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Author: Martin, Terrance K.
Resulting in 2 citations.
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Martin, Terrance K. Guillemette, Michael A. Browning, Christopher M. |
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Do Retirement Planning Strategies Alter the Effect of Time Preference on Retirement Wealth? Applied Economics Letters 23,14 (2016): 1003-1005. Also: http://www.tandfonline.com/doi/abs/10.1080/13504851.2015.1128068 Cohort(s): NLSY79 Publisher: Routledge ==> Taylor & Francis (1998) Keyword(s): Retirement/Retirement Planning; Savings; Time Preference; Wealth An individual's willingness to accumulate retirement wealth is influenced by their preference for intertemporal consumption. People with a strong preference for current consumption (high personal discount rate) may choose to save less and face the risk of decreased retirement preparedness. A negative relation between a high personal discount rate and retirement wealth may be reduced when individuals engage in some form of retirement planning. Using the National Longitudinal Survey of Youth, we provide evidence that respondents with a high personal discount rate accumulated 37% less retirement wealth, on average, between 2004 and 2008, when compared with respondents with a low personal discount rate. However, when retirement planning strategies were included in the model, there was no statistical difference in retirement wealth between people with high and low personal discount rates. The retirement planning strategies included calculating a retirement income need, hiring a financial planner for retirement or engaging in both of these activities. |
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Bibliography Citation
Martin, Terrance K., Michael A. Guillemette and Christopher M. Browning. "Do Retirement Planning Strategies Alter the Effect of Time Preference on Retirement Wealth?" Applied Economics Letters 23,14 (2016): 1003-1005.
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Martin, Terrance K. Guillemette, Michael A. Urgel, Fabiola E. |
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The Effect of Disability Income on Retirement Decisions and Wealth Applied Economics Letters 25,19 (2018): 1333-1335. Also: https://www.tandfonline.com/doi/abs/10.1080/13504851.2017.1420874 Cohort(s): NLSY79 Publisher: Routledge ==> Taylor & Francis (1998) Keyword(s): Disability; Income; Retirement/Retirement Planning; Wealth Using the 2008 National Longitudinal Survey of Youth, this study examines the impact of receiving disability income on a respondent's decision to calculate a retirement income need, use tax-advantaged accounts and accumulate retirement wealth. Respondents who received disability income were 4.4% less likely to report calculating a retirement income need and 4.5% less likely to report using a tax-advantaged account, compared to a reference group of respondents who did not receive disability income. Respondents who received disability income also accumulated 41% less retirement wealth compared to the same reference group. |
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Bibliography Citation
Martin, Terrance K., Michael A. Guillemette and Fabiola E. Urgel. "The Effect of Disability Income on Retirement Decisions and Wealth." Applied Economics Letters 25,19 (2018): 1333-1335.
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