Retirement savings advice from Richard Thaler, Nobel-winning economist - Business Insider

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In an interview with Pimco CEO Emmanuel Roman, Thaler explained why the so-called decumulation problem makes a case for annuities and defined-benefit retirement plans — both of which are becoming less popular.The biggest worry for many young retirement savers is how income they should set aside now in order to live comfortably after their careers.

But Thaler's views are not only informed by his life stage. More importantly, his academic background is in behavioral economics, and specifically in interrogating the irrational yet predictable financial decisions that people make to their own peril. He is working on figuring out the de-accumulation problem of retirement: how to make a pile of savings last for as long as it is needed.

Another example is a pension, which is getting rarer in corporate America as more employers shift from defined-benefit plans that provide specified payouts in retirement to defined-contribution plans like the 401.

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