![]() Especially in the United States, people egregiously undersave for retirement-even when they make enough money to not spend their whole paycheck on expenses, and even when they work for a company that will kick in additional funds to retirement plans when they contribute. Present bias shows up not just in experiments, of course, but in the real world. ![]() Asked whether they would take $150 a year from now or $180 in 13 months, people are overwhelmingly willing to wait an extra month for the extra $30. Giving up a 20 percent return on investment is a bad move-which is easy to recognize when the question is thrust away from the present. ![]() When asked whether they would prefer to have, say, $150 today or $180 in one month, people tend to choose the $150. To hear more feature stories, see our full list or get the Audm iPhone app.
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