Individuals' Uncertainty about Future Social Security Benefits and Portfolio Choice
AbstractLittle is known about the degree to which individuals are uncertain about their future Social Security benefits, how this varies within the U.S. population, and whether this uncertainty influences financial decisions related to retirement planning. To illuminate these issues, the authors present empirical evidence from the Health and Retirement Study Internet Survey and document systematic variation in respondents' uncertainty about their future Social Security benefits by individual characteristics. They find that respondents with higher levels of uncertainty about future benefits hold a smaller share of their wealth in stocks.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by RAND Corporation Publications Department in its series Working Papers with number 782.
Length: 42 pages
Date of creation: Sep 2010
Date of revision:
Contact details of provider:
Postal: 1776 Main Street, P.O. Box 2138, Santa Monica, California 90407-2138
Web page: http://www.rand.org/pubs/
More information through EDIRC
expectations; portfolio choice; subjective probabilities; uncertatinty; Health and Retirement Study;
Other versions of this item:
- Adeline Delavande & Susann Rohwedder, 2011. "Individuals' uncertainty about future social security benefits and portfolio choice," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 26(3), pages 498-519, 04.
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Renata Bottazzi & Tullio Jappelli & Mario Padula, 2009.
"The Portfolio Effect of Pension Reforms,"
2009_17, Department of Economics, University of Venice "Ca' Foscari".
- Renata Bottazzi & Tullio Jappelli & Mario Padula, 2009. "The Portfolio Effect of Pension Reforms," CSEF Working Papers 234, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2009. "The Portfolio Effect of Pension Reforms," CEPR Discussion Papers 7380, C.E.P.R. Discussion Papers.
- Luigi Guiso & Tullio Jappelli & Mario Padula, 2009.
"Pension Risk, Retirement Saving and Insurance,"
EIEF Working Papers Series
0902, Einaudi Institute for Economics and Finance (EIEF), revised Apr 2009.
- Luigi Guiso & Tullio Jappelli & Mario Padula, 2009. "Pension Risk, Retirement Saving and Insurance," CSEF Working Papers 223, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Luigi Guiso & Tullio Jappelli & Mario Padula, 2009. "Pension Risk, Retirement Saving and Insurance," Economics Working Papers ECO2009/18, European University Institute.
- J. Dominitz & C. F. Manski, .
"Using expectations data to study subjective income expectations,"
Institute for Research on Poverty Discussion Papers
1050-94, University of Wisconsin Institute for Research on Poverty.
- Jeff Dominitz & Charles F. Manski, 1994. "Using Expectations Data to Study Subjective Income Expectations," Econometrics 9411003, EconWPA.
- Jeff Dominitz & Charles F. Manski, 1994. "Using Expectations Data to Study Subjective Income Expectations," NBER Working Papers 4937, National Bureau of Economic Research, Inc.
- Zvi Bodie & Robert C. Merton & William F. Samuelson, 1992.
"Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model,"
NBER Working Papers
3954, National Bureau of Economic Research, Inc.
- Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 427-449.
- Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2006.
"Retirement expectations, pension reforms, and their impact on private wealth accumulation,"
CFS Working Paper Series
2006/10, Center for Financial Studies (CFS).
- Bottazzi, Renata & Jappelli, Tullio & Padula, Mario, 2006. "Retirement expectations, pension reforms, and their impact on private wealth accumulation," Journal of Public Economics, Elsevier, vol. 90(12), pages 2187-2212, December.
- Adeline Delavande & Susann Rohwedder, 2008. "Eliciting Subjective Expectations in Internet Surveys," Working Papers 589, RAND Corporation Publications Department.
- Jeff Dominitz & Charles F. Manski, 2006. "Measuring Pension-benefit Expectations Probabilistically," LABOUR, CEIS, vol. 20(2), pages 201-236, 06.
- Vincenzo Atella & Marianna Brunetti & Nicole Maestas, 2011.
"Household Portfolio Choices, Health status and Health Care Systems A Cross-Country Analysis Based on SHARE,"
CEIS Research Paper
183, Tor Vergata University, CEIS, revised 21 Jan 2011.
- Atella, Vincenzo & Brunetti, Marianna & Maestas, Nicole, 2012. "Household portfolio choices, health status and health care systems: A cross-country analysis based on SHARE," Journal of Banking & Finance, Elsevier, vol. 36(5), pages 1320-1335.
- Okumura, Tsunao & Usui, Emiko, 2012. "The Effect of Pension Reform on Pension-Benefit Expectations and Savings Decisions in Japan," CIS Discussion paper series 559, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- Junya Hamaaki, 2013. "The Pension System and Household Consumption and Saving Behavior," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 9(4), pages 687-716, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Benson Wong).
If references are entirely missing, you can add them using this form.