A considerable literature examines the optimal decumulation of financial wealth in retirement. We extend this line of … research to incorporate housing, which comprises the majority of most households' non-pension wealth. We use VARs to estimate … be the most common strategy of delaying until financial wealth is exhausted and then taking a line of credit. It would be …

and finite retirement time in which an agent receives labor income that adjusts to financial market shocks in a path … dependent way. The novelty here, with respect to, is the fact that we have a finite retirement time, which makes the model more … realistic, but harder to solve. The presence of both path-dependency, as in, and finite retirement, leads to a two …

criterion to rank them but that the retirement motive is the most important saving motive of European households if the … importance of each saving motive, with saving for the retirement motive being less important in countries with generous public … findings suggest that the retirement motive and the precautionary motive are the dominant motives for saving in Europe partly …