Debt close to retirement and its implications for retirement well-being

  • We analyze debt and debt management of Americans nearing retirement age. We show that older people have numerous financial obligations that can lead to financial distress. Using data from the 2015 National Financial Capability Study and an extensive literature review, we show that lack of financial literacy, lack of information, and behavioral biases help explain the prevalence of debt later in life. Our evidence indicates that debt at older ages can negatively influence retirement well-being.

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Author:Annamaria Lusardi, Olivia S. MitchellORCiDGND, Noemi Oggero
Parent Title (English):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 631
Series (Serial Number):CFS working paper series (631)
Publisher:Center for Financial Studies
Place of publication:Frankfurt, M.
Document Type:Working Paper
Year of Completion:2019
Year of first Publication:2019
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2019/10/28
Issue:July 8, 2019
Page Number:31
©2019 Lusardi, Mitchell, and Oggero. All rights reserved.
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht