RetireSecure Blog

July 30, 2014

Pension Research Council Welcomes Towers Watson as Senior Partner

Filed under: PRC Partners — The Pension Research Council @ 9:00 am

The Pension Research Council is pleased to announce that Towers Watson has rejoined the Council as a Senior Partner of the Council for 2014. Read the full press release here.
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July 29, 2014

Don’t Bother Discussing Interest Rates and Bond Prices

Filed under: Financial Literacy,New Research,Personal Finance,PRC in the News — The Pension Research Council @ 12:40 pm

Olivia S. Mitchell, Wharton Professor of Insurance/Risk Management and Applied Economics/Policy and Director of the Pension Research Council, and her coauthor Annamaria Lusardi of George Washington University, designed a simple financial literacy survey, which they fielded on older Americans. Shocked at the poor results, they then launched an international study to determine how our population compares to other countries.

The Germans and Swiss were relatively savvy, where a small majority (53% and 50%, respectively) got all three questions right. Only 30% did so in the U.S and 27% in Japan. Russians fared worst of the nations examined.

Click here to read about the results on BloombergView.com
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July 25, 2014

Pension Research Council Welcomes Edward Jones as Senior Partner

Filed under: Uncategorized — The Pension Research Council @ 10:16 am

The Pension Research Council is pleased to announce that Edward Jones has rejoined the Council as a Senior Partner of the Council for 2014. Read the full press release here.
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Thieves of Their Own Wallet

Filed under: Financial Literacy,New Research,PRC in the News,PRC Partners — The Pension Research Council @ 9:59 am

Being a ‘thief of your own wallet’ is how the Dutch describe those who overspend and thereby undermine their financial wellbeing. A new study by Olivia S. Mitchell, Wharton Professor of Insurance/Risk Management and Applied Economics/Policy and Director of the Pension Research Council, coauthored by Annamaria Lusardi of George Washington University, shows that we all do this, not just the Dutch!

Many Americans lack an understanding of interest rates, inflation, and diversification. Without proper financial knowledge, people make poor informed financial decisions. Unsurprisingly, this leads them to undertake more borrowing, engage in less saving, and overspend on fees.

Click here to read more at ProjectM-Online

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July 22, 2014

Pension Research Council Welcomes Morgan Stanley Wealth Management as Senior Partner

Filed under: PRC Partners — The Pension Research Council @ 10:53 am

The Pension Research Council is pleased to announce that Morgan Stanley Wealth Management has rejoined the Council as a Senior Partner of the Council for 2014. Read the full press release here.

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July 16, 2014

Pension Research Council Welcomes Prudential Financial as Senior Partner

Filed under: PRC Partners — The Pension Research Council @ 9:48 am

The Pension Research Council is pleased to announce that Prudential Financial has rejoined the Council as a Senior Partner of the Council for 2014. Read the full press release here.

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July 11, 2014

Pension Research Council Welcomes Federal Reserve Office of Employee Benefits as Senior Partner

Filed under: PRC Partners — The Pension Research Council @ 12:15 pm

The Pension Research Council is pleased to announce that the Federal Reserve Office of Employee Benefits has rejoined the Council as a Senior Partner of the Council for 2014. Read the full press release here.

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July 10, 2014

Financial Literacy Could Help Build 401(k) Savings, Study Shows

Filed under: Financial Literacy,New Research,PRC in the News,PRC Partners,Uncategorized — The Pension Research Council @ 9:41 am

A new working PRC paper titled “Financial Knowledge and 401(k) Investment Performance” reports that more financially knowledgeable investors can anticipate earning 130 basis points more per year in their 401k plans  compared to their less sophisticated peers, even after adjusting for risk.

The research is authored by Robert Clark of North Carolina State University, Annamaria Lusardi of George Washington University, and Olivia S. Mitchell, Professor of Insurance/Risk Management and Applied Economics/Policy and Director of Wharton’s Pension Research Council. It finds that “the significantly higher risk-adjusted annual expected returns of 130 basis points for the best versus the least knowledgeable confirm that financial literacy can contribute” to better retirement saving..

The study concludes that, since “financial knowledge does appear to help people invest more profitably, this may provide a rationale for efforts to enhance financial knowledge in the population at large.”

Click here to read a discussion of the work at ThinkAdvisor.com

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July 3, 2014

Pension Research Council Welcomes the Society of Actuaries as Institutional Member

Filed under: PRC Partners — The Pension Research Council @ 12:50 pm

The Pension Research Council is pleased to announce that the Society of Actuaries has rejoined the Council as an Institutional Member of the Council for 2014. Read the full press release here.

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July 2, 2014

Treasury Comes to the Aid of Retirees with Deferred Payout Annuities

Filed under: Personal Finance,Planning for Retirement — The Pension Research Council @ 8:39 am

Mark Iwry, senior adviser to the Secretary of the Treasury and deputy assistant secretary for retirement and health policy, recently announced new regulations that help retirees do a better job managing their 401(k) withdrawals. The new rules allow plan sponsors to offer retirees payout lifetime income streams,  while protecting people from running afoul of the minimum distribution requirements. Financial advisers will need to take a good look at these for their clientele.

Click here to read more at InvestmentNews.com

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