Retirement Saving, Investment, and Spending

Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, Professor of Insurance and Risk Management, Professor of Business Economics and Public Policy, Executive Director of the Pension Research Council, and Director of the Boettner Center on Pensions and Retirement Research, all at the Wharton School of the University of Pennsylvania. She is also a Research Associate at the National Bureau of Economic Research, Independent Director of the Allspring Mutual Fund Boards, and Distinguished Fellow of the American Economic Association. Her research focuses on pensions, risk management, financial literacy, household finance, and public finance.Nikolai Roussanov is the Moise Y. Safra Professor and Professor of Finance at the Wharton School, University of Pennsylvania, and a Research Associate at the National Bureau of Economic Research. His research spans the intersection of asset pricing and macroeconomics across equity, fixed income, currency, and commoditymarkets, as well as household finance and investor behavior. His work has advanced understanding of global risk premia, carry-trade dynamics, and the macroeconomic implications of investment decisions.

• List of Figures List of Tables Notes on Contributors 1. Lessons from Behavioral Research for Retirement Saving, Investment, and Spending: An Overview Olivia S. Mitchell and Nikolai Roussanov I. What Helps and Hinders Retirement Saving? 2. Noncognitive Determinants of Retirement Saving Behavior Gianpaolo Parise and Kim Peijnenburg 3. Subjective Beliefs, Saving, and Spending for Retirement Rawley Z. Heimer 4. Does it All Add Up? New Experimental Evidence for "Undersum Bias" as an Impediment to Precautionary SavingShane Timmons and Féidhlim McGowan 5. Deepening Our Understanding of Savings Automation in Retirement and Non-Retirement Contexts Alycia Chin, Heidi Johnson, and Brianna L. Middlewood II. Investment Behavior of Retirement Savers 6. Plan Design and Participant Behavior in Defined Contribution Retirement Plans: Past, Present, and FutureJonathan Reuter 7. The Implications of Gender Differences in Retirement Plan Investment Patterns Vickie Bajtelsmit 8. Wealth Accumulation: The Role of Others Michael Haliassos 9. Aging in America: An Examination of Financial and Health Decision Making Among Older AdultsGary Mottola, Lei Yu, and Patricia Boyle III. Spending Challenges in Later Life 10. Insights on Economic Well-Being at Older Ages from Analyses of Household SpendingMichael D. Hurd and Susann Rohwedder 11. Consumption Patterns and Beliefs in Retirement Arna Olafsson and Michaela Pagel 12. Does 401(k) Loan Repayment Crowd Out Retirement Saving? Evidence from Administrative Data and Implications for Plan DesignJohn Beshears, James J. Choi, Joel Dickson, Aaron Goodman, Fiona Greig, and David Laibson 13. Reforming the US Long-Term Care Insurance Market R. Anton Braun and Karen A. Kopecky The Pension Research Council Index