Long-term care is one of the major expenses faced by many older Americans. Yet, we have only limited information about the risk of needing long-term care and the expected duration of care. The expectations of needing to receive home health care, live in an assisted living facility or live in a...

This paper studies the customers’ equilibrium and socially optimal joining–balking behavior in single-server Markovian queues with multiple working vacations. Different from the classical vacation policies, the server does not completely stop service but maintains a low service rate in...

Retired households must trade off the risk of outliving their wealth against the cost of unnecessarily restricting their consumption. Using numerical optimisation techniques, we compare two innovative rules of thumb: (1) consuming the age-related percentage of remaining wealth specified in the...

Individuals can claim Social Security at any age from 62 to 70 although most claim at 62 or soon thereafter. Those who delay claiming receive increases that are approximately actuarially fair. We show that expected present value calculations substantially understate both the optimal claim age...