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This 67 page Class Notes was uploaded by Tyler on Wednesday April 20, 2016. The Class Notes belongs to CSR 34200 at Purdue University taught by Sugato Chakravarty in Spring 2016. Since its upload, it has received 22 views. For similar materials see Personal Finance in Behavioral Sciences at Purdue University.
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Slide 1 of 67 Module III Retirement 2 4 Retirement and Conclusion Master Packet.nb Slide 2 of 67 Retirement The question isn’t at what age I want to retire, it’s at what income. 4 Retirement and Conclusion Master Packet.nb Slide 3 of 67 Saving for Retirement Start early and live happy Option A A 20-year old puts $375/mo. for 10 years into an investment account that pays an 8% annual rate. At age 65 (so in 45 years), the account will have over $1,000,000 in it. Option B A 30-year old puts $375/mo. for 30 years into an investment account that also pays 8% annual interest. At age 65 (35 years), the account will have just over $800,000 in it. 4 4 Retirement and Conclusion Master Packet.nb Slide 4 of 67 You Can Be A Millionaire We’re all paper millionaires–but we just don’t know it yet. So don’t let anyone tell you the only way to have a lot of money is to be born rich! 4 Retirement and Conclusion Master Packet.nb Slide 5 of 67 Main Sources of Retirement Income 6 4 Retirement and Conclusion Master Packet.nb Slide 6 of 67 Social Security Social Security is a federal program that taxes you during your working years It uses the funds to make payments to you upon retirement It does not provide adequate income to support most people (more on this soon) How do you qualify? 40 Social Security credits are necessary for eligibility You can earn up to 4/year In 2013, you receive 1 credit for each $1,160 of earnings It increased $30 from 2012. The amount of money needed to earn a credit rises as average earnings levels rise. 4 Retirement and Conclusion Master Packet.nb Slide 7 of 67 Financing Benefits Through Contributions This is how it’s supposed to work: 8 4 Retirement and Conclusion Master Packet.nb Slide 8 of 67 Shall we retire to Hotseat for a bit? 4 Retirement and Conclusion Master Packet.nb Slide 9 of 67 Social Security: How’d It Start? 14 August 1935: The wake of the Great Depression U.S. President Franklin D. Roosevelt signed the original Social Security Act “Thanks to Social Security, people will have a dependable foundation of income when they retire.” President Roosevelt Signing The Social Security Act Tenants: Individual Equity: You earn and deserve the benefits you receive. The more you earn, the higher your benefit will be. Social Adequacy: Providing a financial foundation which protects all workers; providing a base they can build upon. 10 4 Retirement and Conclusion Master Packet.nb Slide 10 of 67 FDR’s Intent Start from here It’s crucial to understand that FDR did not intend for Social Security to be the sole source of retirement income for retirees. As he himself stated, it was meant to provide the foundation and nothing more. It was never intended to be a traditional pension plan. Evolution of Social Security: Age and disability discrimination was significant back then. Older workers were usually highered last and fired first. 1939: Survivors Insurance implemented (To assist widows, widowers, and their children). 1956: Disability Insurance Program became law. Again, these measures were to be an aid; not the body of financial support. 4 Retirement and Conclusion Master Packet.nb Slide 11 of 67 Other Programs Related to Social Security Medicare (Began 1965) Supplemental Security Income (1972) Who can qualify for SSI? You can if you... Are >65 years old Are blind or disabled in another way (any age) Have limited income or resources Are financed by General Revenue 12 4 Retirement and Conclusion Master Packet.nb Slide 12 of 67 Survivor Benefits & SS Taxes Survivor’s Benefits are also provided A one-time income payment to the spouse Monthly income payments if spouse is older than 60 or has a child under the age of 16 Monthly income payments to children under age 18 Social Security Taxes Collected from employees and employers ~6.2% goes to Social Security ~1.45% goes for Medicare 4 Retirement and Conclusion Master Packet.nb Slide 13 of 67 Retirement Benefits These depends on your income and the number of years you earned income Provides roughly 38% of your annual income You are elegible for full retirement benefits at age 67 And you can earn limited income while reciving Social Security 14 4 Retirement and Conclusion Master Packet.nb Slide 14 of 67 Social Security Retirement 4 Retirement and Conclusion Master Packet.nb Slide 15 of 67 More Than Just Retirees Are Going South Where did the Social Security imbalance/problem