Financial Regret at Older Ages and Longevity Awareness

Older people often express regret about financial decisions made earlier in life that left them susceptible to old-age insecurity. Prior work has explored one outcome, saving regret, or peoples’ expressed wish that they had saved more earlier in life. The present paper extends attention to five additional areas regarding financial decisions, examining whether older Americans also regret not having insured better, claimed benefits and quit working too early, and becoming financially dependent on others. Using a controlled randomized experiment conducted on 1,764 respondents age 50+ in the Health and Retirement Study, we show that providing people objective longevity information does alter their self-reported financial regret. Specifically, giving people information about objective survival probabilities more than doubled regret expressed about not having purchased long term care, and it also boosted their regret by 2.4 times for not having purchased lifetime income. We conclude that information provision can be a potent, as well as cost-effective, method of alerting people to retirement risk

Longevity Perceptions and Saving Decisions During the COVID-19 Outbreak: An Experimental Investigation

We experimentally study individuals’ perceptions about and advice to others regarding retirement savings and annuitization during the pandemic. Many people recommend that others save more for retirement, but those most affected by the pandemic tell others to save and annuitize less. We investigate two possible channels for this result and show that the pandemic does not substantially alter optimism regarding survival probabilities. Hence, we conclude that economic factors are driving our results. Consequently, some financial ramifications of the COVID-19 outbreak are yet to be revealed, as the pandemic is having longer-term effects on peoples’ willingness to save and annuitize

Testing Methods to Enhance Longevity Awareness

Many people have only a vague notion of the concept of life expectancy and the longevity risk they face at older ages, which in turn implies that they are likely to undersave for retirement. This paper employs an online experiment to investigate alternative ways to describe both life expectancy and longevity risk, with the goal of assessing whether these can raise peoples’ awareness of possible retirement shortfalls. We also evaluate whether providing this information promotes interest in saving activity and demand for longevity insurance products. We find that providing longevity risk information impacts respondents’ subjective survival probabilities, while simply describing average life expectancy does not. Yet providing life expectancy or longevity information significantly affects financial decisions, mostly regarding annuitization. Interestingly, we also find that merely prompting people to think about financial decisions changes their perceptions regarding subjective survival probabilities

The Human Phenotype Ontology in 2024: phenotypes around the world.

The Human Phenotype Ontology (HPO) is a widely used resource that comprehensively organizes and defines the phenotypic features of human disease, enabling computational inference and supporting genomic and phenotypic analyses through semantic similarity and machine learning algorithms. The HPO has widespread applications in clinical diagnostics and translational research, including genomic diagnostics, gene-disease discovery, and cohort analytics. In recent years, groups around the world have developed translations of the HPO from English to other languages, and the HPO browser has been internationalized, allowing users to view HPO term labels and in many cases synonyms and definitions in ten languages in addition to English. Since our last report, a total of 2239 new HPO terms and 49235 new HPO annotations were developed, many in collaboration with external groups in the fields of psychiatry, arthrogryposis, immunology and cardiology. The Medical Action Ontology (MAxO) is a new effort to model treatments and other measures taken for clinical management. Finally, the HPO consortium is contributing to efforts to integrate the HPO and the GA4GH Phenopacket Schema into electronic health records (EHRs) with the goal of more standardized and computable integration of rare disease data in EHRs

Testing methods to enhance longevity awareness

Many people do not understand the concepts of life expectancy and longevity risk, potentially leading them to under-save for retirement or to not purchase longevity insurance, which in turn could reduce wellbeing at older ages. We investigate alternative ways to increase the salience of both concepts, allowing us to assess whether these change peoples’ perceptions and financial decision making. Using randomly-assigned vignettes providing subjects with information about either life expectancy or longevity, we show that merely prompting people to think about financial decisions changes their perceptions regarding subjective survival probabilities. Moreover, this information also boosts respondents’ interest in saving and demand for longevity insurance. In particular, longevity information influences both subjective survival probabilities and financial decisions, while life expectancy information influences only annuity choices. We provide some evidence that many people are simply unaware of longevity risk

Racial and Ethnic Differences in Longevity Perceptions and Implications for Financial Decision-Making

Inaccurate perceptions regarding life expectancy can lead to suboptimal financial decisions with long-term consequences, including undersaving prior to retirement, and overspending during retirement. As prior research suggests that Covid-19 mortality has disproportionately harmed those with low incomes, African Americans, and Hispanics in the United States, we seek to determine whether subjective survival perceptions among these groups changed in a manner consistent with observed outcomes. We fielded two online experimental surveys of US residents: one took place early in the pandemic outbreak, and the second, a year later. Using vignettes, we examine whether minorities’ perceptions regarding longevity at the outbreak were consistent with observed reality, and how these compared to members of the white majority population. Furthermore, the panel aspect of our study enables us to test whether and how these perceptions updated over time during the pandemic. Finally, we show how these perceptions related to advice regarding retirement saving and drawdowns

Analyses of robotic traverses and sample sites in the Schrödinger basin for the HERACLES Human-Assisted Sample Return Mission concept

The International Space Exploration Coordination Group (ISECG) developed an integrated Global Exploration Roadmap (GER) that outlines plans for human-assisted sample return from the lunar surface in ∼2024 and for human presence on the lunar surface in ∼2028. Previous studies have identified the Schrödinger basin, situated on the far side of the Moon, as a prime target for lunar science and exploration where a significant number of the scientific concepts reviewed by the National Research Council (NRC, 2007) can be addressed. In this study, two robotic mission traverses within the Schrödinger basin are proposed based on a 3 year mission plan in support of the HERACLES human-assisted sample return mission concept. A comprehensive set of modern remote sensing data (LROC imagery, LOLA topography, M3 and Clementine spectral data) has been integrated to provide high-resolution coverage of the traverses and to facilitate identification of specific sample localities. We also present a preliminary Concept of Operations (ConOps) study based on a set of notional rover capabilities and instrumental payload. An extended robotic mission to the Schrödinger basin will allow for significant sample return opportunities from multiple distinct geologic terrains and will address multiple high-priority NRC (2007) scientific objectives. Both traverses will offer the first opportunity to (i) sample pyroclastic material from the lunar farside, (ii) sample Schrödinger impact melt and test the lunar cataclysm hypothesis, (iii) sample deep crustal lithologies in an uplifted peak ring and test the lunar magma ocean hypothesis and (iv) explore the top of an impact melt sheet, enhancing our ability to interpret Apollo samples. The shorter traverse will provide the first opportunity to sample farside mare deposits, whereas the longer traverse has significant potential to collect SPA impact melt, which can be used to constrain the basin-forming epoch. These robotic missions will revalidate existing lunar surface capabilities and pioneer new ones and, thus, provide important precursor results for subsequent human missions to the lunar surface