2005 Retirement Research Consortium Conference

Thursday, August 11, 2005

8:00-8:30 Registration and Coffee

8:30-8:45 Welcoming Remarks: James B. Lockhart (Social Security Administration)

Introduction of Center Directors: John Laitner (University of Michigan Retirement Research Center), Alicia H. Munnell (Center for Retirement Research at Boston College), and David A. Wise (NBER Retirement Research Center)

Morning Session Chair: Alicia H. Munnell

Panel 1: What Will the Elderly Need in Retirement?
8:45-10:15

“Consumption and Economic Well-Being at Older Ages: Income- and Consumption-based Poverty Measures in the HRS”
Michael Hurd and Susann Rohwedder
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“Cross-National Evidence on the Burden of Age-Related Transfers”
Gary Burtless
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“What Replacement Rates Do Households Actually Experience in Retirement?”
Alicia H. Munnell and Mauricio Soto
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Discussants: Eugene Steuerle and John Phillips

10:15-10:30 Break

Panel 2: How Do Individuals Plan and Save for Retirement?
10:30-12:00

“The Decline in Saving: What Can We Learn from Survey Data?”
Barry Bosworth and Lisa Bell
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“Financial Literacy and Planning: Implications for Retirement Wellbeing”
Annamaria Lusardi and Olivia S. Mitchell
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“Household Propensities to Plan for Retirement: A Life Cycle Analysis”
Erik Hurst
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Discussants: Timothy Smeeding and Arie Kapteyn 1st | 2nd

Box Lunch
12:00

Remarks and Introduction of the Luncheon Speaker
12:30-1:00

Luncheon Speaker
Charles Blahous (National Economic Council)

Afternoon Session Chair: David A. Wise

Panel 3: What Happens When Things Go Wrong?
1:00-2:30

“How is Mortality Affected by Health Care and Health Behaviors?”
David Cutler and Edward Glaeser
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“When the Nest Egg Cracks: Managing Risks in Retirement”
Richard Johnson, Gordon Mermin and Cori Uccello
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“How Portfolios Evolve after Retirement: The Effect of Health Shocks”
Courtney Coile and Kevin Milligan
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Discussants: John Ameriks and Joyce Manchester

Panel 4: Social Security Reform – Congressional Proposals and Views
2:30-3:30

Moderator: Charles Blahous (National Economic Council)

Panelists:
Eva Cargill (Office of Congressman Wexler)
Kim Hildred (Committee on Ways and Means)
Tom Miller (Joint Economic Committee)
Jennifer Olsen (Office of Senator Graham)
Chris Socha (Office of Senator DeMint)

Break
3:30-3:45

Panel 5: Can People Continue to Work?
3:45-5:15

“Population Aging and the Structure of Wages”
Robert Triest, Steven A. Sass and Margarita Sapozhnikov
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“Technological Progress and Worker Productivity at Different Ages”
John Laitner and Dmitriy Stolyarov
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“Why Not Retire? The Time and Timing Costs of Market Work”
Daniel S. Hamermesh
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Discussants: Alan L. Gustman and Joseph Quinn

Reception
5:15

Friday, August 12, 2005

8:30-8:45  Registration and Coffee

Morning Session Chair: John Laitner

Panel 6: What are the Risks and Returns of Private Accounts for Social Security?
8:45-10:15

“Interpreting Social Security as a Defined Contribution System”
Stephen Zeldes and John Geanakoplos
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“Political Risk versus Market Risk in Social Security”
John B. Shoven and Sita N. Slavov
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“Demographic Change, Retirement Saving, and Financial Market Returns”
James Poterba, Steven Venti and David A. Wise
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Discussants: Deborah Lucas and Andrew Biggs

Break
10:15-10:30

Panel 7: What Does Individual Investment Behavior Imply for Personal Accounts?
10:30-12:00

“Retirement, Saving, Benefit Claiming and Solvency under a Partial System of Voluntary Personal Accounts”
Alan L. Gustman and Thomas Steinmeier
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“What Are the Effects of Portfolio Choice on Retirement Wealth Outcomes?”
Jeffrey Brown and Scott Weisbenner
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“$100 Bills on the Sidewalk: Suboptimal Saving in 401(k) Plans”
James J. Choi, David Laibson and Brigitte C. Madrian
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Discussants: Julie Agnew and Paul Yakoboski

Closing Remarks: Alicia H. Munnell
12:00

Panel of Outside Scholars/Advisors Meeting: Michigan Retirement Research Center
12:15