lifespan risk, can explain a significant portion U.S. savings during retirement. However, more work is needed to disentangle … question is why households do not buy more insurance against these risks. Going beyond total savings and looking at its …

the risk of living long and requiring expensive medical care is a more important driver of old age saving than the desire …

life expectancy related to observable factors such as income, gender, and health have large effects on savings, and that … these factors contribute by similar amounts. We also show that the risk of outliving one's expected lifespan has a large …

healthy people live longer than sick people. People are also subject to heterogenous out-of-pocket medical expense risk. We … estimate the model using AHEAD data and the method of simulated moments. We find that the risk of living long and facing high … medical expenses goes a long way toward explaining the elderly's savings decisions. Specifically, medical expenses that rise …

While the savings of retired singles tend to fall with age, those of retired couples tend to rise. We estimate a rich … that while medical expenses are an important driver of the savings of middle-income singles, bequest motives matter for … of medical expenses and bequest motives is a crucial determinant of savings for all retirees. Hence, to understand …

supply and savings of two different cohorts. To do so, we estimate a rich life-cycle model of couples and singles using the … labor market participation, hours, and savings for married and single people and generates plausible elasticities of labor … participation of married men after age 55, and the savings of couples. These effects are large for both the 1945 and 1955 cohorts …

incorporates multiple sources of risk--health, marital status, wages, medical expenses, and mortality--as well as endogenous labor ….7%. Wage risk is crucial for early-life saving: its removal reduces wealth by 10.4% but raises earnings by 2.3%. Eliminating …