The Social Security Disability Insurance (SSDI) program, designed to assist individuals unable to work because of permanent disability, has grown substantially over the past 10 years. We document this growth, adjusting for the changing demographics of the US population, and find that the program...

Tuition, in real terms and across American universities, has roughly tripled over the past four decades. Through a review of the literature and the collection of basic data, we find support for the theory that the increases in federal financial support (loans and grants) for students have led to...

Some states and municipalities are in difficult financial straits. Many more have severely underfunded defined benefit pension plans for their past and current employees. At the intersection of these two sets, it is likely that the pension plans are not sustainable and cuts are inevitable,...

This paper presents a calculation of the time series of the after-tax rate of return to whole life insurancy. When compared to the after-tax return on an alternative portfolio of similar risk, more than 60%of the decline in life insurance savings (suitably defined) in the past two decades can be...

This paper focuses on the use of reverse mortgages or home equity conversion mortgages (HECMs) to enhance retirement security. If present trends continue, many American households working today will face a significant retirement funding gap, and this study asks whether reverse mortgages can be...

Since the demise of the Community Living Assistance Services and Supports (CLASS) insurance program in the Patient Protection and Affordable Care Act (ACA) covering long-term care and since the majority report of the 2013 Commission on Long-Term Care, which did not endorse a new social insurance...

Health insurance for a high-paid employee costs an employer the same amount as health insurance for a low-paid employee. At the same time, healthcare costs, and therefore health insurance premiums, are growing much more rapidly than earnings. Therefore, it is reasonable to expect that while...

Laddered immediate life annuity purchase and asset withdrawal combination strategies represent an excellent way for retirees to manage their retirement assets in order to get lifetime income in a flexible manner while still maintaining growth, liquidity, and bequest potentials. Simulations show...