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Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning

Brown, Jeffrey R. - 2010

This paper discusses the role of annuities in retirement planning. It begins by explaining the basic theory underlying the individual welfare gains available from annuitizing resources in retirement. It then contrasts these findings with the empirical findings that so few consumers behave in a...

Persistent link: https://www.econbiz.de/10012759761

Demographic Change, Social Security Systems, and Savings

Bloom, David E. - 2010

little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent … retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing … a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in …

Persistent link: https://www.econbiz.de/10012760611

The Economics of State and Local Public Pensions

Brown, Jeffrey R. - 2011

pensions in the U.S. Drawing on the research commissioned for an NBER research program on this topic, we discuss the large … also lay out an agenda for future research related to financial aspects of public pensions, retiree health plans for public …

Persistent link: https://www.econbiz.de/10013129214

A Theory of Retirement

Bloom, David E. - 2007

We construct a life-cycle model in which retirement occurs at the end of life as a result of declining health. We show that improvements in life expectancy, coupled with a delay in the onset of disability, increases both the optimal consumption level and the proportion of life spent in leisure....

Persistent link: https://www.econbiz.de/10012775556

401(K) Matching Contributions in Company Stock : Costs and Benefits for Firms and Workers

Brown, Jeffrey R. - 2004

This paper examines why some employers provide matching contributions to 401(k) plans in company stock and explores the implications of match policy for employee retirement wealth. Unlike stock option grants to non-executives, a firm's decision to match in company stock does not appear to be...

Persistent link: https://www.econbiz.de/10012785747

The Effect of Subjective Survival Probabilities on Retirement and Wealth in the United States

Bloom, David E. - 2010

We explore the proposition that expected longevity affects retirement decisions and accumulated wealth using micro data drawn from the Health and Retirement Study for the United States. We use data on a person's subjective probability of survival to age 75 as a proxy for their prospective...

Persistent link: https://www.econbiz.de/10012760540

Differential Mortality and the Value of Individual Account Retirement Annuities

Brown, Jeffrey R. - 2010

This paper examines the extent of redistribution that would occur under various annuity and bequest options as part of an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level of education using the National Longitudinal Mortality...

Persistent link: https://www.econbiz.de/10012763753

The In-State Equity Bias of State Pension Plans

Brown, Jeffrey R.; Pollet, Joshua Matthew; Weisbenner, … - 2021

This paper provides evidence on the investment behavior of 27 state pension plans that manage their own equity portfolios. Even though these state plans typically hold broadly diversified portfolios, they substantially over-weight the equity of companies that are headquartered in-state. The...

Persistent link: https://www.econbiz.de/10013224347

Taxing Retirement Income : Nonqualified Annuities and Distributions from Qualified Accounts

Brown, Jeffrey R.; Mitchell, Olivia S.; Poterba, James M.; … - 2021

This paper explores the current tax treatment of non-qualified immediate annuities and distributions from tax-qualified retirement plans in the United States. First, we describe how immediate annuities held outside retirement accounts are taxed. We conclude that the current income tax treatment...

Persistent link: https://www.econbiz.de/10013228615