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Holger Stichnoth - One of the best experts on this subject based on the ideXlab platform.
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Reprint of: Do retirement savings increase in response to information about retirement and expected Pensions?
Journal of Public Economics, 2019Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do retirement savings increase in response to information about retirement and expected Pensions
Journal of Public Economics, 2018Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do Retirement Savings Increase in Response to Information about Retirement and Expected Pensions
2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter. (This abstract was borrowed from another version of this item.)
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Do Savings Increase in Response to Salient Information About Retirement and Expected Pensions
SSRN Electronic Journal, 2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2004, the German Pension authority started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected Pension Payments. This reform did not change the level of Pensions, but only manipulated the knowledge about and salience of expected Pension Payments. Using German tax return data, we exploit two discontinuities in the age cutoffs of receiving such a letter to study their effects on private retirement savings. Our results show that the letters increase private retirement savings. The effects are fairly sizable and persistent over several years. We further show that the letter increases labor earnings, and that the increase in savings partly crowds out charitable donations. Moreover, we present evidence suggesting that both information and salience drive the savings effect. Our paper adds to a recent literature showing that policies that go beyond the traditional neoclassical reasoning can be powerful to increase savings rates.
Mathias Dolls - One of the best experts on this subject based on the ideXlab platform.
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Reprint of: Do retirement savings increase in response to information about retirement and expected Pensions?
Journal of Public Economics, 2019Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do retirement savings increase in response to information about retirement and expected Pensions
Journal of Public Economics, 2018Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do Retirement Savings Increase in Response to Information about Retirement and Expected Pensions
2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter. (This abstract was borrowed from another version of this item.)
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Do Savings Increase in Response to Salient Information About Retirement and Expected Pensions
SSRN Electronic Journal, 2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2004, the German Pension authority started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected Pension Payments. This reform did not change the level of Pensions, but only manipulated the knowledge about and salience of expected Pension Payments. Using German tax return data, we exploit two discontinuities in the age cutoffs of receiving such a letter to study their effects on private retirement savings. Our results show that the letters increase private retirement savings. The effects are fairly sizable and persistent over several years. We further show that the letter increases labor earnings, and that the increase in savings partly crowds out charitable donations. Moreover, we present evidence suggesting that both information and salience drive the savings effect. Our paper adds to a recent literature showing that policies that go beyond the traditional neoclassical reasoning can be powerful to increase savings rates.
Philipp Doerrenberg - One of the best experts on this subject based on the ideXlab platform.
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Reprint of: Do retirement savings increase in response to information about retirement and expected Pensions?
Journal of Public Economics, 2019Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do retirement savings increase in response to information about retirement and expected Pensions
Journal of Public Economics, 2018Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do Retirement Savings Increase in Response to Information about Retirement and Expected Pensions
2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter. (This abstract was borrowed from another version of this item.)
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Do Savings Increase in Response to Salient Information About Retirement and Expected Pensions
SSRN Electronic Journal, 2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2004, the German Pension authority started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected Pension Payments. This reform did not change the level of Pensions, but only manipulated the knowledge about and salience of expected Pension Payments. Using German tax return data, we exploit two discontinuities in the age cutoffs of receiving such a letter to study their effects on private retirement savings. Our results show that the letters increase private retirement savings. The effects are fairly sizable and persistent over several years. We further show that the letter increases labor earnings, and that the increase in savings partly crowds out charitable donations. Moreover, we present evidence suggesting that both information and salience drive the savings effect. Our paper adds to a recent literature showing that policies that go beyond the traditional neoclassical reasoning can be powerful to increase savings rates.
Andreas Peichl - One of the best experts on this subject based on the ideXlab platform.
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Reprint of: Do retirement savings increase in response to information about retirement and expected Pensions?
Journal of Public Economics, 2019Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do retirement savings increase in response to information about retirement and expected Pensions
Journal of Public Economics, 2018Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter.
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Do Retirement Savings Increase in Response to Information about Retirement and Expected Pensions
2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2005 (with a phase-in period between 2002 and 2004), the German Pension administration started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected public Pension Payments. This reform did not change the level of Pensions, but only provided information to individuals about their expected Pension Payments. Using German tax return data, we exploit an age discontinuity to identify the effect of these letters on the behavior of individuals. We find an increase in tax-deductible private retirement savings and provide evidence that this is not due to a crowding-out of other forms of savings. We also show that labor earnings, i.e. the most direct way to increase public Pensions, increase after receiving the letter. (This abstract was borrowed from another version of this item.)
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Do Savings Increase in Response to Salient Information About Retirement and Expected Pensions
SSRN Electronic Journal, 2016Co-Authors: Mathias Dolls, Philipp Doerrenberg, Andreas Peichl, Holger StichnothAbstract:How can retirement savings be increased? We explore a unique policy change in the context of the German Pension system to study this question. As of 2004, the German Pension authority started to send out annual letters providing detailed and comprehensible information about the Pension system and individual expected Pension Payments. This reform did not change the level of Pensions, but only manipulated the knowledge about and salience of expected Pension Payments. Using German tax return data, we exploit two discontinuities in the age cutoffs of receiving such a letter to study their effects on private retirement savings. Our results show that the letters increase private retirement savings. The effects are fairly sizable and persistent over several years. We further show that the letter increases labor earnings, and that the increase in savings partly crowds out charitable donations. Moreover, we present evidence suggesting that both information and salience drive the savings effect. Our paper adds to a recent literature showing that policies that go beyond the traditional neoclassical reasoning can be powerful to increase savings rates.
Andrew Coleman - One of the best experts on this subject based on the ideXlab platform.
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Pension Payments and receipts by new zealand birth cohorts 1916 1986
New Zealand Economic Papers, 2012Co-Authors: Andrew ColemanAbstract:This paper analyses how much different cohorts can expect to contribute into the PAYGO-funded New Zealand Superannuation scheme, and contrasts it with the amount each cohort can be expected to obtain in benefits if the current scheme is continued. The analysis is based on historic census and contributions data and SNZ projections of future population trends. The results show that cohorts born prior to 1980 can expect to pay half as much as they can expect to get in retirement benefits, because of the small number of Pension recipients when they made the bulk of their Payments.
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Pension Payments and Receipts by New Zealand Birth Cohorts, 19161986
Motu Working Paper, 2012Co-Authors: Andrew ColemanAbstract:This paper analyses how much different cohorts can expect to contribute into the PAYGO-funded New Zealand Superannuation scheme, and contrasts it with the amount each cohort can be expected to obtain in benefits if the current scheme is continued. The analysis is based on historic census and contributions data and SNZ projections of future population trends. The results show that cohorts born prior to 1980 can expect to pay half as much as they can expect to get in retirement benefits, because of the small number of Pension recipients when they made the bulk of their Payments.