|Title||What You Don't Know Can't Help You: Pension knowledge and retirement decision-making|
|Publication Type||Journal Article|
|Year of Publication||2008|
|Authors||Chan, S, Stevens, AH|
|Journal||Review of Economics and Statistics|
This paper provides an answer to an important empirical puzzle in the retirement literature: while most people know little about their own pension plans, retirement behavior is strongly affected by pension incentives. We combine administrative and self-reported pension data to measure the retirement response to actual and perceived financial incentives and document an important role for self-reported pension data in determining retirement behavior. Well-informed individuals are far more responsive to pension incentives than the average individual. Ill-informed individuals seem to respond systematically to their own misperceptions of pension incentives.
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