start? It was what’s commonly called a “pay as you go” plan: Each generation of active workers financed the benefits of the currently retired workers. But retirees are now living longer and that costs the program more in benefits The number of retirees continues to grow Many people are relying less on Social Security and establishing their own retirement funds Number of Social Security Beneficiaries 16 4 Retirement and Conclusion Master Packet.nb Slide 16 of 67 Prognosis? By 2017, Congress will have to find billions of dollars so that Social Security can pay all benefits promised 2023: Within ca. 5 years, that additional money will reach ~$100 billion per year And that’s not accounting for inflation! Cumulative Trust Fund Reserves will deplete After 2034, only about 71% of benefits will continue to be paid based on incoming revenues 2040: Social Security and Medicare will consume ~60% of income taxes collected. So... what’ll be left to finance the rest of the government? 4 Retirement and Conclusion Master Packet.nb Slide 17 of 67 Social Security Payout 75% 1% 24% 18 4 Retirement and Conclusion Master Packet.nb Slide 18 of 67 Remedies 1. Increasing any kind of taxes Can you imagine a presidential candidate proposing a hike in Social Security taxes as a campaign strategy? And still expect to get elected?! 2. Raising Social Security Payroll Tax Cap We currently pay SS payroll taxes on about the $100,000 of our annual income Suggestions are to raise this cap to somewhere between $125K to $200K The could colve about half of the SS issues But raising the wage cap would be a burden on middle-class families 4 Retirement and Conclusion Master Packet.nb Slide 19 of 67 Social Security 20 4 Retirement and Conclusion Master Packet.nb Slide 20 of 67 Remedies (Cont.) 2. Increase the Retirement Age Birth Year FullBenefits 1937 65 1938 65 & 2months 1939 65 & 4months 1940 65 & 6months 1941 65 & 8months 1942 65 & 10months 1943-1954 66 1955 66 & 2months 1956 66 & 4months 1957 66 & 6months 1958 66 & 8months 1959 66 & 10months 1960 & Beyond 67 4 Retirement and Conclusion Master Packet.nb Slide 21 of 67 Remedies (Cont.): The Bush Plan for Social Security 4. Retirement Savings Account Let’s have younger Americans put a portion of their payroll taxes into a private account that they can draw from when they retire. The problem is that this creates other issues in the short run Is this really a good idea? 22 4 Retirement and Conclusion Master Packet.nb Retirement Income: Pensions Slide 22 of 67 Pension Plans serve many purposes for employers and employees; they come in many varieties But despite the critical function they have in our lives, few of us really understand the plans we have 4 Retirement and Conclusion Master Packet.nb Slide 23 of 67 Qualified Retirement Plans From here Corporate/Employer sponsored retirement plans Pension: The employer is required to contribute; has defined benefits and contributions. The defined benefit guarantees a specific amount of income during retirement and is based on your salary and years of employment. The defined contributions specifies guidelines under which you and/or your employer can contribute and provides greater flexibility: You can invest the funds as you wish. Profit Sharing: The employer may elect not to contribute 401(k) The employer is not required to contribute 24 4 Retirement and Conclusion Master Packet.nb Types of Qualified Retirement Plans Slide 24 of 67 Non-corporate sponsored retirement plans: Keogh SEP IRA 4 Retirement and Conclusion Master Packet.nb Slide 25 of 67 Defined Benefit Calculations Best average earnings formula Consider: An individual that earned $50,000 on average based on the best 5 years of earnings The individual worked for the corporation for 25 years The fixed percentage of that individual’s salary he will receive in retirement is 2% This individual will receive $50,000 ×25×.02= $25,000 per year during retirement This formula is commonly used in the U.S. 26 4 Retirement and Conclusion Master Packet.nb Benefits of Defined Contribution Benefits Slide 26 of 67 The money contributed by the employer is like extra income It encourages the employee to save and offers tax-deferred income Investing funds directly into your retirement account The employer can usually choose from a number of different funds 4 Retirement and Conclusion Master Packet.nb Slide 27 of 67 Retirement Planning Decisions Which retirement plan should you pursue? And employer sponsored plan is usually the best choice if your employer contributes to it How much can you contribute? As much as you can! How much should you save? Depends on the following: How many people will you be supporting? What do you expect prices to be like? What is your estimated life expectancy? How do you invest conributions? Use a diversified