401(k) Specialist Issue 1 - 2018 - 18

401(k) PRACTICE
For example, he points to the United
Kingdom and discussions surrounding
merging data from their single-payer system
with retirement information to make personalized
recommendations for the purchase
of annuities, based on the health and welfare
of the individual.
" If you're sick, you'll be offered an annuity
that pays more every month, and the
process would all be automated, " he adds.
While it probably wouldn't fly with
HIPAA and the more libertarian preferences
of their American cousins, his point, and its
potential, is hard to argue.
" There needs to be a combination of
simple and engaging, because we certainly
wouldn't want people buying annuities
without understanding what they are. If we
can communicate complicated concepts
in digestible pieces while taking digital
attention spans into account, it would be
critical. "
But is this retirement saving technology a
silver bullet that will save us from ourselves?
Yes and no, Benartzi counters. He argues
digital nudging is far more impactful than
supposedly positive behavioral influences
like tax benefits, matching contributions
and financial education.
" It obviously won't solve everything, but
if you're deciding where to spend limited
resources in order to move the needle,
there is absolutely no doubt in my mind
that it has to be a digital nudge because the
rest of the stuff is more expensive and less
effective. "
Surprisingly, tax minimization inherent
in retirement savings plans, often touted by
advisors as a reason (if not the reason) for
participating, barely result in higher enrollment
rates.
So, all of the drama over potential contribution
cuts and rigmarole in recently passed
tax reform won't have much of an effect, we
naively ask?
" No, of course not, " Benartzi answers,
somewhat exasperated. " Think about it
this way. The vast majority of Americans
don't understand the tax system because it's
so complicated. It's very difficult to have
something we don't understand affect our
behavior. If you add inertia on top of that,
18
ISSUE 1 2018 | 401kSpecialist.com

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401(k) Specialist Issue 1 - 2018

Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2018

Table of Contents
401(k) Specialist Issue 1 - 2018 - Cover1
401(k) Specialist Issue 1 - 2018 - Table of Contents
401(k) Specialist Issue 1 - 2018 - 1
401(k) Specialist Issue 1 - 2018 - 2
401(k) Specialist Issue 1 - 2018 - 3
401(k) Specialist Issue 1 - 2018 - 4
401(k) Specialist Issue 1 - 2018 - 5
401(k) Specialist Issue 1 - 2018 - 6
401(k) Specialist Issue 1 - 2018 - 7
401(k) Specialist Issue 1 - 2018 - 8
401(k) Specialist Issue 1 - 2018 - 9
401(k) Specialist Issue 1 - 2018 - 10
401(k) Specialist Issue 1 - 2018 - 11
401(k) Specialist Issue 1 - 2018 - 12
401(k) Specialist Issue 1 - 2018 - 13
401(k) Specialist Issue 1 - 2018 - 14
401(k) Specialist Issue 1 - 2018 - 15
401(k) Specialist Issue 1 - 2018 - 16
401(k) Specialist Issue 1 - 2018 - 17
401(k) Specialist Issue 1 - 2018 - 18
401(k) Specialist Issue 1 - 2018 - 19
401(k) Specialist Issue 1 - 2018 - 20
401(k) Specialist Issue 1 - 2018 - 21
401(k) Specialist Issue 1 - 2018 - 22
401(k) Specialist Issue 1 - 2018 - 23
401(k) Specialist Issue 1 - 2018 - 24
401(k) Specialist Issue 1 - 2018 - 25
401(k) Specialist Issue 1 - 2018 - 26
401(k) Specialist Issue 1 - 2018 - 27
401(k) Specialist Issue 1 - 2018 - 28
401(k) Specialist Issue 1 - 2018 - 29
401(k) Specialist Issue 1 - 2018 - 30
401(k) Specialist Issue 1 - 2018 - 31
401(k) Specialist Issue 1 - 2018 - 32
401(k) Specialist Issue 1 - 2018 - 33
401(k) Specialist Issue 1 - 2018 - 34
401(k) Specialist Issue 1 - 2018 - 35
401(k) Specialist Issue 1 - 2018 - 36
401(k) Specialist Issue 1 - 2018 - 37
401(k) Specialist Issue 1 - 2018 - 38
401(k) Specialist Issue 1 - 2018 - 39
401(k) Specialist Issue 1 - 2018 - 40
401(k) Specialist Issue 1 - 2018 - 41
401(k) Specialist Issue 1 - 2018 - 42
401(k) Specialist Issue 1 - 2018 - 43
401(k) Specialist Issue 1 - 2018 - 44
401(k) Specialist Issue 1 - 2018 - Cover3
401(k) Specialist Issue 1 - 2018 - Cover4
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