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The current practice of measuring age as years-since-birth, both in common practice and in the law, rather than alternative measures reflecting a person's stage in the lifecycle distorts important behavior such as retirement, saving, and the discussion of dependency ratios. Two alternative...
Persistent link: https://www.econbiz.de/10005830936
This paper investigates the effect of the current recession on the near-retirement age population. Data from the Health and Retirement Study suggest that those approaching retirement age (early boomers ages 53 to 58 in 2006) have only 15.2 percent of their wealth in stocks, held directly or in...
Persistent link: https://www.econbiz.de/10008610981
This paper examines how labor income volatility and social security benefits can influence lifecycle household portfolios. We examine how much the individual optimally saves and where, taking into account liquid financial wealth and annuities, and stocks as well as bonds. Higher labor income...
Persistent link: https://www.econbiz.de/10008625931
retirement. The opportunity set reflects the full range of nonlinearities created by pensions and Social Security. Financial …
Persistent link: https://www.econbiz.de/10008628338
with increased disparities. In that context, less generous pensions may induce an increase in the claiming of invalidity …
Persistent link: https://www.econbiz.de/10009018254
The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many … Security and some private pensions. Our research asks which types of individuals were most affected by these dual financial and …
Persistent link: https://www.econbiz.de/10009147538
Studies using data from the early 1990s suggested that while the progressive Social Security benefit formula succeeded in redistributing benefits from individuals with high earnings to individuals with low earnings, it was much less successful in redistributing benefits from households with high...
Persistent link: https://www.econbiz.de/10009323436
This paper uses asset and labor market data from the Health and Retirement Study (HRS) to investigate how the recent "Great Recession" has affected the wealth and retirement of those in the population who were just approaching retirement age at the beginning of the recession, a potentially...
Persistent link: https://www.econbiz.de/10009353493
Financial literacy and schooling attainment have been linked to household wealth accumulation. Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial...
Persistent link: https://www.econbiz.de/10008683261
of findings. First, the more valuable the pension, the more knowledgeable are covered workers about their pensions. We … forms of wealth. Rather, counting pensions in total wealth, those with more valuable pensions save more for retirement …, other things the same. Fourth, there is no evidence that wealth held outside of pensions is influenced by knowledge of …
Persistent link: https://www.econbiz.de/10008685012