Building Learning Cities as a Strategy for Promoting Lifelong Learning
Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial...
Transcript of Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial...
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Promoting Lifelong Financial SecurityPresentation before the Oregon Retirement Savings Board
December 14, 2015
John ChalmersAbbott Keller Professor of Finance
Lundquist College of BusinessUniversity of Oregon
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Oregon Retirement Savings Board:
• M MMM MMMM MMM,MMM M MMMMMMMMM MMMMMMMMM MMMM MMMMMM MM M MMMMMMM MMM MMMMMMM MMMM MM M MMM.
• MMMMMMMM M MMM MMM, M MMM-MMMMM MMMMMMM MMM MMMM,
.
Goal set by the ORSB
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Life Cycle Finance
•Tuition• Student Loans
Education
•Debt Repayment• Savings and Investment
Choices
Career
•When to Retire?•Health Costs• Spending Choices
Retirement
Consumption (Housing, Medical, Food, Entertainment, etc)
![Page 4: Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial Security Presentation before the Oregon Retirement Savings Board December 14, 2015.](https://reader033.fdocuments.in/reader033/viewer/2022041802/5e522b72d1f2cf77384f3bdf/html5/thumbnails/4.jpg)
Life Cycle Finance
•Tuition• Student Loans
Education
•Debt Repayment• Savings and Investment
Choices
Career
•When to Retire?•Health Costs• Spending Choices
Retirement
Consumption (Housing, Medical, Food, Entertainment, etc)
![Page 5: Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial Security Presentation before the Oregon Retirement Savings Board December 14, 2015.](https://reader033.fdocuments.in/reader033/viewer/2022041802/5e522b72d1f2cf77384f3bdf/html5/thumbnails/5.jpg)
Education
MMM MM MMMMMMM:MMMMMM MMMMMM MMMMMMMMM, M MMM-
M MMM MMMM MMMMM MMMMMMM MMM MMMM MMMMMMM. M MM MMMMMMM MMM MMMMMMM MMMM MMMM MM MMMMMMM, MMMM M MMMMMMMMMM MM M MMMMMMMMM.
![Page 6: Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial Security Presentation before the Oregon Retirement Savings Board December 14, 2015.](https://reader033.fdocuments.in/reader033/viewer/2022041802/5e522b72d1f2cf77384f3bdf/html5/thumbnails/6.jpg)
Life Cycle Finance
•Tuition• Student Loans
Education
•Debt Repayment• Savings and Investment
Choices
Career
•When to Retire?•Health Costs• Spending Choices
Retirement
Consumption (Housing, Medical, Food, Entertainment, etc)
![Page 7: Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial Security Presentation before the Oregon Retirement Savings Board December 14, 2015.](https://reader033.fdocuments.in/reader033/viewer/2022041802/5e522b72d1f2cf77384f3bdf/html5/thumbnails/7.jpg)
Career – saving for later
••
• M MMMMM:•••
••
•
•
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Evidence: Invest Savings Well: M MMM M MMMM MM MMMM MMMMMMMMM MMMMMM
M MMM? (MMM M MMMM MMM MMM M MMMMM (MMMM))• M MMMMMMMM MMMMMMM? • M M MMM MMMMMMMM MMMMMMM MMMMMMM MMM?
Get Advice?Yes
Get Advice?No
Want Advice?
Yes
(Y, Y)Advised and
follow it
(Y, N)Target-date fund
default
Want Advice?
No
(N, Y)Unsolicited
advice
(N, N)Self-directed
If no advice, what happens?
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Evidence: Invest Savings WellM ) M MM MMMMMMM MM MM MMMM MM MMMMM M M MMMMM?
• M MMMMM M MM MMMMMMM, MM MM M MMMMMMM, M MMM MMM MM MM MMMMMM, MM MM MMMM MM MM M M M MMMMMMM MMMMMM M M M MMMMM MMM M MM MM.
M ) M MM M MMM M MM MMM MM M M M MMMMM MM MMMMM MMM MMMMMM M MMM MM MMMMMMM MMMMMM MM MMMM MM MMMMM M MMMMMM?
• MM MM M M M M , MM M M MMMMM MMMMMMM M MM MM M MMMM MMMM MM M MMM M M M MMMMMMMMMMMM MM M M MM M M MMMMMMM MM M M MM.
• M M MM MMM MM MM MM MMM MM MM M M M MMMM M MMM M MMMMMMMM MM MMMMMM M MMMMMMM (MM MM M MMMMMMMMMM/MMMM M M MMMMMMM)
• Good news for policy – M M MM M M M M MM M M MMM M MM MMMMMMMMMM MMMMMMM M M MMMMMM MM MMMMM MMM MM MM M MMMM MMMMM!•• M MM M MMM, M MMM-
M ) M MMM MM MMM MM MMMM M M M MMMMM MMMMM M MMMMMMMMM M M MMMMM MMMMMMM’ M M MMMMMMMM?
• M MM MM M MM MMMM M M MM MM MMM M M MMMMMMMM MM MM MMMMMMM M MM MM MMMMMM M MMMMM, M MM MMMM-
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Life Cycle Finance
•Tuition• Student Loans
Education
•Debt Repayment• Savings and Investment
Choices
Career
•When to Retire?•Health Costs• Spending Choices
Retirement
Consumption (Housing, Medical, Food, Entertainment, etc)
![Page 11: Promoting Lifelong Financial Security Chalmers Powerpoint for 12...Promoting Lifelong Financial Security Presentation before the Oregon Retirement Savings Board December 14, 2015.](https://reader033.fdocuments.in/reader033/viewer/2022041802/5e522b72d1f2cf77384f3bdf/html5/thumbnails/11.jpg)
Retirement –•
••
• MMMM MMMMMMMMM MMMMMM MMMMM MMMMM MM:•• M MMMMMMMM M MMMMMM MMMMMM M MMMM MMMMMM (M MMMMMMMM MMMM MMM ) MM
• Annuities are confusing –•
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Retirement -- Evidence from Oregon
• is chosen by 85% of PERS retirees –
•
•
MM MMM MMM M MM MMMMMMM MMM M MMM MMMMMMM MMM M M M M ’M
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Retirement --Life Expectancy is Increasing
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Marketing Savings
• M MM MM MMMM ?
•M M , M M MMM MM MMMMMMM MM M MMMMMMM MM MMMMMM MMM
• M MMMMM M M MMM M MMMMMM (MMMM MMM M MMM MM MM MM. MMM)• “Closeness” M M MMM M MMMMMM M MMMMMMM (MMM, M MMMMMMMMM, MMMMMM,
M MMMMMMMM)