Golden Years or Financial Fears? Decision Making After Retirement Seminars

Many organizations provide retirement planning seminars to their employees as a benefit to help them make better informed retirement decisions. This study examines the participants in 85 seminars conducted by five companies in 2008 and 2009 to determine how much learning takes place and whether empl...

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Bibliographic Details
Published in:NBER Working Paper Series 2013-07, p.19231
Main Authors: Allen, Steven G, Clark, Robert L, Maki, Jennifer, Melinda Sandler Morrill
Format: Article
Language:English
Subjects:
Decision making
Defined benefit plans
Defined contribution plans
Economic models
Economic statistics
Economic theory
Employees
Employers
Financial literacy
Investment education
Knowledge
Labor force
Older workers
Retirement planning
Retirement plans
Seminars
Social security
Studies
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Summary:Many organizations provide retirement planning seminars to their employees as a benefit to help them make better informed retirement decisions. This study examines the participants in 85 seminars conducted by five companies in 2008 and 2009 to determine how much learning takes place and whether employees adjust retirement plans. Using surveys conducted before and after the seminars, we find that financial literacy and knowledge of retirement program parameters are significantly higher after the seminar. Employees with the largest increases in knowledge were most likely to change their planned retirement age and planned age of claiming Social Security benefits.
ISSN:0898-2937
DOI:10.3386/w19231