Will new pooled pension plans boost retirement savings?
Despite the best of intentions, many people spend virtually all the money they have, says economist Richard Thaler, in his book Nudge.
Therefore, when it comes to something as important as retirement savings, all of us need to be coaxed into developing more self-control, willingness to battle procrastination and the ability to handle short-term sacrifices.
That’s tough to do. For most people, saving for a distant goal such as retirement is a challenge. Setting aside even a few dollars each month is difficult in the years of raising children and buying a home, when the need for cash is greatest.