English couple households born in the 1940s. Here, 'optimal' wealth holdings are those that allow households to enjoy the same … level of living standards in both working life and retirement. We use a life-cycle model of consumption and saving to … calculate this level of wealth, and compare that with how much wealth households are observed to hold. We find that the majority …

Using a lifecycle model of consumption, saving and portfolio choice combined with linked survey and administrative data … on wealth and lifetime earnings we evaluate measures of retirement preparedness. We estimate heterogeneous discount … have access only to a risk‐free asset compared to when we account for the fact that much of their wealth is stored in …

utility due to the longevity of other groups participating in the same pension scheme. Linking retirement age to average life … expectancy magnifies the negative effect on the lifetime utility of those who suffer low longevity. Furthermore, when the income … of those with greater longevity increases, those with shorter life expectancy become even worse off. Conversely, when the …

retirement decisions are explicitly modeled within a public pension system. Heterogeneity with respect to consumption preferences …

retirement decisions are explicitly modeled within a public pension system. Heterogeneity with respect to consumption preferences …