Financial Decision Making During Retirement

Financial Decision Making During Retirement

Heuristics and Biases in Retirement Savings Behavior

According to economic theories, families do not set themselves a certain rate at which they should save for their future when their no longer have any source of income. Making decisions as to the amount that would be required after retirement is a tough question that even economists cannot answer. Although a few economists calculate the rate of savings, they results can never be considered accurate. However, people do try to calculate the rate of savings and do so by using simple rules of thumb (Benartzi & ...