The authors acknowledge support for this research from the TIAA Institute as well as funding provided by the German Investment and Asset Management Association (BVI), the German Research Foundation (DFG), and the Pension Research Council/Boettner Center at The Wharton School of the University of Pennsylvania. This research is part of the NBER programs on Aging, Public Economics, and Household Finance. Opinions and errors are solely those of the authors and not of the institutions with whom the authors are affiliated, nor of the National Bureau of Economic Research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
I am an Independent Trustee of the Allspring Funds Board and I am a NBER Research Associate. None of these parties or institutions had the right to review or influence this paper in any way prior to circulation. Findings and conclusions are not the official views of any of the institutions with which I am affiliated.