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Annuitized Wealth and Post-Retirement Saving / John Laitner, Daniel Silverman, Dmitriy Stolyarov.
- Format:
- Book
- Author/Creator:
- Laitner, John.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20547.
- NBER working paper series no. w20547
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- We introduce a tractable model of post-retirement saving behavior in which households have a precautionary motive arising from uninsured health status risks. The model distinguishes between annuitized and non-annuitized wealth, emphasizes the importance of asset composition in determining optimal household behavior, and includes an extension allowing late-in-life exchange transactions among relatives. We consider three puzzles in micro data - rising cohort average wealth of retirees, lack of demand for market annuities, and the relative scarcity of bequests - and show that our model can provide intuitive explanations for each.
- Notes:
- Print version record
- October 2014.
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