set of investments Consider the number of years to retirment Consider your level of risk tolerance 28 4 Retirement and Conclusion Master Packet.nb Slide 28 of 67 Retirement Planning Decisions 4 Retirement and Conclusion Master Packet.nb Slide 29 of 67 Retirement Plans Offered by Employers The 401(k) This is a defined contribution plan Allows employers to contribute to their own retirement account Limits are ~$15,000 for those under age 50 (remember this is your contribution!) The employer can match dollar for dollar The amount of contribution is gradually increasing under the Tax RElief Act of 2001 Even so, there are taxes and penalties for withdrawals before age 59.5 unless you’re disabled 30 4 Retirement and Conclusion Master Packet.nb Slide 30 of 67 Planning with a 401(k) This is one of the best ways to save for retirement; few alternatives are better There’s a good chance your employer will match the contributions It’s best to start contributing as much as you can afford as early as possible And put the money into an equity index fund The easy way out! Borrow from it only as a last resort! It’s taxed and penalized 10% for early withdrawals 4 Retirement and Conclusion Master Packet.nb Slide 31 of 67 Vesting Vesting implies ownership A 401(k) is a mobile retirement plan You can take it with you after you leave the company How vested you are in your own 401(k) plan will determine how much you’re entitled to Pay attention to vesting schedules! These often vary from company to company Types of vesting: Graded Cliff 32 4 Retirement and Conclusion Master Packet.nb Slide 32 of 67 Other Retirement Plans Offered by Employers 403(b) This is a defined contribution plan for employees of non-profit organizations They can invest up to $15,000 of their income It’s also tax deferred and gradually increasing under the Tax Relief Act of 2001 Savings Incentive Match Plan for Employees (SIMPLE) A defined contribution plan intended for firms with 100 or fewer employees An employee cannot contribute more than $6,000 annually; the employer may match the contributions 4 Retirement and Conclusion Master Packet.nb Slide 33 of 67 Other Retirement Plans Offered by Employers The Simplified Employee Plan (SEP) Another defined contribution plan, this is commonly offered by firms with 1-10 employees or offered by self-employed people An employee cannot contribute to this plan An employer may contribute up to 25% of an employee’s compensation annually to each employee’s IRA Can contribute up to 15% of annual income to a maximum of $24,000 anually Taxes and penalties apply for early withdrawals 34 4 Retirement and Conclusion Master Packet.nb Slide 34 of 67 Other Retirement Plans Offered by Employers Profit Sharing Another defined contribution plan, the employer makes contributions to employee retirement amounts This is based on a specified formula: The minimum of either 25% of the employee’s salary or $44,000 (as of 2006) Employee Stock Ownership Plan (ESOP) The employer contributes some of his or her own stock to the employee’s retirement account This is more risky because it’s not diversified 4 Retirement and Conclusion Master Packet.nb Slide 35 of 67 Retirement Plans for the Self-Employed Keogh Plan Defined contribution; the self-employed individual can contribute to his or her own retirement account Pre-tax income is contributed, up to 25% of the individual’s salary ($30,000 maximum) annually The individual determines how and where funds are invested 36 4 Retirement and Conclusion Master Packet.nb Slide 36 of 67 Corporate Scandals Enron and WorldCom were the two biggest corporate scandals in U.S. history Fradulent activities led to billions of dollars in losses Many employees had their retirement money invested in shares of those companies Their nest eggs were completely eradicated along with those two companies themselves Enron’s pension fund consisted of a 401(k) for employees... ...it was comprised solely of Enron stock; many other employees invested in their own company stocks Thousands of employees lost most of their life savings when Enron’s share price plummeted 4 Retirement and Conclusion Master Packet.nb Slide 37 of 67 Corporate Scandals WorldCom had a similar effect after reporting over $9 billion in falsified earnings Their market cap went from around $132 billion to nothing More retirement accounts and pension funds were eliminated Effects of Enron/WorldCom Almost all pension systems changed drastically after these after these scandals Diversification became more mandated Investments in stocks other than a company’s own were made available for employees 38 4 Retirement and Conclusion Master Packet.nb Slide 38 of 67 How To Cash Out (in Retirement) The 4% Rule Withdraw 4% (or $40,000) on a $1,000,000 portfolio annually (adjusted each year, to