U.S. Couples Leave $14,000 on the Table: TIAA Institute Honors Research That Exposes Hidden Cost of Retirement Planning Mistakes

One in five couples fail to maximize employer matches, new Samuelson Award-winning study reveals

NEW YORK, Jan. 5, 2026 /PRNewswire/ -- The TIAA Institute today announced that Taha Choukhmane of the Massachusetts Institute of Technology, Lucas Goodman of the U.S. Department of the Treasury, and Cormac O'Dea of Yale University have been awarded the 30th annual Paul A. Samuelson Award for their study, "Efficiency in Household Decision-Making: Evidence from the Retirement Savings of US Couples."

The research, published in the American Economic Review in May 2025, reveals that many couples fail to coordinate retirement contributions, costing them an average of $14,000 in lost employer matches over their lifetime ($40,000 at the 90th percentile). The study found that half of inefficient allocations reflect financial mistakes, while the other half are deliberate, often driven by concerns over trust, fairness, and independence. The results suggest the potential for education, guidance and advice to address this gap.

"TIAA Institute has a long history of examining ideas and actions that can help build secure and dignified retirements," said Surya Kolluri, head of the TIAA Institute. "The research done by this year's winners highlights a critical but often overlooked aspect of retirement planning—household coordination. By exploring how couples can leave substantial employer matching dollars on the table, the authors provide actionable insights that can help millions of Americans strengthen their retirement security."

By building a new dataset covering more than a million U.S. individuals, the authors documented widespread intra-household inefficiency: nearly one in five couples could increase their retirement savings by around $750 annually simply by reallocating existing contributions to the account with the higher employer match rate.

"This recognition of the paper is a tremendous honor. Retirement planning and economic models often focus on individuals, yet many people face their financial futures as couples," said Taha Choukhmane, speaking on behalf of all three authors. " This award highlights the importance of understanding how households, not just individuals, make the decisions that shape lifelong financial security."

Named in honor of the Nobel Prize winner and former CREF trustee, the Paul A. Samuelson Award is presented annually by the TIAA Institute to recognize outstanding research designed to increase Americans' lifelong financial well-being.  Winners are chosen by an independent panel of judges including TIAA Institute Fellows and previous award recipients:

• Scott Cederburg, University of Arizona
• Gopi Shah Goda, Brookings Institution
• Jon Reuter, Boston College
• Antoinette Schoar, Massachusetts Institute of Technology
• Carly Urban, Montana State University

About the TIAA Institute

The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The Institute conducts in-depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. To learn more, visit www.tiaainstitute.org.

About TIAA

TIAA helps provide secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions ⁱ. It is the #1 not-for-profit retirement market provider, paid more than $5.9 billion in lifetime income to retired clients in 2024ⁱⁱ, and has $1.5 trillion in assets under management (as of 09/30/2025)ⁱⁱⁱ.

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^i.Based on data in PLANSPONSOR's 2025 DC Recordkeeping Survey published June 25, 2025.

^ii.As of December 31, 2024, TIAA paid out $5.9B in total annuity income. This figure represents all annuity income, including guaranteed and additional amounts, for all of TIAA's annuity products.

^iii.As of September 30, 2025, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,487 billion

SOURCE TIAA Institute