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How Much to Save? Decision Costs and Retirement Plan Participation / Jacob Goldin, Tatiana Homonoff, Richard W. Patterson, William L. Skimmyhorn.
- Format:
- Book
- Author/Creator:
- Goldin, Jacob.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w27575.
- NBER working paper series no. w27575
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- Deciding how much to save for retirement can be complicated. Drawing on a field experiment conducted with the Department of Defense, we study whether such complexity depresses participation in an employer-sponsored retirement saving plan. We find that simplifying one dimension of the enrollment decision, by highlighting a potential rate at which non-participants might contribute, increases participation in the plan. Similar communications that did not include a highlighted rate yield smaller effects. The results highlight how reducing complexity on the intensive margin of a decision (how much to contribute) can affect extensive margin behavior (whether to contribute at all) in a setting of policy interest.
- Notes:
- Print version record
- July 2020.
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