By changing the rights defined benefits retirement plans, 401 (k) pension civil servants welfare depends on the ability of the financial decisions transparent. This condition causes an increase in these concerns is that by reducing the cognitiveeffects of ageing, the elderly on ability to affect decisions and as a result, the financialwell-being of those affected.

Based on a new research, this is an issue with the use of a set of unique data,obtained from a group of elderly people who have been over time, is investigated.