Individuals' uncertainty about future social security benefits and portfolio choice
利用健康与退休研究互联网调查数据，发现对未来社保福利不确定性更高的个人，其财富中股票占比更低，揭示了不确定性对退休财务决策的影响。
Abstract Little is known about the degree to which individuals are uncertain about their future Social Security benefits, how this varies within the US population, and whether this uncertainty influences financial decisions related to retirement planning. To illuminate these issues, we present empirical evidence from the Health and Retirement Study Internet Survey and document systematic variation in respondents' uncertainty about their future Social Security benefits by individual characteristics. We find that respondents with higher levels of uncertainty about future benefits hold a smaller share of their wealth in stocks. Copyright © 2011 John Wiley & Sons, Ltd.