What You Don’t Know Can’t Help You: Pension Knowledge and Retirement Decision Making
نویسندگان
چکیده
This paper provides an answer to an important empirical puzzle in the retirement literature: while most people know little about their own pension plans, retirement behavior is strongly affected by pension incentives. We combine administrative and selfreported pension data to measure the retirement response to actual and perceived financial incentives. We find that wellinformed individuals are five times more responsive to pension incentives than the average individual when knowledge is ignored. We further find that the illinformed individuals do respond to their own misperception of the incentives, rather than being unresponsive to any incentives.
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