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) …

withdrawal rule seems attractive, as it offers relatively low expected shortfall risk, good expected payouts for the retiree …

Choices regarding the disposition of wealth at retirement can have substantial implications for retirement income … characteristics as well as risk preferences, time preferences, and financial literacy. The evidence is consistent with predictions … find that these groups of retirees report very different levels of well-being in retirement …