Can Information Change Personal Retirement Savings? Evidence from Social Security Benefits Statement Mailings
AbstractDespite concern about the viability of public retirement programs and potential undersaving for retirement, we still know little about the impact of government provided information on individual behavior. We exploit plausibly exogenous variation in exposure to the world's largest personalized retirement benefits statement from the US Social Security Administration to evaluate the effects of information and encouragement on individual retirement savings decisions. Using three natural experiments between 2011 and 2014 and administrative data, we find no impact of the statements on individual retirement savings in their employer provided retirement accounts.
CitationCarter, Susan Payne, and William Skimmyhorn. 2018. "Can Information Change Personal Retirement Savings? Evidence from Social Security Benefits Statement Mailings." AEA Papers and Proceedings, 108: 93-97. DOI: 10.1257/pandp.20181041
- D14 Household Saving; Personal Finance
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- H55 Social Security and Public Pensions
- J26 Retirement; Retirement Policies
- J32 Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions