Understanding Racial Disparities in Financial Preparedness for Retirement

To understand racial disparities in retirement age and financial preparedness, we construct a model of labor supply, retirement, and savings over the life cycle where all parameters, including preferences for time and risk and the stochastic processes of marriage, fertility,…

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The Ongoing Impacts of COVID-19 on Americans’ Economic Security

This project builds on our current work examining how the ongoing COVID-19 pandemic has affected Americans’ financial well-being by using existing and soon to be collected data from the Understanding America Study (UAS). Our analysis will shed light on (1)…

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Retirement Pensions and Disability Insurance for the 21st Century

This project will estimate the degree of disability risk among the older than 50 population in the United States and England, and evaluate joint reforms of disability insurance and retirement pension programs in a dynamic model of labor supply, social…

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To Roth or not to Roth: Taxing retirement plan contributions instead of payouts

Tax-deferred retirement savings plans include independent retirement accounts (IRAs) and employer-sponsored 401(k), 457, and 403(b) plans. These “save now, pay taxes later” plans mean a saver won’t pay income taxes on their contributions. Instead, they pay income taxes when they…

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Explanations for the Decline in Spending at Older Ages

We propose to use new data from the 2019 wave of the Consumption and Activities Mail Survey to help interpret the observed decline in spending as individuals age. At one extreme, forward-looking individuals optimally chose the decline; at the other,…

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The Impact of Medical Spending Shocks on the Wealth and Insurance Purchases of Older Americans

Using data from the Health and Retirement Study (HRS) and the Medicare Current Beneficiary Survey (MCBS), this project will estimate a dynamic model of medical spending and how medical spending shocks affect the wealth and insurance purchases of older Americans.…

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Winter 2020 Newsletter: MRDRC releases key findings from 2019 papers

MRDRC published eight working papers in 2019 on topics such as totalization agreements, global interest rate trends, and retirement inequality. Informing projections Interest Rate Trends in a Global Context Dmitriy Stolyarov and Linda Tesar WP 2019-402; UM19-05 Two methodologies are…

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Subjective Expectations, Social Security Benefits, and the Optimal Path to Retirement

Americans face the challenges of retirement with varying degrees of preparation. Evidence indicates that that many individuals may not be making the best possible choices with respect to their Social Security and retirement savings. We assess the subjective expectations of…

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