persistently lower real returns will reshape work, retirement, saving, and investment behavior of older persons using a calibrated … dynamic life cycle model. In a low return regime, workers build up less wealth in their tax-qualified 401(k) accounts versus … interest rate changes, and the least-educated alter their behavior less. Interestingly, wealth inequality is lower in periods …

portfolios. We examine how much the individual optimally saves and where, taking into account liquid financial wealth and …

mortality and uncertain labor income, we extend the investment universe to include not only stocks and bonds, but also survival …

derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a …

valuable to both the young and the old. Our calibrated model quantifies welfare gains from including investment time and money …

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many … economic shocks, and it also explores how people may react by changing their consumption, saving and investment, work and …-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce …