Trading in your Golden Years: The Effects of Early Pension Withdrawal on Individual Investments

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ID: 321817
2026
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Abstract
Abstract We examine the causal effects of a policy allowing early withdrawal of pension funds on individuals’ investment behavior. Upon turning 55, eligible individuals may withdraw a portion of their pension savings. Using detailed brokerage data, we find that this liquidity access triggers increased trading of 9% to 33%, especially in riskier, leveraged assets, without improving investment performance. The resulting increase in trading costs and portfolio volatility, particularly among males and lower-income investors, ultimately diminishes retirement wealth.
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openalex_W7169864986 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Sumit Agarwal, Allaudeen Hameed, Yuanyuan Pan, Chek Ann Tan
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Journal international review of finance
Year 2026
DOI
10.1093/rof/rfag026
URL
https://doi.org/10.1093/rof/rfag026
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