This session will look at how behavioral decision-making theories can tackle participant challenges like:
- How can I help workers estimate how much they should save for retirement?
- For workers without significant DB pensions, how can I help them deploy effective strategies for generating income in retirement?
- How can I convince my younger plan participants to save early in their careers?
Gain a quick overview of what behavioral-decision-making is, and then dive into different tools to help your plan participants make the most of their benefit options. Approaches like framing, loss aversion, choice overload, inertia and confirmation bias will be defined and applied using real-world examples.
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