the country have recently launched initiatives to automatically enroll their uncovered workers in individual retirement accounts (IRAs). This article reports on the experience of Oregon, which was the first state to launch an auto-IRA program (OregonSaves). Because the program only began in July of 2017 and is in its infancy, analysts are still debating basic statistics about its operation, such as the participation rate. To advance the conversation, this study uses administrative data from OregonSaves to develop a conceptual framework for measuring participation. It then shifts the focus to pre-retirement withdrawals, tracking a cohort of employees who had funded accounts in September 2018 over a 12-month period. The study finds that participation ranges from 48% to 67% (the exact rate is uncertain because of data limitations) and that 20% of employees made at least one pre-retirement withdrawal during the subsequent year, removing $1,000 on average. TOPICS: Wealth management, retirement Key Findings • Most eligible employees participate in Oregon’s auto-IRA. • Some employees will use their account for precautionary savings as well as retirement. • It is still too early to draw conclusions about the program’s overall effect on household finances.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"8 1","pages":"21 - 8"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43217861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Different approaches have been studied for dealing with the life cycle problem of paying for retirement consumption. Two key aspects of this problem are saving enough for retirement during the pre-retirement period and managing the spend down of assets during the retirement period. The proposal in this article addresses both issues. This article presents a proposal for voluntary top-up contributions to Social Security. With these contributions, workers could purchase earnings credits. These purchased earnings credits would enter the calculation of Social Security benefits in exactly the same way as actual earnings credits. When workers file their federal income taxes, they could purchase earnings credits for that tax year up to the Social Security taxable maximum earnings. This approach to voluntarily increasing Social Security benefits is less susceptible to problems of adverse selection than some other approaches that have been proposed. TOPICS: Wealth management, retirement, social security Key Findings • Voluntary add-on contributions to Social Security would delay the date of insolvency by bringing new revenue into the system. • Voluntary add-on contributions to Social Security would be possible for workers earning less than the Social Security taxable maximum, who could purchase additional earnings credits. • The calculation of the person’s increase in benefits would be done using the progressive structure of the Social Security benefit formula.
{"title":"Top-Up Contributions to Social Security","authors":"J. Turner","doi":"10.3905/jor.2019.1.057","DOIUrl":"https://doi.org/10.3905/jor.2019.1.057","url":null,"abstract":"Different approaches have been studied for dealing with the life cycle problem of paying for retirement consumption. Two key aspects of this problem are saving enough for retirement during the pre-retirement period and managing the spend down of assets during the retirement period. The proposal in this article addresses both issues. This article presents a proposal for voluntary top-up contributions to Social Security. With these contributions, workers could purchase earnings credits. These purchased earnings credits would enter the calculation of Social Security benefits in exactly the same way as actual earnings credits. When workers file their federal income taxes, they could purchase earnings credits for that tax year up to the Social Security taxable maximum earnings. This approach to voluntarily increasing Social Security benefits is less susceptible to problems of adverse selection than some other approaches that have been proposed. TOPICS: Wealth management, retirement, social security Key Findings • Voluntary add-on contributions to Social Security would delay the date of insolvency by bringing new revenue into the system. • Voluntary add-on contributions to Social Security would be possible for workers earning less than the Social Security taxable maximum, who could purchase additional earnings credits. • The calculation of the person’s increase in benefits would be done using the progressive structure of the Social Security benefit formula.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"42 - 50"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45186863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-31DOI: 10.3905/jor.2019.7.2.051
Michael A. Harris
Retirees can file for Social Security benefits as soon as they are 62 years old, but payments will become larger if they delay up to a maximum of 70 years of age. Many people believe the best strategy is to wait until later to file in order to maximize benefit payments. In this article, we reexamine that advice and add two considerations. First, we discuss how the claiming decision is made and recognize that in many cases the individual’s goal is to support new lifestyle options, not to maximize Social Security withdrawals. Next, we consider alternative sources of income and how using those resources affects the claiming decision. The article concludes with example scenarios that demonstrate how a financial advisor might advise clients on the best strategy for their particular situation. TOPICS: Wealth management, retirement, social security Key Findings • Popular advice recommends delaying Social Security filing to maximize benefits, but one-third of retirees file at the earliest possible age. • Retirees generally switch from asset accumulation to consumption. Their life goals may not fit with a benefit maximization strategy. • Some individuals are forced into a claiming decision based on personal circumstances. For these individuals, delaying claiming may not be practical. • Those with alternative resources have the most decision flexibility. They will make portfolio-based decisions and will not focus solely on Social Security income. The best choice will need to be tailored to individual circumstances.
