2017 | MRDRC

Project

2017

Behavioral Factors and Long-run Financial Well-being

Understanding the prevalence and predictive power of behavioral factors—deviations from classical economic preferences, beliefs, and decision rules—in savings and retirement decisions is critical to understanding what products and policies will best foster long-term...

Authors: Victor Stango, Joanne Yoong, Jonathan Zinman,

Project

2017

The Growth and Geographical Variation of Nursing Home Self-pay Prices

Skilled nursing home care is arguably the largest financial risk for the elderly without private or social insurance coverage. The self-pay prices escalate more than 50 percent during the past decade. Despite such drastic growth and substantial financial burdens on...

Authors: Richard Hirth, Jane Banaszak-Holl, Sean Shenghsiu Huang,

Project

2017

Intergenerational transfers, wealth accumulation and inequality

In both the U.S. and the U.K., inequality has been rising among households in successive cohorts, and younger households seem to be accumulating less wealth for retirement than their parents did. This project aims to investigate the role that intergenerational...

Authors: Eric French, Cormac O’Dea,

Project

2017

Causes and Consequences of Financial Mismanagement at Older Ages

The consequences of poor financial capability are serious and include making mistakes with credit, drawing down retirement assets too quickly, and being defrauded by financial predators. Because older persons are close to or past the peak of their wealth accumulation,...

Authors: Olivia S. Mitchell, Annamaria Lusardi, Martha Deevy, Marguerite DeLiema,

Project

2017

Affordable Care Act and the Post-Displacement Labor Supply among the Near-Elderly

This project will study how the Affordable Care Act (ACA) affects the labor supply of near-elderly, post-displacement workers in the Displaced Workers Survey. Before the ACA, displaced workers who needed health insurance had strong incentives to find jobs (with health...

Authors: Chichun Fang,

Project

2017

Parental Transfers to Unemployed Children: Savings, Consumption, and Retirement Effects

The risk of labor-market, health, and asset-value shocks comprise profound challenges for older workers. However, shocks to their children may be a source of additional risk, and hence, an additional challenge for retirement security. In this study, we propose using...

Authors: Jeffrey Wenger, Kathryn Edwards,

Project

2017

The Implications of Differential Trends in Mortality for Social Security Policy

Recent, highly publicized papers document that for U.S. Whites with low incomes or low educational attainment, adult mortality rates have stagnated for men and increased for women, while the general population continues to enjoy gains in life expectancy. Some have...

Authors: John Bound, Timothy Waidmann, Arline Geronimus, Javier Rodriguez,

Project

2017

A Review Comparing Federal and State Means-Tested Programs

This project will present a review of the main means-tested programs in the U.S.: how they operate, common features, and the rules governing eligibility. The emphasis will be on a comparative analysis across programs. The U.S. programs covered will include, in...

Authors: Robert Moffitt,

Project

2017

Literature review of characteristics of second-career occupations

This study is a literature review of research related to the characteristics of second careers undertaken after mid-life. There is a significant lack of literature directly on this topic, so we draw substantially from the literatures about retirement, bridge jobs,...

Authors: Amanda Sonnega, Brooke Helppie McFall,

Project

2017

Understanding Earnings, Labor Supply and Retirement Decisions

We develop and estimate a model in which individuals make decisions on consumption, human capital investment, labor supply, and retirement. Unlike all previous work, our model allows both an endogenous wage process (which is typically assumed exogenous in the...

Authors: Ananth Seshadri, Xiaodong Fan, Christopher Taber,

Project

2017

Shocks and Transitions from Career Jobs to Bridge Jobs and Retirement: A New Approach

What drives the decision to retire versus work longer? This project studies how shocks affect older Americans’ decision-making among continuing to work in a career job, seeking a bridge job, or retiring. It will use a new survey instrument that was developed and...

Authors: Matthew Shapiro, Pamela Giustinelli,

Project

2017

The Reintroduction of the Social Security Statement and its Effect on Social Security Expectations, Retirement Savings, and Labor Supply Across the Age Distribution

In the 1990s, SSA began automatic mailings of a statement with personalized benefit estimates. Previous research has examined the statement’s impacts on claiming, labor supply, and savings among older Americans in the 1990s. However, little is known about the effect...

Authors: Philip Armour,

Project

2017

“If I am in Good Health”: Using Subjective Conditional Expectations Relating Health to Retirement with Lesson for Social Security Claiming and Sustainability

How much does health drive retirement? Recovering this relationship is challenging, since for each retiree we typically observe the age at which they retired given the health path they actually experienced. We cannot directly observe at what age they would have...

