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Article summary:
1. This article examines how taxes affect the decision to take a lump sum or an annuity at retirement.
2. Using administrative data from a Swiss pension fund, the authors find that taxes can explain a significant part of the variation in annuity rates.
3. The findings suggest that individuals are strongly influenced by tax incentives when making retirement choices.
Article analysis:
The article is generally reliable and trustworthy, as it is based on empirical evidence from a large Swiss pension fund and provides evidence for its claims. The authors also provide evidence for tax optimization strategies, which further strengthens their argument. Furthermore, the authors acknowledge potential behavioral anomalies and provide evidence for their claims using kinks in the tax schedule of the one-off lump sum.
However, there are some potential biases in the article that should be noted. Firstly, the article does not explore counterarguments to its claims or present both sides of the argument equally; instead it focuses solely on how taxes impact retirement decisions. Secondly, while the authors acknowledge potential behavioral anomalies, they do not provide any evidence to support this claim or explore possible risks associated with such behavior. Finally, while the authors provide evidence for tax optimization strategies, they do not discuss any potential implications of such strategies or consider any possible risks associated with them.