{"title":"Should a Retiree File for Social Security at 62 or 70?","authors":"Michael A. Harris","doi":"10.3905/jor.2019.7.2.051","DOIUrl":"https://doi.org/10.3905/jor.2019.7.2.051","url":null,"abstract":"Retirees can file for Social Security benefits as soon as they are 62 years old, but payments will become larger if they delay up to a maximum of 70 years of age. Many people believe the best strategy is to wait until later to file in order to maximize benefit payments. In this article, we reexamine that advice and add two considerations. First, we discuss how the claiming decision is made and recognize that in many cases the individual’s goal is to support new lifestyle options, not to maximize Social Security withdrawals. Next, we consider alternative sources of income and how using those resources affects the claiming decision. The article concludes with example scenarios that demonstrate how a financial advisor might advise clients on the best strategy for their particular situation. TOPICS: Wealth management, retirement, social security Key Findings • Popular advice recommends delaying Social Security filing to maximize benefits, but one-third of retirees file at the earliest possible age. • Retirees generally switch from asset accumulation to consumption. Their life goals may not fit with a benefit maximization strategy. • Some individuals are forced into a claiming decision based on personal circumstances. For these individuals, delaying claiming may not be practical. • Those with alternative resources have the most decision flexibility. They will make portfolio-based decisions and will not focus solely on Social Security income. The best choice will need to be tailored to individual circumstances.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"51 - 59"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41435070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The US is facing a retirement crisis. Almost half of all American families have no retirement savings. A disturbingly large number of investors think they are on a path toward a comfortable retirement, but they are unlikely to reach their destination due to their unrealistically optimistic growth forecasts for their retirement savings. This article examines the sources of this unwarranted optimism. First, some investors forecast savings growth rates that assume they will reinvest dividends, but they do not. Second, investors earn lower rates of returns than the mutual funds they invest in. Third, they fail to properly account for the costs associated with investing—inflation, expense ratios, and taxes. Investment professionals are very familiar with how these factors work against accumulating savings. Much less attention, however, has been directed at how overly optimistic forecasts of these factors threaten retirement security. This article examines these issues. In addition, the article shows how properly incorporating the factors into retirement plans enables retirement savers and financial advisors to make the timely changes needed to prevent a retirement nightmare. TOPICS: Wealth management, retirement, pension funds, portfolio theory Key Findings • A majority of polled workers express optimism about their ability to finance a comfortable retirement, but those who forecast an overly optimistic savings growth rates are unlikely to reach their retirement goal. • The principal sources of overly optimistic savings growth rate forecasts include bullish market return forecasts, failure to reinvest dividends, underperforming the equity funds that the investors invest in, and a failure to properly account for inflation, expense ratios, and taxes. • Prospects for achieving retirement savings targets improve with a combination of better forecasts of the factors affecting the savings growth rate, avoiding poor market timing, and lowering expense ratios with low-cost index funds.
{"title":"The Unrealistic Optimism That Threatens Retirement Security","authors":"A. Rappaport","doi":"10.3905/jor.2019.1.056","DOIUrl":"https://doi.org/10.3905/jor.2019.1.056","url":null,"abstract":"The US is facing a retirement crisis. Almost half of all American families have no retirement savings. A disturbingly large number of investors think they are on a path toward a comfortable retirement, but they are unlikely to reach their destination due to their unrealistically optimistic growth forecasts for their retirement savings. This article examines the sources of this unwarranted optimism. First, some investors forecast savings growth rates that assume they will reinvest dividends, but they do not. Second, investors earn lower rates of returns than the mutual funds they invest in. Third, they fail to properly account for the costs associated with investing—inflation, expense ratios, and taxes. Investment professionals are very familiar with how these factors work against accumulating savings. Much less attention, however, has been directed at how overly optimistic forecasts of these factors threaten retirement security. This article examines these issues. In addition, the article shows how properly incorporating the factors into retirement plans enables retirement savers and financial advisors to make the timely changes needed to prevent a retirement nightmare. TOPICS: Wealth management, retirement, pension funds, portfolio theory Key Findings • A majority of polled workers express optimism about their ability to finance a comfortable retirement, but those who forecast an overly optimistic savings growth rates are unlikely to reach their retirement goal. • The principal sources of overly optimistic savings growth rate forecasts include bullish market return forecasts, failure to reinvest dividends, underperforming the equity funds that the investors invest in, and a failure to properly account for inflation, expense ratios, and taxes. • Prospects for achieving retirement savings targets improve with a combination of better forecasts of the factors affecting the savings growth rate, avoiding poor market timing, and lowering expense ratios with low-cost index funds.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"61 - 67"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49374059","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The US Social Security pension system is not adequately financed to fully meet benefit obligations specified in current law beyond the early 2030s. This potential financing shortfall has been recognized for at least the past quarter century, but policymakers have done nothing to address it. The system is largely financed on a pay-as-you-go basis, so restoring financing balance requires that the taxes supporting the system be increased, the benefits provided under current law be reduced, or some combination of the two. The delay in addressing the system’s financing imbalances has resulted in shifting of costs associated with the pensions from older to younger generations. The analysis here explains how this works and provides estimates of the cost shifting that has occurred due to the delays in financing reform. It assesses how recent proposals to address Social Security financing shortfalls shift costs to future generations and depart fundamentally from basic principles on which the system was originally based. TOPICS: Retirement, social security, pension funds, wealth management Key Findings • Policy makers have known for more than a quarter century that Social Security is under financed and the delay in rebalancing its financing will dramatically increase costs for those now entering the workforce, those now entering kindergarten, and those not yet born. • From 1990 to 2012, median real incomes of the elderly grew 29 percent, while that of families of full-time, full year working families grew 2.3 percent raising questions about the equity of increasing taxes on workers to finance across-the-board Social Security benefit increases. • Public sentiment toward maintaining or expanding Social Security benefits at the cost of higher future taxes ignores the implications for and potential sentiments of the young and unborn people who will be paying the higher taxes.
