Download PDF by Nicole Brunhart: Individual Financial Planning for Retirement: Empirical

By Nicole Brunhart

ISBN-10: 3790819972

ISBN-13: 9783790819977

Over time, the accountability for supplying for a financially safe retirement has shifted extra in the direction of the person. a couple of implicit assumptions approximately views, habit, and person offerings underlie this shift. those assumptions presume that people are well-informed and cause unemotionally; that they method details properly; and they take rational judgements and act to maximise their very own welfare. Empirical facts, even if, indicates that such maxims don't frequently advisor members’ real behavior.

Building on a brand new constitution utilized to insights drawn from behavioral finance, this e-book analyzes the views of people in regards to their monetary scenario in retirement and compares the activities they take with perfect habit. The paintings presents new insights into the largely outlined subject of person retirement-specific monetary making plans behavior.

The study builds on over 500 interviews with prosperous participants in Germany and contributes to defining ways that policy-makers, monetary planners, and participants themselves can increase monetary provisioning for retirement.

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Extra info for Individual Financial Planning for Retirement: Empirical Insights from the Affluent Segment in Germany

Sample text

Finally, as a third element, the conceptual approach of the study is presented. It illustrates the overall analytical concept to accomplish the knowledge aim of this study. 1 The individual financial optimization problem The analysis of individual retirement-specific FPB is closely linked to the understanding of the problems and trade-offs individuals face with regard to their financial situation in retirement. The basic trade-off between consumption of assets before and after retirement through saving builds on the life-cycle hypothesis and the corresponding budget constraint.

33. 39 See EISENBERG 2006, p. 35. 40 Certain individuals have historically even reached income levels that corresponded to their average pre-retirement income levels. An OECD survey has shown that in Germany in the mid 80s the disposable income of individuals aged 65 to 74 was over 80% of the income of the entire adult population (individuals aged 18 and over) and that this ratio increased to over 90% by the mid 90s. See OECD 2001, p. 27. 41 Evidence for continuing saving activity of retired individuals has been demonstrated by MIRER 1979 and DIAMOND/HAUSMAN 1984.

MULLAINATHAN/THALER 2000, p. 8. Furthermore, it has been shown that deferral of consumption is not the only motive for saving but rather leaving an inheritance is also an important motive. , the anticipated, expected) income, which encompasses both the physical and human income streams. If individuals get an unexpected transitory income increase, this will not influence their consumption in the long run. See FRIEDMAN 1957. 1 The individual financial optimization problem 17 Fig. 1 illustrates the typical development of income and consumption streams as well as the accumulation of wealth over the life-cycle of an individual.

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Individual Financial Planning for Retirement: Empirical Insights from the Affluent Segment in Germany by Nicole Brunhart

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