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 …

How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One …

allocation decisions when managing her retirement financial wealth and annuities, and we prove that she can benefit from both the …Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds … equity premium and longevity insurance in her retirement portfolio. Even without bequests, she will not fully annuitize …

same time, the distribution of wealth is widely dispersed and many workers arrive on the verge of retirement with few or no … many determinants of wealth. Moreover, we discuss two channels through which financial literacy might facilitate wealth … from the equity premium. Second, financial literacy is positively related to retirement planning, and the development of a …

We estimate the effect of pension reforms on households expectations of retirement outcomes and private wealth … pension wealth. The Survey of Household Income and Wealth, a large random sample of the Italian population, elicits … expectations of the age at which workers expect to retire and of the ratio of pension benefits to pre-retirement income between …