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Financial regret at older ages and longevity awareness

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  • Abigail Hurwitz
  • Olivia S. Mitchell

Abstract

To investigate financial regret among older Americans, we conduct a controlled experiment in the Health and Retirement Study. We document that many older people regret not having bought longevity protection or long‐term care insurance, as well as having retired and claimed social security benefits too early. This is especially true for women, Black, and less wealthy older individuals. Additionally, we find that informing participants about objective survival probabilities boosts regret by 43% regarding not having lifetime income, and by even more for those in good health and still working.

Suggested Citation

  • Abigail Hurwitz & Olivia S. Mitchell, 2025. "Financial regret at older ages and longevity awareness," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 92(3), pages 719-739, September.
    • Handle: RePEc:bla:jrinsu:v:92:y:2025:i:3:p:719-739
    DOI: 10.1111/jori.70008
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