Does Calculating Retirement Needs Boost Retirement Savings?
Calculating retirement savings needs is often viewed as an essential first step in retirement planning. Yet, little empirical evidence exists to support the value of this activity. This case study examines the connection between calculating retirement savings needs and retirement savings through ana...
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| Veröffentlicht in: | The Journal of consumer affairs 2011-06, Vol.45 (2), p.175-200 |
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| container_title | The Journal of consumer affairs |
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| creator | MAYER, ROBERT N. ZICK, CATHLEEN D. MARSDEN, MITCHELL |
| description | Calculating retirement savings needs is often viewed as an essential first step in retirement planning. Yet, little empirical evidence exists to support the value of this activity. This case study examines the connection between calculating retirement savings needs and retirement savings through analysis of an online survey of benefits-eligible employees at a large Mountain West university. Controlling for a variety of possible covariates, and using an instrumental variable approach, the case study shows that having estimated a retirement savings target increases self-reported retirement savings. The results provide support for financial educators and planners in their efforts to encourage people to estimate their retirement needs early in the retirement planning process. |
| doi_str_mv | 10.1111/j.1745-6606.2011.01199.x |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0022-0078 |
| ispartof | The Journal of consumer affairs, 2011-06, Vol.45 (2), p.175-200 |
| issn | 0022-0078 1745-6606 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_896185182 |
| source | Wiley Online Library; PAIS Index; Business Source Complete; JSTOR |
| subjects | Age Age groups Case studies Colleges and universities Consumers Educators Employees Estimates Financial planning Literacy Methods Retirement Retirement income Retirement planning Retirement plans Retirement savings Saving Savings Studies Surveys Universities Value |
| title | Does Calculating Retirement Needs Boost Retirement Savings? |
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