2007 | MRDRC

Project

2007

Errors in Subjective Survival Probabilities: Prevalence and Behavioral Responses.

Recent SSA-supported research has demonstrated that retirement planning and well-being are closely tied to probabilistic forecasts about future events. This project will use longitudinal data from the Health and Retirement Study to show that individuals’ subjective...

Authors: Todd Elder,

Project

2007

Housing Prices, “Bubbles” and Retirement Timing

In the past decade, many homeowners have seen their net worth increase significantly due to increasing house prices. Given high home ownership rates among the retirement age population and the importance of home equity in their portfolios, there is significant...

Authors: Purvi Sevak, Martin Farnham,

Project

2007

Forecasting Labor Force Participation and Economic Resources of the Early Baby-Boomers

We propose to forecast the retirement patterns and resources of the Early Baby-Boomers by estimating forward-looking dynamic models of labor force participation, wealth accumulation and pension and Social Security benefit claiming for older workers using seven waves...

Authors: Susann Rohwedder, Pierre-Carl Michaud,

Project

2007

Planning and Financial Literacy Among US Households: New Evidence from the Rand Internet Panel

To gain insights into how workers make saving and investment decisions, Lusardi and Mitchell helped develop a new module on planning and financial literacy for the 2004 Health and Retirement Study. Their findings are striking: financial illiteracy is widespread among...

Authors: Annamaria Lusardi,

Project

2007

Investment Patterns and Trading Behavior in 401(k) Pension Accounts

Previously the author evaluated trading patterns in individually-managed 401(k) accounts, demonstrating that most plan participants trade only rarely in their retirement accounts, though some do engage in active fund switching. Some of the trading results from...

Authors: Olivia S. Mitchell,

Project

2007

Children and Household Wealth

Our project examines the effects of children on household wealth accumulation. Children affect wealth for several reasons. Family size is correlated with lifetime earnings, so optimal asset accumulation varies depending on the household’s place in the income...

Authors: John Karl Scholz, Ananth Seshadri,

Project

2007

The Effects of Health Insurance and Self-Insurance on Retirement Behavior.

To assess the role of Medicare and employer-provided health insurance in determining retirement, we will estimate and analyze a dynamic programming model of saving and retirement that accounts for uncertain medical expenses, Social Security, and social insurance. We...

Authors: Eric French, John Bailey Jones,

Project

2007

Work and retirement choices of men: the impact of social security rules in Chile

As the labor force ages it becomes increasingly important to analyze whether people will work longer if they live longer, and how to encourage this behavior. This will increase the productive capacity of the economy and improve the finances of social security systems....

Authors: Estelle James, Alejandra Cox Edwards,

Project

2007

Trends in the Labor Force Participation of Married Women

We propose to construct a life-cycle including key determinants of married women’s labor force participation and to estimate the new formulation’s coefficients. This project would aid in understanding increased participation of married women, a dramatic trend that,...

Authors: John Laitner, Christopher House, Dmitriy Stolyarov,

Project

2007

Private Pensions and Decisions of When to Retire

This research would shed light on two key labor-supply questions, namely, the effect on retirement of recent declines in DB pension plans and the cross-sectional effect on retirement of differences in late-in-career earning trajectories. Building within the analytic...

Authors: John Laitner, Daniel Silverman,

Project

2007

The Role of Fixed and Variable Annuities in Life-Cycle Asset Allocation

Payout annuities help pool longevity risk. Prior studies focused only on fixed lifetime annuities as retirement financing tools (Dus/Maurer/Mitchell 2005); by contrast, this research analyzes both investment and longevity insurance products, recognizing that variable...

Authors: Raimond H. Maurer,

Project

2007

A Cross-National Comparison of Self-employment Dynamics at Older Ages

According to data from the Health and Retirement Study and the English Longitudinal Study on Aging, self-employment rates rise with age, and at ages 60 and older, are over 30 percent. Using variation arising from differences in retirement, employment and health...

