In an OLG (overlapping generations) economy with only two risky factors of production, human capital and physical capital, a social security system that optimally shares risks among generations was incorporated. By allowing for physical capital acumulation, this paper extends John Compbell's...

Advice abounds on when to carry out a Roth IRA conversion and how to pay for it. Often, a better planning strategy for some taxpayers may be to opt out of the two-year spread election for the tax liability from a Roth IRA conversion, incurring the entire resulting income tax in the conversion...

Much of the focus of the UK pensions policy debate over the past decade has been on the adequacy (or otherwise) of private retirement saving. In this paper, we present the first assessment of the optimality of the retirement resources of English couple households born in the 1940s. Here,...