Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
Martin Stuart Feldstein was an American economist. He was the George F. Baker Professor of Economics at Harvard University and the president emeritus of the National Bureau of Economic Research (NBER). He served as president and chief executive officer of the NBER from 1978 to 2008. From 1982 to 1984, Feldstein served as chairman of the Council of Economic Advisers and as chief economic advisor to President Ronald Reagan. Feldstein was also a member of the Washington-based financial advisory body the Group of Thirty from 2003.
Financial literacy is the possession of skills, knowledge, and behaviors that allow an individual to make informed decisions regarding money. Financial literacy, financial education and financial knowledge are used interchangeably. Financially unsophisticated individuals cannot plan financially because of their poor financial knowledge. Financially sophisticated individuals are good at financial calculations; for example they understand compound interest, which helps them to engage in low-credit borrowing. Most of the time, unsophisticated individuals pay high costs for their debt borrowing.
Zvi Bodie is an American economist, author and professor. He was the Norman and Adele Barron Professor of Management at Boston University, teaching finance at Questrom for 43 years before retiring in 2015. His textbook, Investments, (with Kane and Marcus) is the market leader and is used in the certification programs of the CFA Institute and the Society of Actuaries. Bodie's work has centered on pension finance and investment strategy. He continues to do consulting work and media interviews.
The Health and Retirement Study (HRS) is a longitudinal survey of a representative sample of Americans over age 50 conducted by the Survey Research Center (SRC) at the Institute for Social Research (ISR) at the University of Michigan in Ann Arbor and supported by the National Institute on Aging (NIA). The study interviews approximately 20,000 respondents every two years on subjects like health care, housing, assets, pensions, employment and disability. The study is managed through a cooperative agreement between the NIA, which provides primary funding, and the ISR, which administers and conducts the survey. Beginning in 2012, HRS began adding genetic information from consenting participants to its database. The economic measures captured by the data in the HRS are regarded as being of very high quality.
Financial gerontology is a multidisciplinary field of study encompassing both academic and professional education, that integrates research on aging and human development with the concerns of finance and business. Following from its roots in social gerontology, Financial gerontology is not simply the study of old people but emphasizes the multiple processes of aging. In particular, research and teaching in financial gerontology draws upon four kinds of aging or "'four lenses" through which aging and finance can be viewed: population aging, individual aging, family aging, and generational aging. While it is problematic that "demography is destiny," demographic concepts, issues, and data play a substantial role in understanding the dynamics of financial gerontology. For example, through the lens of population aging, demography identifies the number of persons of different ages in cities and countries—and at multiple points in time. Through the lens of individual aging, demography also notes changes in the length of time—number of years lived in older age, typically measured by increases in life expectancy. From in its founding years in the beginning of the 21st century, one primary interest of Financial Gerontology has been on baby boomers and their relationships with their parents. The impact of these two kinds of aging on finance are reasonably apparent. The large and increasing number of older persons [population aging] in a society, no matter how "old age" is defined, and the longer each of these persons lives [individual aging], the greater the impact on a society's pattern of retirement, public and private pension systems, health, health care, and the personal and societal financing of health care. The focus on boomers illustrates also the other two lenses or "kinds" of aging. How boomers deal with the social, emotional, and financial aspects of their parents' aging is a central aspect of family aging. And how boomers may differ from their parents born and raised twenty to forty years earlier, and differ from their Generation X and Millennial children and grandchildren, are substantial aspects of generational aging.
Kent Smetters is an academic, entrepreneur, and former government official.
The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics, and whose work has led to practical and policy-relevant results. It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with Goethe University Frankfurt, and is sponsored by Deutsche Bank Donation Fund. The award carried an endowment of €50,000, which was donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.
