UM06-01: Enhancing the Quality of Data on Income and Wealth

Data quality is an issue of longstanding concern to researchers interested in wealth accumulation. This proposal summarizes work done on some simple survey extensions—innovations that may significantly improve the quality of household economic data. An important extension is the use…

UM06-02: How Changes in Social Security Affect Retirement Trends

Respondent data collected in the Health and Retirement Study (HRS) suggest that the trend to earlier retirement is reasserting itself among younger HRS men, after having leveled off from its historic decline over the past 15 years. In contrast, data…

UM06-03: Alternative Measures of Replacement Rates

Proposals to alter Social Security or Medicare benefits will need to take into account the economic resources and needs of the pre-retirement cohorts. Yet, the most widely used measure, the income replacement rate, is not an adequate guide to assessing…

UM06-04: Household Savings and Retirement: Expectations and Realizations

Although the adequacy of household retirement savings has been analyzed using a number of methodologies, there is little consensus regarding the extent to which individuals adequately prepare to finance their retirement. This project will shed light on the issue of…

UM06-05: Planning and Financial Literacy: How Do Women Fare?

Many households in the US have done little or no planning for retirement. Women represent a disproportionate share of non-planners, and there is much concern about how female-headed households will fare after retirement. To gain a better insight on these…

UM06-08: Labor Supply of Older Americans: Effects of Tax Rates and Tax Treatment of Pension and Social Security Income

Increased labor supply may be one of several responses of the elderly to insufficient retirement income. If the Federal government considers policies to encourage labor supply among the elderly, they must understand how various features of the tax code encourage…

UM06-09: Probabilistic Thinking and Early Social Security Claiming

For most people, waiting until 65 to claim Social Security is financially advantageous. Yet, the majority claim early, at age 62. Another important financial decision at retirement is whether or not to annuitize retirement wealth, such as would be accumulated…

UM06-10: Home Production by Dual Earner Couples and Consumption During Retirement

The life-cycle model is economists' primary framework for analyzing Social Security reform. First, this project would expand the life-cycle model’s framework to incorporate home-production decisions of both males and females, thereby strengthening its realism, scope, and usefulness for policy evaluation.…

UM06-11: Designing Optimal Pension Payouts Using Life Annuities and Phased Withdrawals: A Portfolio Approach

This research project will evaluate the key risk and return trade-offs of alternative ways of handling the payout phase of a defined contribution or Social Security personal account. This project will compare these outcomes for a life annuity versus a…

UM06-12: Financial Risk, Retirement, Saving and Investment

How does the riskiness of returns to retirement saving affect retirement, saving, and the optimal portfolio mix? The proposed project will utilize a dynamic, stochastic, structural econometric model of retirement, saving, and optimal portfolio mix to analyze how risky returns…

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