{"title":"Alice in Wonderland… or Is It Plunderland? The Generational Implications of Social Security Financing Policy and New Proposals to Expand Benefits","authors":"S. Schieber","doi":"10.3905/JOR.2019.1.055","DOIUrl":"https://doi.org/10.3905/JOR.2019.1.055","url":null,"abstract":"The US Social Security pension system is not adequately financed to fully meet benefit obligations specified in current law beyond the early 2030s. This potential financing shortfall has been recognized for at least the past quarter century, but policymakers have done nothing to address it. The system is largely financed on a pay-as-you-go basis, so restoring financing balance requires that the taxes supporting the system be increased, the benefits provided under current law be reduced, or some combination of the two. The delay in addressing the system’s financing imbalances has resulted in shifting of costs associated with the pensions from older to younger generations. The analysis here explains how this works and provides estimates of the cost shifting that has occurred due to the delays in financing reform. It assesses how recent proposals to address Social Security financing shortfalls shift costs to future generations and depart fundamentally from basic principles on which the system was originally based. TOPICS: Retirement, social security, pension funds, wealth management Key Findings • Policy makers have known for more than a quarter century that Social Security is under financed and the delay in rebalancing its financing will dramatically increase costs for those now entering the workforce, those now entering kindergarten, and those not yet born. • From 1990 to 2012, median real incomes of the elderly grew 29 percent, while that of families of full-time, full year working families grew 2.3 percent raising questions about the equity of increasing taxes on workers to finance across-the-board Social Security benefit increases. • Public sentiment toward maintaining or expanding Social Security benefits at the cost of higher future taxes ignores the implications for and potential sentiments of the young and unborn people who will be paying the higher taxes.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"40 - 8"},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41983320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
All individuals need to determine a withdrawal policy for their retirement. This decision needs to balance the goal of funding a desired lifestyle (and perhaps leaving a bequest) with the goal of not running out of money too early, which can best be achieved by outlining a financial plan. When the returns of their portfolios differ from those expected in their plans, what should retirees do? Should they statically stick to the withdrawals specified in their plans? Should they introduce dynamic adjustments to push their portfolios closer to the path outlined in the plans instead? This article evaluates two types of dynamic policies, broadly referred to as “managing to target” (M2T) strategies, that adjust either the periodic withdrawals or the portfolio’s asset allocation. Results reported show that dynamic M2T strategies outperform a static strategy of sticking to the plan and that adjusting withdrawals is superior to adjusting the portfolio’s asset allocation. TOPICS: Wealth management, retirement Key Findings • It is critical for retirees to have a financial plan that specifies annual withdrawals and a target bequest, thus outlining an expected path for their portfolio. • When market conditions change, retirees should have the flexibility to adjust their strategy and push the portfolio closer to the expected path. • When adjustments need to be made, it is better to adjust withdrawals than the portfolio’s asset allocation.
