?> 2013 – Publication Years – MRDRC

Does Retirement Induced through Social Security Pension Eligibility Influence Subjective Well-being? A Cross-Country Comparison

In this paper, we examine the effect of retirement on subjective well-being within 12 countries, using panel data from the U.S. Health and Retirement Study (HRS) and the Survey of Health, Ageing, and Retirement in Europe (SHARE)3. By comparing countries…

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Happy Together or Home Alone: A Structural Model of the Role of Health Insurance in Joint Retirement

As the baby-boom generation approaches retirement age, most families facing retirement today are dual-worker couples who coordinate retirement choices. The availability of retiree health insurance is a crucial factor that can influence the timing of couples’ retirement decisions. By reducing…

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Characteristics and Employment of Applicants for Social Security Disability Insurance over the Business Cycle

In this paper, we use administrative records of the universe of all people who apply for DI between 1991 and 2008 to examine how their composition changes during boom and busts. We find that almost all of the increase in…

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Why Do SSI and SNAP Enrollments Rise in Good Economic Times and in Bad?

The number of participants in the Supplemental Security Income Program (SSI) and the Supplemental Nutrition Assistance Program (SNAP) skyrocketed during the Great Recession. But more surprising is that caseloads for both programs increased during the preceding expansion and during the…

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The Financial Crisis and Saving in Personal Retirement Accounts

Personal saving accounts (PRAs), especially 401(k) plans have become an increasingly important mode of retirement saving. Our goal is to provide new evidence on the effect of the recent financial crisis, and the associated decline in employment, on PRA saving.…

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Housing in Retirement Across Countries

The \retirement saving puzzle" in the literature is the phenomenon that many households in the U.S. have significant wealth late in life, contrary to the predictions of a simple life-cycle model. In this project, we examine cross-country differences in saving…

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Health and Wealth In a Lifecycle Model

We develop a model of health investments and consumption over the life cycle where health affects longevity, provides ‡ow utility, and health and consumption can be complements or substitutes. We solve each household’s dynamic optimization problem using data from the…

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What Makes Annuitization More Appealing?

We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an “all or nothing” decision. Very few respondents…

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