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Partial recall: differences between actual and self-reported annuitization decisions in Sweden

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  • Hagen, Johannes

Abstract

This paper reports the results from a large telephone survey of 1,000 retiring white-collar workers in Sweden. Shortly before the interview, the participants at age 65 had a choice of receiving a life annuity by default or opting for a fixed-term payout, with a minimum payout length of 5 years. Large monetary amounts were at stake in the payout decision of the survey participants; the average monthly pension payment under the life annuity amounted to US $280. Comparing the survey responses with administrative records on actual payout choices, I find that a majority of retiring white-collar workers fail to recall their payout decision. The recollection rate is much lower among annuitants (those who chose the default option); only 40% of the annuitants accurately recalled their payout decision compared to 77% of those who opted for a fixed-term payout. Beyond payout choice, few individual characteristics predict successful recollection.

Suggested Citation

  • Hagen, Johannes, 2022. "Partial recall: differences between actual and self-reported annuitization decisions in Sweden," Journal of Pension Economics and Finance, Cambridge University Press, vol. 21(3), pages 375-404, July.
    • Handle: RePEc:cup:jpenef:v:21:y:2022:i:3:p:375-404_5
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