Chai, Jingjing; Maurer, Raimond; Mitchell, Olivia S.; … - 2011
workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for … retirement, and annuitization decisions. We do so with a realistically calibrated lifecycle framework allowing for time …-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce …