This paper reports the results from a large telephone survey of 1,000 retiring white-collar workers in Sweden. Shortly before the interview, the participants at age 65 had a choice of receiving a life annuity by default or opting for a fixed-term payout, with a minimum payout length of 5 years. Large monetary amounts were at stake in the payout decision of the survey participants; the average monthly pension payment under the life annuity amounted to US $280. Comparing the survey responses with administrative records on actual payout choices, I find that a majority of retiring white-collar workers fail to recall their payout decision. The recollection rate is much lower among annuitants (those who chose the default option); only 40% of the annuitants accurately recalled their payout decision compared to 77% of those who opted for a fixed-term payout. Beyond payout choice, few individual characteristics predict successful recollection.

本文报道了对瑞典1000名退休的白领工人进行的大规模电话调查的结果。在面试之前不久，年龄65岁的参与者可以选择默认接收终身年金，或选择定期付款，但最低付款期限为5年。在调查参与者的支付决定中，大笔金钱处于风险之中；该人寿年金下的平均每月养恤金支付额为280美元。将调查答复与有关实际支出选择的行政记录进行比较，我发现大多数退休的白领工人都没有回忆起他们的支出决定。年金人（选择默认选项的人）的回收率要低得多；只有40％的年金使用者能准确地回忆起他们的付款决定，而选择定期付款的人中只有77％。除了支出选择之外，很少有个人特征可以预测成功的追回。