Mental Time Travel and Retirement Savings

We portray the valuation of retirement savings in terms a mental time travel journey which proposed contribution to pension plan is projected forward member’s date and this value then discounted back today, thereby giving present or personal value. set within broader framework planning, seeks smooth consumption over lifecycle. explain how two psychological biases—exponential growth bias bias—can lead difference between initial its value, such reflecting an asymmetry projection discounting, might inadequate hence lower than desired standard living retirement. consider biases be mitigated.