2008 – Publication Years

The Transformation in Who is Expected to Work in the United States and How it Changed the Lives of Single Mothers and People with Disabilities

June 14, 2018
Disability, Disability insurance

In the 1990s, social expectations of single mothers shifted towards the notion that most should, could, and would work, if given the proper incentives. This shift in expectations culminated in the passage of the Personal Responsibility and Work Opportunity Reconciliation…

How Does Modeling of Retirement Decisions at the Family Level Affect Estimates of the Impact of Social Security Policies on Retirement?

June 14, 2018
Family dynamics, Retirement, Social Security

This paper applies structural models of retirement and saving of two earner couples to explore the effects on retirement of two actuarially neutral policies, which we know from previous work can have a substantial effect on retirement if heterogeneity in…

Immigrant-Native Fertility and Mortality Differentials in the United States

June 14, 2018
Health, Mortality trends, Social Security

Immigrants have been discussed as a means of alleviating fiscal pressures on Social Security. Their long-term impact on the Social Security system depends critically on their fertility and mortality patterns. In this paper, we examine the fertility and mortality patterns…

Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts

June 14, 2018
Financial well-being, Life-cycle model, Retirement

This paper shows how lifelong survival-contingent payouts can enhance investor well-being in the context of a portfolio choice model which integrates uninsurable labor income and asymmetric mortality expectations. Our model generates optimal asset location patterns indicating how much to hold…

The Efficiency of Pension Plan Investment Menus: Investment Choices in Defined Contribution Pension Plans

June 14, 2018
Uncategorized

Few previous studies have explored whether defined contribution retirement saving plans offer sufficiently diversified investment menus, though it is likely that these menus significantly shape workers’ accumulations of retirement wealth. This paper assesses the efficiency and performance of 401(k) investment…

Individuals’ Responses to Social Security Reform

June 14, 2018
Health and Retirement Study, Social Security reform

The Social Security trust fund is predicted to be depleted by 2041. While there are several viable reform proposals to restore long-term solvency of the Social Security system, one important element that is critical to the success of any reform…

The Adequacy of Economic Resources in Retirement

June 14, 2018
Family dynamics, Retirement, retirement savings

The most common metric for assessing the adequacy of economic preparation for retirement is the income replacement rate, the ratio of income after retirement to income before retirement. However both economic theory and common sense say that someone is adequately…

Marital Histories and Economic Well-Being

June 14, 2018
Family dynamics, Financial well-being, Retirement, Social Security

Compared to unmarried individuals married individuals report greater average wealth. A restricted focus on current marital status risks misrepresenting the effects of marriage on wealth, as an increasing proportion of older adults have been divorced and remarried, having lived through…

How Do Lower-Income Families Think About Retirement?

June 14, 2018
Uncategorized

We are conducting a qualitative study of the economic survival strategies of low-income families in Detroit. In-depth, open-ended, face-to-face interviews were conducted with 52 respondents in fall/winter 2006. Interview topics include work, income, use of public programs, health insurance, and…

Marital Histories and Economic Well-Being

June 14, 2018
Uncategorized

Family composition has changed dramatically over the past 25 years. Divorce rates rapidly increased from the late 1960’s through the 1980’s, and, although the majority of divorced individuals eventually remarry, remarriage rates have also declined. This research asks, what are…