Jean-Pierre Aubry

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560 appearances 1 recordings 1 series first heard Jul 2026 last heard 23 Jul

Jean-Pierre Aubry’s voice in public audio — every appearance, attributed to the second.

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The Rational Reminder Podcast · The State of Retirement Research | #419 (Jean-Pierre Aubry) · 23 Jul 2026 podcast

on more non-inflation indexed stock to retire.

You're relying on financial assets that are more likely to be invested in bonds.

You're less likely to have debt because you've paid it off and you rely less on social security.

So as you go up the wealth gradient, you're also relatively more affected in terms of how your situation changes with inflation than those with less

which is a good thing.

I think policy-wise, if I was thinking about who can bear periods of inflation, like who can bear some of the downside, it's those with more means.

That's the reason Social Security is inflation indexed.

Those that are at the lowest rung and are really relying on this, they're really relying on it.

So it has to move with all its practices.

That's kind of what our data show.

I think what you would expect, I think the interesting thing is kind of the magnitude.

With the rise in inflation, what most individuals did is they pulled consumption forward.

What that means in layman's terms, they spent more of their money right away instead of letting it stay in the bank account and buying it later, which makes sense if you think about what inflation does.

If you wait, things will get more costly.

So if I was going to buy something in two years and I see inflation is going up, I'm going to buy it now instead if I can at a better price.

And so that was the basic trend that people saved less and consumed more in the current period if they had a belief of high inflation.

What's interesting is that the amount that they pulled forward, at least over the five-year period, was essentially like an overreaction.

in terms of what it meant for their net wealth and income going forward.

And so our behavioral data in terms of how people respond to inflation and the kind of decrease in savings and increase in consumption was basically more than they consume more than they needed to kind of land where they would otherwise be at the end of the five-year period.

So that was kind of the major takeaway.

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