We consider how age-health profiles differ by demographic characteristics such as education, race, and ethnicity. A key feature of the analysis is the joint estimation of health and mortality to correct for the effect of mortality selection on observed age-health profiles. The model also allows...

Social Security benefits are the most important component of the income of a large fraction of older Americans. A significant fraction of persons approach the end of life with few financial assets and no home equity, relying almost entirely on Social Security benefits for support. Whether...

This paper explores the relationship between education and the evolution of wealth after retirement. Asset growth following retirement depends in part on health capital and financial capital accumulated prior to retirement, which in turn are strongly related to educational attainment. These...

A model combining student preferences for college with university admissions decisions is estimated to provide information on the role of test scores in the determination of post-secondary educational opportunities. In contrast to implications of much of the recent criticism of tests and their...

This paper presents new evidence on the potential importance of 401(K) assets in contributing to the retirement resources of future retirees. We use data on past 401(k) participation rates by age and imcome decile, along with information on average 401(k) contribution rates, to project the...

Retirement saving has changed dramatically over the last two decades. There has been a shift from employer-managed defined benefit pensions to defined contribution retirement saving plans that are largely controlled by employees. In 1980, 92 percent of private retirement saving contributions...

People earn just enough to get by' is a phrase often used to explain the low personal saving rate in the United States. The implicit presumption is that households simply do not earn enough to pay for current needs' and to save. We show in this paper that at all levels of lifetime earnings there...

Tax-deferred savings are potentially an important component of savings for retirement and could represent a very substantial increase in tax-free savings for many employees. IRAs may also have a substantial effect on national savings. Total IRA contributionsin 1982 were over 29 billion dollars....

The potential of reverse annuity mortgages to increase the current income of the elderly is analyzed. We conclude that most low-income elderly also have little housing equity, although this is not always the case. In general, a reverse annuity mortgage would substantially affect the income only...

Over the past several years, we have undertaken a series of analysies of the effect of IRA and 401(k) contributions on net personal saving. Saver hetero- geneity is the key impediment to determining the saving effect of these plans We emphasize that no single method can provide sure control for...