NBER Bulletin on Aging and Health by email. This paper examines how labor income volatility and social security benefits … account liquid financial wealth and annuities, and stocks as well as bonds. Higher labor income uncertainty and lower old …-age benefits boost demand for stable income in retirement, but also when young. In addition, a declining equity glide path with age …

of a public pension system we assume risk-averse individuals who are uncertain about lifetime and disposable income and …