Building Better Retirement Systems in the Wake of the Global Pandemic

57 Pages Posted: 2 Jun 2020 Last revised: 30 Apr 2021

See all articles by Olivia S. Mitchell

Olivia S. Mitchell

University of Pennsylvania - The Wharton School; University of Pennsylvania - The Wharton School, Pension Research Council; National Bureau of Economic Research (NBER)

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Date Written: June 30, 2020

Abstract

In the wake of the global pandemic known as COVID-19, retirees, along with those hoping to retire someday, have been shocked into a new awareness of the need for better risk management tools to handle longevity and aging. This paper offers an assessment of the status quo prior to the spread of the coronavirus, evaluates how retirement systems are faring in the wake of the shock. Next we examine insurance and financial market products that may render retirement systems more resilient for the world’s aging population. Finally, potential roles for policymakers are evaluated.

Keywords: COVID-19, coronavirus, pandemic, retirement planning, retirement systems, pensions, annuities, financial literacy, impact of low returns, insurance, financial literacy

JEL Classification: G23, G5, J32, H55, H75

Suggested Citation

Mitchell, Olivia S., Building Better Retirement Systems in the Wake of the Global Pandemic (June 30, 2020). Wharton Pension Research Council Working Paper No. 2020-08, Available at SSRN: https://ssrn.com/abstract=3616133 or http://dx.doi.org/10.2139/ssrn.3616133

Olivia S. Mitchell (Contact Author)

University of Pennsylvania - The Wharton School ( email )

Philadelphia, PA 19104-6365
United States

University of Pennsylvania - The Wharton School, Pension Research Council ( email )

3302 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6302
United States

National Bureau of Economic Research (NBER)

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