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lifespan risk, can explain a significant portion U.S. savings during retirement. However, more work is needed to disentangle … question is why households do not buy more insurance against these risks. Going beyond total savings and looking at its …
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Older wealthholders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model in which preferences for bequests, expenditures when in need of long-term care (LTC), and ordinary consumption combine with health and...
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leaving large estates. The three leading explanations for the ‘retirement savings puzzle' are the desire to insure against …
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leaving large estates. The three leading explanations for the "retirement savings puzzle" are the desire to insure against …
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