Interventions to improve financial preparation for retirement

Background

The average American spends roughly 20 years in retirement, which is funded with a combination of pensions, other savings and investments, and Social Security benefits. Only about a third of non-retired adults think their retirement savings is on track. Insufficient saving puts pressure on Social Security benefits, burdens safety net programs, and creates financial stress.

Portfolio

OES worked with the Department of Defense, the Department of the Treasury, the United States Postal Service, and the Social Security Administration to increase enrollment in defined-contribution pension plans and prompt benefit claims by eligible older adults.

Women hiking in a field

Improving claiming choices for recipients of Social Security spousal benefits

Revising a notice to increase filings for higher benefits

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Increasing SSI uptake among a potentially eligible population

Letters to adults 65 or older increased SSI awards by 340%

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Glasses on top of document

Increasing TSP enrollment among USPS employees

Testing mailings to increase USPS retirement enrollment and contributions

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Prompting decisions on retirement savings

Encouraging higher TSP contribution rates during new employee orientation showed no detectable effect on the likelihood of contributing 5% or more

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Simple suggestion increases savings enrollment, contributions

Suggesting contribution rates increases savings enrollment and contributions

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Increasing TSP enrollment rates through active choice

Presenting TSP enrollment as an active choice during in-processing increased enrollment by 6-7%

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Military personnel

Increasing military retiree reactivation of online myPay accounts

Emails increased myPay account reactivation by military retirees

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Roth TSP enrollment

Increasing online TSP enrollment through emails

A single email to military Servicemembers nearly doubled the rate of savings plan enrollment

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Increasing Servicemember on-base TSP enrollment

Explaining benefits of TSP during in-processing doubled the number of Servicemembers enrolling

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Service member re-enrollment

Increasing Servicemember Roth TSP re-enrollment

One email enables 22% more Servicemembers to re-enroll in their Thrift Savings Plans

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