English, Article, Journal or magazine article edition: Lessons of the Financial Crisis for the Design of National Pension Systems Gary Burtless

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Bookmark: http://trove.nla.gov.au/version/125970
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Lessons of the Financial Crisis for the Design of National Pension Systems
Author
  • Gary Burtless
Physical Description
  • preprint
Notes
  • The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow identical investment strategies but who retire a few years apart can receive DC pensions that are startlingly unequal. Second, it is hard for ordinary workers, as opposed to optimal planners, to make sensible choices about portfolio allocation. Their investment errors mean that actual returns fall short of the theoretical returns that could be earned by a well-informed, disciplined investor.
  • RePEc:ces:ceswps:_2735
Language
  • English
Contributed by
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