, and we use an estimated structural model to assess its effect on the elderly’s saving. We find that the differences in … life expectancy related to observable factors such as income, gender, and health have large effects on savings, and that … effect on the elderly’s saving behavior. …

The magnitude of the effect that health has on the retirement decision has long been studied. We examine the reverse … relationship, whether or not retirement has a direct impact on later-life health. In order to identify the causal relationship, we … unrelated to the baseline health of the individual, and are significant predictors of retirement. We find that there is no …