Alicia Haydock Munnell is an American economist who is the Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management. Educated at Wellesley College, Boston University, and Harvard University, Munnell spent 20 years as an economist at the Federal Reserve Bank of Boston, where she researched wealth, savings, and retirement among American workers. She served in the Bill Clinton administration as Assistant Secretary of the Treasury for Economic Policy and as a member of the Council of Economic Advisers. Since 1997 she has been a professor at Boston College and director of its Center for Retirement Research, where she writes on retirement income policy.
At retirement, individuals stop working and no longer get employment earnings, and enter a phase of their lives, where they rely on the assets they have accumulated, to supply money for their spending needs for the rest of their lives. Retirement spend-down, or withdrawal rate, is the strategy a retiree follows to spend, decumulate or withdraw assets during retirement.
The Metzler Visiting Professorship in International Finance, founded by the German private bank Bankhaus Metzler in 1992, is an academic exchange program between the Wharton School of the University of Pennsylvania in Philadelphia, Pennsylvania, and the Goethe University Frankfurt, Germany.
Jeffrey Robert Brown is the dean of the Gies College of Business of the University of Illinois at Urbana-Champaign. Previously he was the William G. Karnes Professor in the Department of Finance and the Director of the Center for Business and Public Policy. He serves as a research associate at the National Bureau of Economic Research and as Associate Director of the NBER Retirement Research Center. Since 2009 he has served as a Trustee for TIAA, the operating company of TIAA-CREF. From October 2006 through September 2008, he served as a member of the Social Security Advisory Board. He served as a Senior Economist with the President's Council of Economic Advisers from 2001 to 2002. He earned a Ph.D. in economics from MIT, a Masters in Public Policy from Harvard Kennedy School, and a B.A. from Miami University.
John Geanakoplos is an American economist, and the current James Tobin Professor of Economics at Yale University.
Elsa Fornero is an Italian economist, university lecturer, and politician who served as Minister of Labour and Social Policies in the Monti Cabinet from November 2011 to April 2013.
A financial literacy curriculum is a structured educational program designed to teach basic financial skills necessary to make informed and effective financial decisions. A typical financial literacy curriculum covers various topics related to personal financial issues, including budgeting and financial planning, savings, investing, managing debt, understanding credit, insurance and retirement planning, and consumer protection topics. Financial literacy curricula provide individuals with the knowledge and skills needed to manage personal finance matters and achieve their financial goals. Private, non-profit organizations, and government agencies around the world provide free financial curricula for different age groups.
Yung-Ping Chen was an American economist and gerontologist of Chinese origin. He pioneered the concept of home equity conversion in the United States and developed innovative approaches to the funding of Social Security benefits and long-term care. His scholarship contributed to a better understanding of the economic, political, and social implications and challenges created by the "mass aging" phenomenon—the ongoing and unprecedented shift to an increasingly elder-populated society.
Annamaria Lusardi is an Italian-born economist and the Denit Trust Distinguished Scholar and Professor of Economics and Accountancy at The George Washington University School of Business. In 2011 she founded and continues to serve as the Academic Director of the Global Financial Literacy Excellence Center. Her interests focus on financial literacy and financial education.
Brigitte C. Madrian is a behavioral economist and is the ninth dean of the Marriott School of Business at Brigham Young University (BYU). She is the first woman to serve as dean and has a joint appointment in the Department of Finance and the George W. Romney Institute of Public Service and Ethics.
Kathleen M. McGarry is a professor of economics at the University of California, Los Angeles and a Research Associate of the National Bureau of Economic Research. She is also a co-investigator of the Health and Retirement Survey. From 2007 to 2009, she was Joel Z. and Susan Hyatt ‘72 Professor in the Department of Economics at Dartmouth College. She has served on the Editorial Boards of the American Economic Journal: Public Policy, the American Journal of Health Economics, and the Journal of Pension Economics.
Anya Samek is an American economist who works in the fields of applied economics, behavioral economics, experimental economics, and strategy. She is currently an associate professor of economics at the Rady School of Management at the University of California, San Diego.
