Spending in Retirement: Policy Implications
In this session, Dr. Munnell will discuss the implications of whether research that shows declining consumption reflects households' preferences or a lack of preparedness.
Director Kathy Kraninger of the CFPB on Emergency Savings
Spending in Retirement: Recent Research and Practical Approaches
As more Baby Boomers are approaching retirement, fewer of them are covered by defined benefit (DB) plans, which typically generate a regular and consistent income stream, and instead increasingly have defined contribution (DC) plans, which build up benefits as an account balance. With so many workers heading toward retirement, there is a need to discuss public policy proposals and research surrounding the consumption behavior of older Americans.
Price and Quality Transparency and Other Initiatives to Address High Cost Claimants
On June 24, 2019, the Trump administration released Executive Order on price and quality transparency that concludes “making meaningful price and quality information more broadly available to more Americans will protect patients and increase competition, innovation, and value in the healthcare system.” However, while millions of Americans have access to transparency tools, few use them, and some research would go so far as to say that such tools are not associated with lower spending. Since 10 percent of population accounts for 70 percent of health care spending, and 60-70 percent of these people reach their out-of-pocket maximum, transparency tools may not be sufficient to engage high-use workers and dependents in their health care. This panel will discuss the pros and cons of price and quality transparency tools. It will also examine other ways in which to engage high users of health care services in their health care.
Motivations and Measurement of Financial Wellness Initiatives