The extent to which retirees save or dissave late in life, and the reasons why they do so, have been the subject of a debate in the lifecycle consumption and saving literature for some time. While the literature typically focuses on retirees' net worth, and debates whether retirees save for...

We study empirically and theoretically the patterns of home equity withdrawal among retirees, using a model where retirees are able to own or rent a home, save, and borrow against home equity, in the face of idiosyncratic risks concerning mortality, health, medical expenditures, and household...