2003
The Impact of Financial Education on Savings and Asset Allocation
WP 2003-061 , UM03-06
The responsibility to save and contribute to a pension is increasingly left to the individual worker. Understanding how households save and prepare for retirement is of paramount importance. There is concern in the U.S. that many families have little or…
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Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans
WP 2003-063 , UM04-12
How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity. Another approach, called the “phased withdrawal” strategy in the literature, would have the retiree invest his…
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Early Retirement Windows
WP 2003-064 , UM02-07
What happens to the employment status and earnings of workers who accept earlyretirement windows? Using data from the first six waves of HRS (1992-2002) I find that those who accepted window offers experience a sharp decline in employment - most…
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Medicare Gaps and Widow Poverty
WP 2003-065 , UM03-08
Several categories of medical expenditures are not covered by Medicare, including prescription drugs, most nursing home stays, and extended hospital visits. Out-of-pocket costs for these items can be substantial, and what’s more, they are likely to be concentrated at the…
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Expectation Formation of Older Married Couples and the Rational Expectations Hypothesis
WP 2003-062 , UM03-11
This paper tests the Rational Expectations (RE) hypothesis regarding retirement expectations of married older American couples, controlling for sample selection and reporting biases. In prior research we found that individual retirement expectation formation was consistent with the Rational Expectation hypothesis,…
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2002
Chances are…Stochastic Forecasts of the Social Security Trust Fund and Attempts to Save it
IB 2001-008 , UM99-07
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Cognition and Wealth: The Importance of Probabilistic Thinking
IB 2001-007 , UM00-04
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Informal Caregiving for Diabetes and Diabetic Complications Among Elderly Americans
IB 2001-013 , UM01-11
Objectives: Little is known regarding the amount of time spent by unpaid caregivers providing help to elderly individuals for disabilities associated with diabetes mellitus (DM). We sought to obtain nationally representative estimates of the time, and associated cost, of informal…
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Modeling the Macroeconomic Implications of Social Security Reform
IB 2001-015 , UM00-11
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The Effects of Subjective Survival on Retirement and Social Security Claiming
WP 2002-021 , UM00-05
This research examines the relationship between mortality risk and retirement, and mortality risk and the propensity to take early and reduced Social Security benefits. The main theory for understanding saving behavior is the life-cycle model (LCH). The LCH, however, can…
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