Retirement benefit guarantees can ensure a minimum standard of living in retirement. I propose a framework to discuss … have negative external effects on public finances, whenever their retirement consumption drops below a minimum level … a fixed income stream for the duration of their life. According to the second policy, they purchase an appropriately …

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 …

Simple presentations of the life cycle model often suggest a constant level of real consumption in retirement …. Similarly, financial planners commonly suggest that people save for retirement in such a way as to enable them to maintain a … level retirement standard of living equal to their standard of living while working. However, constant consumption with age …

accumulation in which households face idiosyncratic income risk and cannot commit to repay their debt. Therefore, even though a …

Social Security retirement benefits can be claimed at any age between 62 and 70, with delayed claiming resulting in … and Retirement study, we show that individuals who turned 62 after 2000 are indeed more likely to delay than those who …

Simulations involving increasing the early entitlement age and increasing the delayed retirement credit do not show a …This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of … preferences. Sophisticated hyperbolic discounters may accumulate substantial amounts of wealth for retirement. We find it is …

Health and Retirement Study, we compare respondents' observed Social Security claiming ages and benefits with subjective … their claiming age, they underestimate their annual Social Security income by approximately $1,896 (11.5 percent) on average … annual income by $344 (2.1 percent of the average benefit) …

needs of older Americans. In the past twenty five years, however, there has been a dramatic change in private retirement … saving. Personal retirement accounts have replaced defined benefit pension plans as the primary means of retirement saving …. It is important to understand how this change will affect the wealth of future retirees. The personal retirement account …

experience and to plan parameters. This paper simulates the distribution of retirement wealth, as well as the average level of …, and retirement plan characteristics using data from the Health and Retirement Study (HRS). To simulate wealth in DC plans … private and public defined benefit plans. The simulations yield distributions of both DC and DB wealth at retirement as well …