Authors: Julie Zissimopoulos, Nicole Maestas, Lynn Karoly,

Project

2007

Experimental Analysis of Delayed Social Security Claiming

This project aims to design, field, and analyze the results of a survey instrument that will increase our understanding of Social Security claiming behavior and will provide information about how the perceived rewards from delayed claiming might be altered. Results...

Authors: Jeff Dominitz, Angela Hung,

Project

2007

A Longitudinal Analysis of Entry of the Low-Income Elderly into the Supplemental Security Income Program

Participation in SSI provides a basic financial safety net for the low-income elderly. Nonparticipation has the most profound economic and policy implications for the persistently SSI-eligible. We study this issue using a dynamic approach, extending work by Powers...

Authors: Elizabeth Powers, Todd Elder,

Project

2007

A Model of Unretirement

I propose to integrate my previous MRRC research on unretirement, partial retirement, and the labor market for older workers in a new, unified model of retirement. The model generates anticipated unretirement (and partial retirement) transitions through a...

Authors: Nicole Maestas,

Project

2007

Managing the Risk of Life

People’s income in old age depends importantly on complicated financial decisions, such as the annuitization of personal accounts. The standard economic framework of the Yaari model assumes that agents are risk neutral with respect to the length of life. This project,...

Authors: Robert J. Willis, Adeline Delavande,

Project

2007

Are 40l(k) Saving Rates Changing? Cohort/Period Evidence from the HRS

This research will examine the determinants of participation in 401(k) plans and the rate of saving among participants, using two cross-sections of data from the Health and Retirement Study on workers ages 51-56 representing two cohorts: the original HRS cohort (born...

Authors: Marjorie Honig, Irena Dushi,

Project

2007

Extra Help: Take-up of the Social Security Administration’s Low-Income Subsidy Program for Part D of Medicare in 2006.

This project will examine take-up rates for Social Security’s low-income subsidy program for the new Medicare Part D prescription drug benefit. It appears that take-up will be well below potential eligibility. An economic model can be used to identify factors...

Authors: David Weir, Helen Levy,

Project

2007

Adequacy of Economic Resources in Retirement and Returns-to-scale in Consumption

Most assessments of the adequacy of retirement resources are expressed as a comparison of pre-retirement income to post-retirement income. Yet, among couples a substantial fraction of retirement years is spent by the surviving spouse living alone. To the extent that...

Authors: Michael Hurd, Susann Rohwedder,

Project

2007

Estimating the Health Effects of Changes in Retirement Age

We propose to estimate the magnitude of any direct effect of retirement on health. Since retirement is endogenous to health, it is not possible to estimate this effect by comparing the health of individuals before and after they retire. As an alternative we will use...

Authors: John Bound, Timothy Waidmann,

Project Year: 2007

Errors in Subjective Survival Probabilities: Prevalence and Behavioral Responses.

Housing Prices, “Bubbles” and Retirement Timing

Forecasting Labor Force Participation and Economic Resources of the Early Baby-Boomers

Planning and Financial Literacy Among US Households: New Evidence from the Rand Internet Panel

Investment Patterns and Trading Behavior in 401(k) Pension Accounts

Children and Household Wealth

The Effects of Health Insurance and Self-Insurance on Retirement Behavior.

Work and retirement choices of men: the impact of social security rules in Chile

Trends in the Labor Force Participation of Married Women

Private Pensions and Decisions of When to Retire

The Role of Fixed and Variable Annuities in Life-Cycle Asset Allocation

A Cross-National Comparison of Self-employment Dynamics at Older Ages

Experimental Analysis of Delayed Social Security Claiming

A Longitudinal Analysis of Entry of the Low-Income Elderly into the Supplemental Security Income Program

A Model of Unretirement

Managing the Risk of Life

Are 40l(k) Saving Rates Changing? Cohort/Period Evidence from the HRS

Extra Help: Take-up of the Social Security Administration’s Low-Income Subsidy Program for Part D of Medicare in 2006.

Adequacy of Economic Resources in Retirement and Returns-to-scale in Consumption

Estimating the Health Effects of Changes in Retirement Age

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