2006
Life-cycle Asset Allocation with Annuity Markets: Is Longevity Insurance a Good Deal?
UM07-17A0807C , UM07-17
We derive the optimal portfolio choice over the life-cycle for households facinglabor income, capital market, and mortality risk. In addition to stocks and bonds,households also have access to incomplete annuity markets offering a hedge against mortality risk. We show that…
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2005
Consumption and Economic Well-Being at Older Ages: Income- and Consumption-based Poverty Measures in the HRS
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Why Not Retire? The Time and Timing Costs of Market Work
Retirement ages among older Americans have only recently begun to increase after their precipitous fifty-year decline. Early retirement may result from incentives provided by retirement systems; but it may also result from the rigidities imposed by market work schedules. Using…
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Retirement, Saving, Benefit Claiming and Solvency Under a Partial System of Voluntary Personal Accounts
This paper is based on an econometric model of retirement and saving, estimated with data for a sample of married men in the Health and Retirement Study. The model simulates how various features of a system of personal Social Security…
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