Retirement and Saving Decisions by Low and Middle Income Households

Principal Investigator: Robert Clark

Sponsor: Institute of Consumer Money Management

Award Period: 9/1/2019 - 8/31/2023

Amount: $1,999,999

Description: A major policy concern in the United States is the economic well-being of older low and moderate income households. Increases in life expectancy, changes in pensions, and changes in government programs mean that individuals must now plan for their retirements and become better managers of their assets and debts. It is important to have a better understanding of how the transition from work to retirement affects retirement well-being of low and moderate income households, and how the management of retirement resources can shape the ability of low and moderate income individuals to maintain their standards of living for 30 or more years. This project brings together three nationally and internationally prominent scholars who have a history of conducting innovative research in the areas of economic well-being of older individuals, retirement decisions, the role of employer pensions and retiree health insurance, and how financial literacy influences important decisions of low and moderate income families.