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Financial Literacy in Times of Turmoil and Retirement Insecurity
Friday, March 20, 2009, 8:30 am - 4:30 pm
The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave, NW, Washington, DC
The financial crisis has caused a reported $2 trillion loss in retirement accounts nationwide. A majority of Americans are worried their retirement funds may not be sufficient, and young and old alike are concerned about financial and retirement security. On March 20, the Brookings Institution, Wharton's Pension Research Council and Boettner Center, the University of Michigan Retirement Research Center, and The Retirement Security Project co-sponsored a conference on financial literacy and retirement preparedness.The US Social Security Administration provided support for the conference, and Commissioner Astrue offered the Keynote Speech.
The conference focused on how workers and retirees can better manage saving for retirement, and how they can stay secure during retirement. Participants identified research and policy directions for the future
Conference Agenda
8:30 Registration
8:50 Welcome
The Honorable Jason Fichtner, Acting Deputy Commissioner, Social Security Administration
9:00 Financial Literacy, Planning, and Retirement Saving
Chair: Mark Iwry, The Brookings Institution
Financial Literacy, Retirement Planning, and Retirement Wellbeing: Lessons and Research Gaps
Annamaria Lusardi, Dartmouth College and Olivia Mitchell, The Wharton School
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Retirement Savings, Framing and Financial Literacy Julie Agnew, College of William and Mary
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Disentangling Cognitive Function and Financial Literacy: Implications for Financial Retirement Security Research Robert Willis, University of Michigan
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Discussant
David Certner, AARP
10:30 Financial Illiteracy and Retirement Expectations: Prospects for Longevity, Decumulation, and Health
Chair: Olivia Mitchell, The Wharton School
Life-cycle Spending after Retirement and Adequacy of Economic Preparation for Retirement
Michael Hurd, Rand Corporation
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Individuals’ Understanding of Social Security Benefit
Erzo Luttmer, Kennedy School of Government, Harvard University,
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Financial Entertainment
Nick Maynard, D2D Fund
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Discussant
Andrew Biggs, American Enterprise Institute
11:45 Keynote Address
The Honorable Michael Astrue, Commissioner, Social Security Administration
12:15 Lunch and Roundtable Discussion of Agency Initiatives
Chair: Jason Fichtner, Social Security Administration
Panelists
John Gannon, Financial Industry Regulatory Authority
Jeanne Hogarth, Federal Reserve Board
Kristi Kaepplein, Securities and Exchange Commission
Debra Golding, US Department of Labor
Ted Beck, National Endowment for Financial Education
Dubis Correal, Office of Financial Education, US Department of the Treasury
1:45 Alternative Approaches to Financial Literacy
Chair: Robert Clark, North Carolina State University
Strategies for Promoting Lifetime Income
Mark lwry, Retirement Security Project and Brookings Institution and David John, Retirement Security Project and Heritage Foundation
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Alternative Approaches to Financial Literacy
Shawn Cole, Harvard Business School
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Defaults and Saving Outcomes: Lessons, Research Gaps, and Implications for Saving Policy
Brigitte Madrian, Kennedy School of Government, Harvard University
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Discussant
John Phillips, National Institute on Aging
3:00 Marching Orders for Research and Policy
Chair: Annamaria Lusardi, Dartmouth College
Providing Low-Cost Advice for Middle-Income Households
Sheryl Garrett, Garrett Planning Network
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Can Financial Literacy Help Debtors Recover from Bankruptcy
Michael Staten, University of Arizona
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Internet Survey on Financial Literacy and how SSA Might Access and Potentially Use this On-line Survey
Angela Hung, Rand Corporation
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Discussant
William Gale, Retirement Security Project and Brookings lnstitution
4:15 Closing Remarks
John Laitner, University of Michigan
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