-date retirement funds. I also show that sufficiently disappointment averse agents abstain from stocks after retirement, which is …

This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and … emphasized in recent studies. We also find that an individual with high leisure demand after retirement reduces consumption … during retirement and increases stockholdings as retirement time approaches …

retirement and the associated risks in running out of funds in the retirement savings pool. The first is a bootstrap simulation … thirty year retirement horizon for some commonly recommended periodic withdrawal rates …

We develop a new approach for solving the optimal retirement problem for an individual with an unhedgeable income risk … optimal retirement problem is to determine the individual's optimal consumption and investment behaviors and optimal … retirement time simultaneously. We introduce a new convex-duality approach for reformulating the original retirement problem and …

We develop a retirement model with long-run income risk in which the wealth threshold for retirement is shown to be a …-dimensional retirement problem. The two-dimensional retirement framework has changed quantitative and qualitative features of retirement … strategies as suggested by the literature. Having derived the optimal life-cycle consumption/savings, investment, and retirement …

In this paper, we develop a new dynamic programming approach for solving an optimal retirement model in a two … jointly affect an individual's optimal consumption, investment, and retirement strategies. Specifically, we find that there … exists a certain endogenously determined wealth threshold over which it is optimal for an individual to enter retirement …

disappointing outcomes. Unlike expected utility investors, DA investors drastically cut their allocation to stocks around retirement … and the allocation rules of target-date retirement funds. Sufficiently disappointment-averse agents abstain from investing … in stocks after retirement, which is consistent with the observed low rates of stock market participation among retirees …

, stochastic labor income and endogenously-determined retirement. We find that the ratio of total wealth-to-labor income … (normalized wealth) is the primary determinant of the retirement decision and that at all ages, there exists a critical normalized … wealth such that above this wealth, investors retire. We further consider the implications of endogenous retirement on …

(such as a 401(k) account or a rollover IRA) that provides retirement income can be substantially helped by a reverse …