keep up with inflation, of course) Research shows that with a 6% withdrawal per year there is a 10% chance that a person will run out of money 4% is just a good starting point–it should be adjested as time progresses 4 Retirement and Conclusion Master Packet.nb Slide 39 of 67 How to Cash Out (Cont.) Get flexible Instead of a fixed percentage, try upper and lower bounds for withdrawals “Middle of the Road” approach: Take out between 3% and 5% This allows you to control your withdrawals when you’re exposed to shocks and the value of your portfolio declines 40 4 Retirement and Conclusion Master Packet.nb Slide 40 of 67 The Problem... According to Richard Thaler: As we’ve switched over from defined benefit plans to defined contribution plans, we’ve turned over the responsibility for enrollment and contribution decisions to individuals, many of whom don’t have necessary expertise in this area. Now that employees have to save for themselves, many of them just aren’t doing it. 4 Retirement and Conclusion Master Packet.nb Slide 41 of 67 Save More Tomorrow Combined with the longstanding problem of the low U.S. savings rate, this recent shift to defined contribution plans means that most middle-class American workers will be even less prepared for retirement than before. To tackle the problem of inadequate retirement saving in defined contribtion plans, Thaler and Shlomo Benartzi of the Anderson School at UCLA designed a program called Save More Tomorrow 42 4 Retirement and Conclusion Master Packet.nb Slide 42 of 67 Save More Tomorrow (SMT) The SMT plan has four basic components: 1. Employees are approached about increasing their contribution rates approximately 3 months before their scheduled pay increase. 2. Once they join, their contributino to the plan is increased begin- ning with the first paycheck after a raise. 3. Their contribution rate continues to increase with each scheduled raise until the contribution rate reaches a preset maximum. 4. The employee can opt out of the plan at any time. 4 Retirement and Conclusion Master Packet.nb Slide 43 of 67 Turning Negatives into Positives Basic problem of figuring out how much to save According to LCT of saving, households decide the level of consumption over lifetime and then borrow or save to attain that level. Difficult in practice. Lack of self control. Self control intentions about future exceed our implementation in the present. Might agree to diet three months from now but the dessert tonight looks pretty good to pass up. Procrastination leading to inertia. People never change the initial position or default setting. Once enrolled few will opt out. Similarly if one has to enroll, very few will get around to it. 44 4 Retirement and Conclusion Master Packet.nb Slide 44 of 67 The Third Leg: Savings Start from here. 4 Retirement and Conclusion Master Packet.nb Slide 45 of 67 The Third Leg: Do It On Your Own The Individual Retirement Arrangement (IRA) is a persional retirement savings plan that’s available to most people who receive taxable compensation during the year Compensation is pretty broad; it includes wages, salaries, tips, bonuses, commissions, taxable alimony, and separate maintenance payments. 46 4 Retirement and Conclusion Master Packet.nb Slide 46 of 67 Individual Retirement Arrangements Due to the tax benefits associated with an IRA you should max out your annual contributions. You can’t carry over your contributions year-to-year You must max out your contributions every year. IRA Contribution Limits: Year Age 49 & Below Age 50 + 2002 - 2004 $3000 $3500 2005 $4000 $4500 2006 - 2007 $4000 $5000 2008 - 2011 $5000 $6000 2014 $5500 $6500 You might be able to be able to decrease taxable income if your income is within the follow- ing limits: Deduction phases out if income between 60K and 70K (for single folks) Married filing jointly, 96K - $116K 4 Retirement and Conclusion Master Packet.nb Slide 47 of 67 Traditional IRA These are available to everyone; no income restrictions. Taxes are paid on earnings when withdrawn from the IRA All funds withdrawn (including principal contributions) before age 1 59 2are subject to a 10% penalty (subject to exemption). Funds can be used to purchase a variety of investments Stocks, bonds, CODs, etc. Tax deductible contributions (depending on income level) 48 4 Retirement and Conclusion Master Packet.nb Slide 48 of 67 When Do Early Withdrawal Penalties Not apply? Because of the IRA owner’s death or disability. When the funds are used to pay the costs of a first-time home purchase (lifetime limit of $10,000 though). When the funds are used to pay for qualified higher education expenses for the IRA owner and/or eligible family members. When there are series of “substantially equal periodic payments” made over the lfie expectancy of the IRA owner. When used to pay for unreimbursed medical expenses that exceed 7.5% of AGI. When used to pay medical insurance premiums after the IRA owner has received unemployment compensation for <12 weeks. 