according to the age at which these are claimed, open up a complex set of financial options for household decisions. These rules … influence optimal household asset allocation, insurance, and work decisions, subject to life cycle demographic shocks, such as …

This paper examines how labor income volatility and social security benefits influence life-cycle household portfolios … uncertainty but for the high income risk worker, equity exposure rises until retirement. We also evaluate how changes in social … security benefits influence retirement risk management …