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The Drawdown of Personal Retirement Assets
Poterba, James; Wise, David; Venti, Steven F. - National Bureau of Economic Research (NBER) - 2011
How households draw down their balances in personal retirement accounts (PRAs) such as 401(k) plans and IRAs can have an important effect on retirement income security and on federal income tax revenues. This paper examines the withdrawal behavior of retirement-age households in the SIPP and...
Persistent link: https://www.econbiz.de/10008784907
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Money in Motion: Dynamic Portfolio Choice in Retirement
Mitchell, Olivia; Horneff, Wolfram J.; Maurer, Raimond H.; … - National Bureau of Economic Research (NBER) - 2007
Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...
Persistent link: https://www.econbiz.de/10005828977
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Riester Pensions in Germany: Design, Dynamics, Targetting Success and Crowding-In
Börsch-Supan, Axel H.; Coppola, Michela; Reil-Held, Anette - National Bureau of Economic Research (NBER) - 2012
Riester pensions are voluntary, but heavily subsidized private pension schemes in Germany. They were designed as a … generosity of the public pay-as-you-go pensions in response to population aging. This paper investigates how the uptake of the … recently introduced "Riester pensions" depends on the state-provided saving incentives and how well the targeting to families …
Persistent link: https://www.econbiz.de/10011227937
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How Do Retirees Value Life Annuities? Evidence from Public Employees
Chalmers, John; Reuter, Jonathan - National Bureau of Economic Research (NBER) - 2009
Economists have long been puzzled by the low demand for life annuities. To shed new light on this puzzle, we study payout choices in the Oregon Public Employees Retirement System, where each retiree must choose between a lump sum and a life annuity. Notably, the average life annuity we study is...
Persistent link: https://www.econbiz.de/10008628353
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Framing Effects and Expected Social Security Claiming Behavior
Brown, Jeffrey Robert; Mitchell, Olivia; Kapteyn, Arie - National Bureau of Economic Research (NBER) - 2011
Eligible participants in the U.S. Social Security system may claim benefits anytime from age 62-70, with benefit levels actuarially adjusted based on the claiming age. This paper shows that individual intentions with regard to Social Security claiming ages are sensitive to how the early versus...
Persistent link: https://www.econbiz.de/10009019692
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Recent Changes in the Gains from Delaying Social Security
Slavov, Sita Nataraj; Shoven, John B. - National Bureau of Economic Research (NBER) - 2013
Social Security retirement benefits can be claimed at any age between 62 and 70, with delayed claiming resulting in larger monthly payments. In Shoven and Slavov (2013), we show that claiming later increases the present value of lifetime benefits for most individuals. However, this has not...
Persistent link: https://www.econbiz.de/10010692223
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The Decision to Delay Social Security Benefits: Theory and Evidence
Slavov, Sita Nataraj; Shoven, John B. - National Bureau of Economic Research (NBER) - 2012
Social Security benefits may be commenced at any time between age 62 and age 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit amount to reflect the age at which benefits are claimed. We...
Persistent link: https://www.econbiz.de/10009652848
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Insurance Markets for the Elderly
Fang, Hanming - National Bureau of Economic Research (NBER) - 2014
We describe the risks faced by the ageing population and survey the corresponding insurance markets for these risks. We focus on income risk, health expenditure risk, long-term care expenditure risk and mortality risk. We also discuss the interactions between social insurance and private...
Persistent link: https://www.econbiz.de/10010950891
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Will They Take the Money and Work? An Empirical Analysis of People's Willingness to Delay Claiming Social Security Benefits for a Lump Sum
Mitchell, Olivia; Maurer, Raimond; Rogalla, Ralph; … - National Bureau of Economic Research (NBER) - 2014
This paper investigates whether exchanging the Social Security delayed retirement credit (currently paid as an increase in lifetime annuity benefits) for a lump sum would induce later claiming and additional work. We show that people would voluntarily claim about half a year later if the lump...
Persistent link: https://www.econbiz.de/10010951256
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When Does It Pay to Delay Social Security? The Impact of Mortality, Interest Rates, and Program Rules
Slavov, Sita Nataraj; Shoven, John B. - National Bureau of Economic Research (NBER) - 2012
Social Security benefits may be commenced at any time between ages 62 and 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit to reflect the age at which benefits are claimed. In earlier work...
Persistent link: https://www.econbiz.de/10010951347