4 Retirement and Conclusion Master Packet.nb Slide 49 of 67 The Most Important IRA for Young People: The Roth IRA Senator William V. Roth Jr., was the architect of the Senate’s Retirement Savings Opportunity Act of 1999. This Act significantly raised contribution limits to $15,000 for 401(k)s and $5,000 for IRAs. It also permitted individuals age 50+ to make additional “catch-up” contributions to IRAs and 401(k) plans. It also eliminated the 25% compensation limitation on contributions and removed the income limits that (then) currently applied to IRA programs. 50 4 Retirement and Conclusion Master Packet.nb Roth IRA Features Slide 50 of 67 Contributions to the account are not tax deductible “Qualified” distrubutions (i.e., withdrawals) from the account are not taxable as long as it is made After the taxpayer attains age 59 1 2 By a beneficiary after the taxpayer’s death Because of the taxpayer’s disability By a first-time homebuyer to acquire a principal residence. Earnings on the account are taxable only when a withdrawal is not a “qualified” distribution. 4 Retirement and Conclusion Master Packet.nb Slide 51 of 67 Roth is Flexible Most of the contributions to a Roth can be withdrawan at any time, tax and penalty free. E.g., you contribute $3,000 to a Roth this year and in 3 years it grows to $4,000. You can withdraw your $3,000 contribution at any time, no questions asked. But if you try to touch that $1,000 in growth before age 59 you may be subject to taxes and penalties (except in those special cases). Contributions to a Roth IRA may even be made after the owner reaches age 70 1. 2 If you own a traditional IRA, you’re required to begin taking 1 distributions at age 70 2. This rule doesn’t apply to Roths: you’re never required to take distrubutions from your own Roth IRA But your beneficiaries will have to after you die. 52 4 Retirement and Conclusion Master Packet.nb Slide 52 of 67 Roth Limitations Annual contributions to a Roth IRA are limited to $5,500 (in 2014)minus the taxpayer’s deductible IRA contributions But the $5,500 limit is phased out as AGI increases from $166,000 to $176,000 (married filing jointly) $105,000 to $120,000 (single filer) Traditional or Roth? You have to ask yourself “Do I want to cut my tax bill now or in retirement?” The conventional wisdom is that if your tax bracket now is higher than your bracket will be in retirement, a deductible account may be the better bet. 4 Retirement and Conclusion Master Packet.nb Slide 53 of 67 When is Roth Preferred to Traditional? 54 4 Retirement and Conclusion Master Packet.nb Slide 54 of 67 Recap and Conclusion Advantage of Traditional over Roth Contributions are sheltered from taxes until withdrawn Roth over Traditional Investment income accumulates tax-free in a Roth IRA Mitigating factors Marginal tax rates at the time of contribution and withdrawal So, if you plan to retire early the Roth is a great place for your money because you can start withdrawing before the critical age without hassle. Some experts further suggest that this also makes the Roth a good account for college savings, emergencies, and other goals. 4 Retirement and Conclusion Master Packet.nb Slide 55 of 67 Questions? 56 4 Retirement and Conclusion Master Packet.nb Slide 56 of 67 Other Types of IRAs: Education Established to provide funds that will allow a beneficiary to attend a program of higher education. There are no tax deductions allowed for this contribution, but all deposits and earnings may be withdrawn free of tax and penalties as long as the proceeds are used to pay for the costs of higher education. Contributions are limited to a maximum of $2,000 per year, but are on top of the limits on any other IRA. They may be made regardless of the beneficiary’s income, but cannot be made after the beneficiary reaches 18 years of age 4 Retirement and Conclusion Master Packet.nb Slide 57 of 67 Other Types of IRAs: Rollover Set up by an individual to receive a distribution from a qualified retirement plan. Distributions transferred to a rollover IRA are not subject to any contribution limits. Additionally, the distribution may be eligible for subsequent transfer into a qualified retirement plan available through a new employer. 58 4 Retirement and Conclusion Master Packet.nb Slide 58 of 67 Other Types of IRAs: Spousal Funded by a married taxpayer in the name of his or her spouse who has less than $2,000 in annual compensation. The couple must file a joint tax return in the year of contribution. The working spouse may contribute up to $5,000 per year to the Spousal IRA if spouse is under 50 years of age and up to $6,000 if 50 years or over. 4 Retirement and Conclusion Master Packet.nb Slide 59 of 67 Other Types of IRAs: Inherited A traditional or a Roth IRA acquired by a non-spousal beneficiary of a deceased IRA owner. Special rules apply to such inherited IRAs A tax deduction is not allowed for contributions to this IRA A rollover to or from another IRA owned by the heir is not permitted, and the proceeds must be distributed (and taxed) within a specific period as established by the Internal Revenue Code. 60 4 Retirement and Conclusion Master Packet.nb Slide 60 of 67 Other Types of IRAs: SEP (Simplified Employee Pension) Set up by an employer for a firm’s employees. Employee eligibility conditions may not be any more strict than (i.e. can be less strict): 1) Employee must be at least 21 years of age 2) Must have worked for the employer for at least three of the previous five years, and 3) Received at least $500 in compensation for the tax year An employer may contribute up to 25% of an employee's compensation annually to each employee's IRA. Total contribution in 2011: $49,000 4 Retirement and Conclusion Master Packet.nb Slide 61 of 67 An Action Plan 1. Start a Roth IRA as soon as possible and get into the habit of contributing something to it every month. 2. Make sure you sign on to your work-related 401(k) and get your employer to contribute the maximum match. 3. Go into your 401(k) and Roth IRA accounts from time to time and adjust the allocations to appropriate funds using the principles discussed in the textbook. 4. Check your employer’s vesting schedule and plan your career moves accordingly. 62 4 Retirement and Conclusion Master Packet.nb Slide 62 of 67 Frequently Asked Questions (FAQ) Is my IRA subject to the claims of my creditors in a bankruptcy proceeding? If you file for bankruptcy, your creditors may or may not be able to claim the assets of your IRA. It depends primarily on where you live. State law determines if IRAs are subject to the claims of creditors in a bankruptcy. Some states protect IRAs from the claims of creditors and others do not. But even in the same state, interpretation of bankruptcy law can vary from one court to another. 4 Retirement and Conclusion Master Packet.nb Slide 63 of 67 FAQ (Cont.) What are the pros and cons of having large amounts of money in an IRA? The simple answer is that you can't really do a whole heck of a lot with the money until you are almost 60 years old unless you are willing to pay a stiff penalty for accessing the money before then. But, I cannot see a downside to having a large retirement account 64 4 Retirement and Conclusion Master Packet.nb Slide 64 of 67 FAQ (Cont.) How do I use money saved in my Roth IRA to pay for college? Roth IRA allows certain expenses for education to qualify as tax- and penalty-free distributions from a Roth IRA. Why is this important? Simply because the penalty for early distribution of a Roth IRA is 10 percent. Qualified expenses exempt from the penalty include college tuition, fees, books, supplies, and room and board. For example, if you had a Roth IRA with a value of $10,000, of which $7,000 are contributions and $3,000 are earnings, you could withdraw up to $7,000 (after the money has been invested for five years) without paying any taxes or penalties. If you withdraw the $3,000 in earnings, however, you'll have to pay taxes on that sum at your current rate. 4 Retirement and Conclusion Master Packet.nb Slide 65 of 67 FAQ (Cont.) What’s the best type of financial institution to use for an IRA? You can establish an IRA just about anywhere you wish through a bank, a brokerage firm, a mutual fund company, or an insurance company. But while some of these institutions will allow you to invest the money any way you want, others may limit your selection or charge additional fees if you want to place money in something other than the types of investments offered through the financial institution itself. 66 4 Retirement and Conclusion Master Packet.nb Slide 66 of 67 Can We Improve People’s Savings Behavior? How about by connecting their present and future selves? Professor Hershfield et. al has tried to connect a person’s present and future selves. The study builds on the work of those who have argued that the cause of irresponsible behavior is a failure to connect one's present self with one's future self because of a lack of imagination. The authors conducted an experiment in which the subjects are allowed to interact with realistic, age-processed renderings of themselves, and then were observed to learn if such interaction causes them to allocate more resources for the future. 4 Retirement and Conclusion Master Packet.nb Slide 67 of 67 And finally, Any other thoughts before we go?
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