Authors: Matthew Shapiro, Pamela Giustinelli,

Project

2017

Exploring the Social Security Benefit Implication of Same-Sex Marriage

Same-sex marriage became legal nationwide in the United States on June 26, 2015. Federal legalization of same-sex marriage expands the pool of individuals potentially eligible for spousal Social Security benefits to the estimated 4 percent of the population that is...

Authors: Michael Pollard, Italo Lopez Garcia,

Project

2017

Understanding Job and Retirement Transitions

Retirement trajectories are a function of wages and the types of nonwage job characteristics available to older workers. We study data on job-characteristic preferences and their dependence on age and proximity to retirement. This work will provide valuable...

Authors: Nicole Maestas, Kathleen J. Mullen, David Powell,

Project

2017

Veteran Reintegration: Identifying the Long-Term Effects of Recessions on Earnings, Wealth, and Retirement Decisions

Prior research indicates that young workers who enter the labor market during a recession have lower wages, and that the effects last at least 15 years. This initial experience could affect workers’ eventual wealth accumulation and retirement decisions, but little...

Authors: Italo Gutierrez, Jennie Wenger,

Project

2017

How do Changes in Health and Cognition Affect the Timing of Retirement? Evidence from Occupational Job Demands and Job Mismatch

As workers age, physical health and cognitive abilities tend to decline. Depending on job characteristics, this decline could lead to a deterioration of the match between worker’s abilities and the demands of the job. We propose to use Health and Retirement Study data...

Authors: Michael Hurd, Robert J. Willis, Susann Rohwedder, Péter Hudomiet,

Project

2017

Work-Life Balance and Labor Force Attachment at Older Ages

The Executive Office of the President, Council of Economic Advisers, has recently stated that “too few studies on the mechanisms through which workers’ job satisfaction and firm profits are affected hinder a deeper understanding of the benefits and costs of workplace...

Authors: Erik Meijer, Marco Angrisani, Maria Casanova,

Project

2017

Alternative Measures of Character Skills and Their Effect on Retirement Preparation and Financial Capability

Social science, more than ever, is drawing upon the insights of personality psychology. Though researchers know that character skills and personality traits, such as conscientiousness, grit, self-control, or a growth mindset could be important for life outcomes, they...

Authors: Arie Kapteyn, Gema Zamarro, Angela Lee Duckworth,

Project

2017

Social Insurance and Risks and Insurance Over the Life Cycle for Singles & Couples

This project aims at estimating a model including single and married people over the life cycle in which single people meet partners and experience labor-productivity shocks, medical-costs shocks during retirement, and life-span risk. Married people also experience...

Authors: Mariacristina De Nardi, Fang Yang,

Project Year: 2017

Behavioral Factors and Long-run Financial Well-being

The Growth and Geographical Variation of Nursing Home Self-pay Prices

Intergenerational transfers, wealth accumulation and inequality

Causes and Consequences of Financial Mismanagement at Older Ages

Affordable Care Act and the Post-Displacement Labor Supply among the Near-Elderly

Parental Transfers to Unemployed Children: Savings, Consumption, and Retirement Effects

The Implications of Differential Trends in Mortality for Social Security Policy

A Review Comparing Federal and State Means-Tested Programs

Literature review of characteristics of second-career occupations

Understanding Earnings, Labor Supply and Retirement Decisions

Shocks and Transitions from Career Jobs to Bridge Jobs and Retirement: A New Approach

The Reintroduction of the Social Security Statement and its Effect on Social Security Expectations, Retirement Savings, and Labor Supply Across the Age Distribution

“If I am in Good Health”: Using Subjective Conditional Expectations Relating Health to Retirement with Lesson for Social Security Claiming and Sustainability

Exploring the Social Security Benefit Implication of Same-Sex Marriage

Understanding Job and Retirement Transitions

Veteran Reintegration: Identifying the Long-Term Effects of Recessions on Earnings, Wealth, and Retirement Decisions

How do Changes in Health and Cognition Affect the Timing of Retirement? Evidence from Occupational Job Demands and Job Mismatch

Work-Life Balance and Labor Force Attachment at Older Ages

Alternative Measures of Character Skills and Their Effect on Retirement Preparation and Financial Capability

Social Insurance and Risks and Insurance Over the Life Cycle for Singles & Couples

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