Abstract
To investigate financial regret among older Americans, we conduct a controlled experiment in the Health and Retirement Study. We document that many older people regret not having bought longevity protection or long-term care insurance, as well as having retired and claimed social security benefits too early. This is especially true for women, Black, and less wealthy older individuals. Additionally, we find that informing participants about objective survival probabilities boosts regret by 43% regarding not having lifetime income, and by even more for those in good health and still working.
| Original language | English |
|---|---|
| Pages (from-to) | 719-739 |
| Number of pages | 21 |
| Journal | Journal of Risk and Insurance |
| Volume | 92 |
| Issue number | 3 |
| DOIs | |
| State | Published - Sep 2025 |
Bibliographical note
Publisher Copyright:© 2025 The Author(s). Journal of Risk and Insurance published by Wiley Periodicals LLC on behalf of American Risk and Insurance Association.
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 1 No Poverty
Keywords
- annuities
- financial regret
- longevity
- savings
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