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How Persistent Low Returns Will Shape Saving and Retirement | Oxford Scholarship Online
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How Persistent Low Returns Will Shape Saving and Retirement

Olivia S. Mitchell, Robert Clark, and Raimond Maurer

Abstract

Funded pension systems around the world have long relied on relatively high and predictable long-term capital market returns. Yet these retirement systems confront a key challenge today, namely, how to deal with what appears to be persistently low returns on bonds and equities. For this reason, it will be prudent, and probably necessary, for insurers, plan sponsors, workers, retirees, and policymakers to take concrete steps to prepare for these lower long-term expected rates of return to retirement wealth. In fact, as we show in this volume, a persistent low-interest-rate economy will compel m ... More

Keywords: pensions, retirement saving, portfolio management, defined benefit plan, defined contribution plan

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780198827443
Published to Oxford Scholarship Online: October 2018 DOI:10.1093/oso/9780198827443.001.0001

Authors

Affiliations are at time of print publication.

Olivia S. Mitchell, editor
International Foundation of Employee Benefit Plans Professor; Professor of Business Economics and Public Policy; Professor of Insurance and Risk Management; Executive Director, Pension Research Council, and Director, Boettner Center for Pensions and Retirement Research, all at the Wharton School of the University of Pennsylvania

Robert Clark, editor
Professor of Economics and Professor of Management, Innovation, and Entrepreneurship, Pool School of Management, North Carolina State University

Raimond Maurer, editor
Chair of Investment, Portfolio Management, and Pension Finance, Goethe University of Frankfurt and Dean of the Faculty of Economics and Business Administration

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Contents

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Chapter 1 How Persistent Low Returns Will Shape Saving and Retirement

Robert Clark, Raimond Maurer, and Olivia S. Mitchell

Part I Origins and Consequences of the Persistent Low Return Environment

Chapter 3 Low Returns and Optimal Retirement Savings

David Blanchett, Michael Finke, and Wade Pfau

Chapter 4 Getting More from Less in Defined Benefit Plans

Daniel W. Wallick, Daniel B. Berkowitz, Andrew S. Clarke, Kevin J. DiCiurcio, and Kimberly A. Stockton

Chapter 6 Intelligent Risk Taking

Antti Ilmanen and Matthew Rauseo

Part II Whither Retirement Strategies?

Part III New Designs for Pension Plan Sponsors

Chapter 11 State-sponsored Retirement Savings Plans

William G. Gale and David C. John

Chapter 12 Global Developments in Employee Benefits

Natalia Garabato, Jonathan Gardner, and Steve Nyce

End Matter