Tag: manage money

Hand holding coins in birds nest.

Introduction The private pension landscape has changed dramatically over the past quarter century, with a decisive shift away from traditional defined benefit plans toward defined contribution plans, primarily 401(k)s.  Under the typical 401(k), individuals are responsible for making their own retirement saving decisions.  The first, and most important, decision is whether to participate in t…

Working together on their budget

Abstract We study the relative importance of market governance and non-market governance in retirement investments using a sample of variable annuities. Variable annuity investors are significantly less sensitive to performance and fees than mutual fund investors. Consistent with a complementary role of market and non-market governance, other governance mechanisms play a stronger role for variab…