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Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
Mitchell, Olivia; Chai, Jingjing; Horneff, Wolfram; … - National Bureau of Economic Research (NBER) - 2009
This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic mortality and uncertain labor income, we extend the...
Persistent link: https://www.econbiz.de/10004980314
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Social Security and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participation and Reforms - Introduction and Summar...
Milligan, Kevin; Wise, David - National Bureau of Economic Research (NBER) - 2011
This is the introduction and summary to the fifth phase of an ongoing project on Social Security Programs and Retirement Around the World. The first phase described the retirement incentives inherent in plan provisions and documented the strong relationship across countries between social...
Persistent link: https://www.econbiz.de/10008804656
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Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds
Gomes, Francisco; Kotlikoff, Laurence; Viceira, Luis M. - National Bureau of Economic Research (NBER) - 2008
We investigate optimal consumption, asset accumulation and portfolio decisions in a realistically calibrated life-cycle model with flexible labor supply. Our framework allows for wage rate uncertainly, variable labor supply, social security benefits and portfolio choice over safe bonds and risky...
Persistent link: https://www.econbiz.de/10005085056
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Targeted Savings and Labor Supply
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2010
Substantial evidence suggests that savings behavior may depart from neoclassical optimization. This article examines … the implications of raising the savings rate - whether through social security, retirement plans, or otherwise - for labor … savings behavior. Under one formulation, raising the targeted savings rate has the same effect on labor supply as that of …
Persistent link: https://www.econbiz.de/10008619308
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The Short-Term Mortality Consequences of Income Receipt
evans, william n.; Moore, Timothy J. - National Bureau of Economic Research (NBER) - 2009
Many studies find that households increase their consumption after the receipt of expected income payments, a result inconsistent with the life-cycle/permanent income hypothesis. Consumption can increase adverse health events, such as traffic accidents, heart attacks and strokes. In this paper,...
Persistent link: https://www.econbiz.de/10005059061
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Social Security Programs and Retirement Around the World: Disability Insurance Programs and Retirement - Introduction and Summary
Coile, Courtney; Milligan, Kevin; Wise, David - National Bureau of Economic Research (NBER) - 2014
This is the introduction and summary to the sixth phase of an ongoing project on Social Security Programs and Retirement Around the World. The first phase described the retirement incentives inherent in plan provisions and documented the strong relationship across countries between social...
Persistent link: https://www.econbiz.de/10010950785
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Empirical Determinants of Intertemporal Choice
Brown, Jeffrey Robert; Ivković, Zoran; Weisbenner, Scott - National Bureau of Economic Research (NBER) - 2013
We study the empirical determinants of intertemporal choice by analyzing a unique decision Croatian retirees made recently about whether to accept an immediate pension payment or a larger stream of delayed payments. Individual decisions are correlated in sensible ways with income, liquidity...
Persistent link: https://www.econbiz.de/10010969313
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Linking Benefits to Investment Performance in US Public Pension Systems
Novy-Marx, Robert; Rauh, Joshua D. - National Bureau of Economic Research (NBER) - 2012
This paper calculates the effect that introducing risk-sharing during either retirement or the working life would have on public sector pension liabilities. We begin by considering the introduction of a variable annuity for the retirement phase, modeled on the Wisconsin Retirement System, in...
Persistent link: https://www.econbiz.de/10010969448
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The Revenue Demands of Public Employee Pension Promises
Novy-Marx, Robert; Rauh, Joshua D. - National Bureau of Economic Research (NBER) - 2012
-revenue generated by state and local governments. This represents a tax increase of $1,385 per household per year, around half of which …
Persistent link: https://www.econbiz.de/10010821945
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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
than occupational pensions and unsubsidized private pension plans. Riester pension savings totaled €9.4bn in 2010 with an …
Persistent link: https://www.econbiz.de/10011227937