Bad habits make smarter saving

Jonathan Stapleton looks at how to improve decumulation decisions

Jonathan Stapleton
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In 2004, Shlomo Benartzi and Richard Thaler came up with the brilliantly simple idea of Save More Tomorrow, or SMART, plans that used behavioural traits to increase retirement savings.

It did this using automatic deferred salary sacrifice – meaning individuals agree to use a certain proportion of any future pay increases to boost their pension contribution rate. In one firm th...

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