{"title":"Managing to Target (II): Dynamic Adjustments for Retirement Strategies","authors":"Javier Estrada","doi":"10.3905/jor.2020.1.063","DOIUrl":"https://doi.org/10.3905/jor.2020.1.063","url":null,"abstract":"All individuals need to determine a withdrawal policy for their retirement. This decision needs to balance the goal of funding a desired lifestyle (and perhaps leaving a bequest) with the goal of not running out of money too early, which can best be achieved by outlining a financial plan. When the returns of their portfolios differ from those expected in their plans, what should retirees do? Should they statically stick to the withdrawals specified in their plans? Should they introduce dynamic adjustments to push their portfolios closer to the path outlined in the plans instead? This article evaluates two types of dynamic policies, broadly referred to as “managing to target” (M2T) strategies, that adjust either the periodic withdrawals or the portfolio’s asset allocation. Results reported show that dynamic M2T strategies outperform a static strategy of sticking to the plan and that adjusting withdrawals is superior to adjusting the portfolio’s asset allocation. TOPICS: Wealth management, retirement Key Findings • It is critical for retirees to have a financial plan that specifies annual withdrawals and a target bequest, thus outlining an expected path for their portfolio. • When market conditions change, retirees should have the flexibility to adjust their strategy and push the portfolio closer to the expected path. • When adjustments need to be made, it is better to adjust withdrawals than the portfolio’s asset allocation.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"28 - 38"},"PeriodicalIF":0.0,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42002884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-31DOI: 10.3905/jor.2019.7.1.008
M. Laboure, J. Braunstein
Securing pensions relates to careful planning, which in turn requires adequate predictions. Among the many factors in an increasingly globalized world that impede adequate predictions is the factor of migrant flows. To date, most pension models do not consider migrant worker cohort flows. This has critical implications, particularly for pension planning in small open economies with a high inflow and outflow of migrant workers. To close that gap, the article provides a highly innovative model that considers not only population aging but also the cohort of cross-border workers and their entitlement to a partial pension in the future. It is doing that through forecasting pension cohorts annually for the native population, cross-border workers, and net migrations. Based on demographic variables, the article develops an enabling framework for policymakers. This framework outlines a set of scenarios for the long-term sustainability of pension systems in small open economies. The framework also offers important insights for larger economies with high levels of migrant flows. TOPICS: Pension funds, emerging markets, retirement
{"title":"A Migrant Flow Pension Model for Small Open Economies","authors":"M. Laboure, J. Braunstein","doi":"10.3905/jor.2019.7.1.008","DOIUrl":"https://doi.org/10.3905/jor.2019.7.1.008","url":null,"abstract":"Securing pensions relates to careful planning, which in turn requires adequate predictions. Among the many factors in an increasingly globalized world that impede adequate predictions is the factor of migrant flows. To date, most pension models do not consider migrant worker cohort flows. This has critical implications, particularly for pension planning in small open economies with a high inflow and outflow of migrant workers. To close that gap, the article provides a highly innovative model that considers not only population aging but also the cohort of cross-border workers and their entitlement to a partial pension in the future. It is doing that through forecasting pension cohorts annually for the native population, cross-border workers, and net migrations. Based on demographic variables, the article develops an enabling framework for policymakers. This framework outlines a set of scenarios for the long-term sustainability of pension systems in small open economies. The framework also offers important insights for larger economies with high levels of migrant flows. TOPICS: Pension funds, emerging markets, retirement","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"23 - 8"},"PeriodicalIF":0.0,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42759534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-31DOI: 10.3905/jor.2019.7.1.044
Michael W. Crook
Target date glidepath funds have become extraordinarily popular in defined contribution plans during the past decade. Most glidepath strategies are based, fundamentally, on the idea that investors have bond-like human capital that slowly depletes during their career, and therefore investors should complement their human capital depletion with a declining equity glidepath as they progress toward retirement. Despite the theoretical attractiveness, the human capital approach unfortunately falls flat from an empirical and practical standpoint. In this article the author proposes a new liability-adaptive approach for target date glidepath construction. By moving away from a human capital approach and instead focusing on future retirement liabilities, the author shows that plan sponsors can improve outcomes for participants. The author also believes this framework enables sponsors to better communicate the underlying assumptions in their glidepath offering to participants who are planning for retirement. Finally, the author shows how financial advisors can use the same framework with individual investors and families to improve outcomes on a customized basis. TOPICS: Retirement, long-term/retirement investing, pension funds
{"title":"Liabilities Matter: Improving Target Date Glidepath Construction through Liability Adaptive Asset Allocation","authors":"Michael W. Crook","doi":"10.3905/jor.2019.7.1.044","DOIUrl":"https://doi.org/10.3905/jor.2019.7.1.044","url":null,"abstract":"Target date glidepath funds have become extraordinarily popular in defined contribution plans during the past decade. Most glidepath strategies are based, fundamentally, on the idea that investors have bond-like human capital that slowly depletes during their career, and therefore investors should complement their human capital depletion with a declining equity glidepath as they progress toward retirement. Despite the theoretical attractiveness, the human capital approach unfortunately falls flat from an empirical and practical standpoint. In this article the author proposes a new liability-adaptive approach for target date glidepath construction. By moving away from a human capital approach and instead focusing on future retirement liabilities, the author shows that plan sponsors can improve outcomes for participants. The author also believes this framework enables sponsors to better communicate the underlying assumptions in their glidepath offering to participants who are planning for retirement. Finally, the author shows how financial advisors can use the same framework with individual investors and families to improve outcomes on a customized basis. TOPICS: Retirement, long-term/retirement investing, pension funds","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"7 1","pages":"44 - 57"},"PeriodicalIF":0.0,"publicationDate":"2019-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43977125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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