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2024 Annual Conference

May 21–23, 2024

Hyatt Regency Milwaukee, Milwaukee, WI, USA

IMPORTANT NOTICE: The date, time, and room assignment of YOUR presentation is SUBJECT TO CHANGE.

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Confirm your place in the schedule by following the instructionss that were emailed to you. Each presentation must have a separate paid registration. Contact the ACCI office immedicately by email at admin@consumerinterests.org to report any conflict, all corrections to the details of the presentation (including author names and the order they are listed as this is how it will be in the final program), or if you have any questions. Please be sure to reference the session title(s), date(s), and time(s) when you contact us.

G3b Retirement Expectations vs. Reality: If COVID-19 Did Not Impact Retirement Expectations Significantly, What Did?

Thursday, May 23, 2024 at 9:45 AM–11:15 AM CDT
Room 3
Short Description

Using two data sets (Prudential Financial Wellness Survey, and Health and Retirement Study), this study demonstrates that although there is generally a natural upward trend for older (age 50+) Americans to progressively delay their expected retirement, this trend has no statistically significant relationship with the COVID-19 pandemic. The distribution of older Americans’ expected retirement ages is bimodal, often centered around two Social Security Benefit claiming ages – the early retirement age and full retirement age. However, their actual retirement ages are more likely to follow a left-skewed (retire earlier) distribution. The most significant factors that influence participants’ retirement decisions relative to expectations are health (+)[1], wealth (-), age (+), change of marital status (+), mortality expectations (+), education levels (+), disability (-), and major illness diagnosis (-). Focusing on these factors can help the retirement benefits community explore strategies to mitigate the negative consequences of gaps between retirement expectations and reality.

 

[1] “(-)” means the impact is negative, i.e., retire earlier than expected, and “(+)” means the impact is positive.

Type of presentation

Accepted Oral Presentation

Submitter

Zhikun Liu, MissionSquare Retirement

Authors

Zhikun Liu, MissionSquare Retirement
David Blanchett, Prudential
Qi Sun, Pacificlife
Naomi Fink, Europacifica
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