【Emirpcal Seminar】How Valuable is Liquidity in Private Retirement Plans? Impacts from Raising the Access Age
2024/09/24
研討會日期 : 2024-09-24
時間 : 14:30
主講人 : Professor Marc Chan
地點 : Conference Room B110
主持人 : Professor Kamhon Kan
演講者簡介 : Professor Marc Chan received his PhD from Johns Hopkins University in 2009. He is currently a Professor at the University of Melbourne. His research fields of interest are labor Economics, Public Economics, and Econometrics.
演講摘要 : A key issue in the design of private retirement plans is whether they should be liquid before retirement. We provide first empirical estimates from changes in pension liquidity, utilising stepwise increases in access age from 55 to 58 by birth date in Australia, using administrative data and regression discontinuity design. On average, we estimate small reductions in withdrawals, no employment response and lower contributions that offset most of the savings from lower withdrawals. Much stronger responses amongst wealthy individuals underlines the value they place on precautional liquidity to insure against future cash flow problems.
