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Article

Improving the Defined-Contribution System: The U.S. Can Learn from Other Countries’ Approaches to Helping Retirees Convert Their Savings into Lifetime Income

Aron Szapiro
The Journal of Retirement Spring 2017, 4 (4) 40-52; DOI: https://doi.org/10.3905/jor.2017.4.4.040
Aron Szapiro
is director of policy research at Morningstar, Inc. in Washington, DC.
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  • For correspondence: aron.szapiro@morningstar.com
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Abstract

Over the past 30 years, the U.S. retirement system has shifted from a defined benefit system to a defined contribution system. As the defined contribution system matures, millions of Americans will need to figure out how to convert their hard-earned savings into lifetime income. Although U.S. public policy nudges people to save for retirement by offering tax breaks for saving and tax penalties for early withdrawals, the United States lags behind other countries in encouraging retirees to convert their savings into lifetime income. The authors explore several ways in which the U.S. drawdown system contrasts with other countries’ approaches, particularly in the encouragement given retirees to annuitize their assets. This discussion also addresses the role of regulation and industry structure in promoting lifetime income.

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The Journal of Retirement: 4 (4)
The Journal of Retirement
Vol. 4, Issue 4
Spring 2017
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Improving the Defined-Contribution System: The U.S. Can Learn from Other Countries’ Approaches to Helping Retirees Convert Their Savings into Lifetime Income
Aron Szapiro
The Journal of Retirement Apr 2017, 4 (4) 40-52; DOI: 10.3905/jor.2017.4.4.040

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Improving the Defined-Contribution System: The U.S. Can Learn from Other Countries’ Approaches to Helping Retirees Convert Their Savings into Lifetime Income
Aron Szapiro
The Journal of Retirement Apr 2017, 4 (4) 40-52; DOI: 10.3905/jor.2017.4.4.040
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  • Article
    • Abstract
    • COUNTRIES LARGELY STRUGGLE TO ENCOURAGE RETIREES TO BUY ANNUITIES
    • COUNTRIES VARY IN MECHANISMS TO REGULATE WITHDRAWALS
    • DECENTRALIZED AND FRAGMENTED SYSTEMS CHALLENGE POLICYMAKERS TRYING TO NUDGE PARTICIPANTS INTO SPECIFIC DRAWDOWN OPTIONS
    • CONCLUSIONS
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