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Life Cycle Saving And Dissaving In Retirement
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Book Synopsis Life Cycle Saving and Dissaving Revisited Across Three-tiered Income Groups by : Robert Holzmann
Download or read book Life Cycle Saving and Dissaving Revisited Across Three-tiered Income Groups written by Robert Holzmann and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The lifecycle approach is the workhorse to model saving decisions of individuals. It conjectures individuals preferring a constant consumption stream across their lifecycle saving till retirement and dis-saving thereafter. The reality is often at odd with this assumption giving rise to our conjectured three-tier life-cycle model by income groups. The low-income tier does little saving and in consequence little dissaving; the high-income tier does save during active life and profits often from bequests, but no dissaving is taking place unless hit by a major shock; only the middle tier behaves broadly as predicted. The drivers for such a differentiated behavior are conjectured to be threefold: External settings such as a multitude of shocks; preferences deviations such a behavioral bias, and institutional settings and interventions, such as minimum income provisions. The paper outlines these corresponding hypotheses, presents some first conceptual and empirical support, and reviews the international literature on the conjectured drivers. The review of international literature does not shatter our conjecture of a broadly three-tiered and reframed applicability of the life cycle model but offers some first precisions and wrinkles. The paper proposes next conceptual and empirical steps, including enriching existing wealth distribution estimates at retirement with sound estimates of social insurance wealth (pension and health), focused hypothesis testing of the key drivers with household panel data, and formulating policy responses if the new hypotheses are not rejected.
Book Synopsis Dissaving After Retirement by : B. Douglas Bernheim
Download or read book Dissaving After Retirement written by B. Douglas Bernheim and published by . This book was released on 1984 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine several aspects of saving and dissaving after retirement. First, we argue that existing evidence on bequeathable age-wealth profiles is suspect, and provide new evidence based on longitudinal data indicating that significant dissaving may occur, particularly among single individuals and early retirees. Second, we argue that, in the presence of annuities, estimates of dissaving should be adjusted by including the simple discounted value of benefits in total wealth. Such adjustments reveal relatively little dissaving among any group of retirees. Finally, we test the pure life cycle hypothesis by observing the behavioral response of rates of accumulation to involuntary annuitization, and find empirical refutation of life cycle implications.
Book Synopsis Life-cycle Saving and Dissaving in Retirement by : Thad Mirer
Download or read book Life-cycle Saving and Dissaving in Retirement written by Thad Mirer and published by . This book was released on 1987 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Life-Cycle Savings and Public Policy by : Axel Borsch-Supan
Download or read book Life-Cycle Savings and Public Policy written by Axel Borsch-Supan and published by Elsevier. This book was released on 2003-01-09 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Life-Cycle Savings and Public Policy examines data on many households from a number of different countries. The hope is that through these observations we can learn about the ways policies affect savings, and that other differences among savers can be controlled for, instead of being blamed on cultural differences. This book features a consistent framework among chapters. It reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics. It provides econometric methodology to reveal the way policies affect savings. The book features data on household savings in Germany, Italy, Japan, the Netherlands, the U.K., and the U.S. This book is recommended reading for anyone interested in saving, social insurance policy, or capital formation. - Features a consistent framework among chapters - Reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics - Provides econometric methodology to reveal the way policies affect savings
Download or read book Dissaving After Retirement written by and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wealth Depletion and Life Cycle Consumption by the Elderly by : Michael D. Hurd
Download or read book Wealth Depletion and Life Cycle Consumption by the Elderly written by Michael D. Hurd and published by . This book was released on 1990 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of the work reported in this paper is to find if the consumption data from the six waves of the Retirement History Survey are consistent with the life cycle hypothesis of consumption and to test the importance of a bequest motive for saving. The 12 data items which are used cover an estimated 36% of total consumption; the most important datum is food consumption. The findings support the life cycle hypothesis: as required, measured consumption among the elderly declines with age. A test of the bequest motive for saving based on the variation by extended family stricture in consumption paths provides no support for a bequest motive.
Book Synopsis Issues in Pension Economics by : Zvi Bodie
Download or read book Issues in Pension Economics written by Zvi Bodie and published by University of Chicago Press. This book was released on 1987-03-01 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.
Book Synopsis The Future of Life-Cycle Saving and Investing by : Dennis McLeavey
Download or read book The Future of Life-Cycle Saving and Investing written by Dennis McLeavey and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Aging and the Macroeconomy by : National Research Council
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Book Synopsis Life-Cycle Earnings Curves and Safe Savings Rates by : Derek Tharp
Download or read book Life-Cycle Earnings Curves and Safe Savings Rates written by Derek Tharp and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses of savings rates needed for successful retirement rates (SSRs) typically assume constant real earnings growth throughout one's career. However, data on the life-cycle earnings patterns of millions of U.S. workers suggest that earnings growth does not occur at a constant rate that matches inflation. Instead, earnings tend to increase at a decreasing rate during the early years of one's career and decrease at an increasing rate in the later years. Utilizing simulations of saving and dissaving throughout the life cycle based on both historical market returns and forecasted returns, the authors examine the impact of assuming more realistic earnings growth relative to constant inflation-adjusted growth. Results indicate that failing to account for more realistic earnings curves throughout the life cycle may overstate SSRs for lower-income households while understating SSRs for higher-income households, and understate SSRs for younger households while overstating SSRs for older households. Furthermore, historical SSRs of 10% or less are found for all but the highest-income households after accounting for more realistic earnings curves and Social Security benefits--though variations in specific effects may exist based on the simulation methods utilized.
Book Synopsis Public Finance and Public Policy by : Jonathan Gruber
Download or read book Public Finance and Public Policy written by Jonathan Gruber and published by Macmillan. This book was released on 2005 with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapters include: "Income distribution and welfare programs", "State and local government expenditures" and "Health economics and private health insurance".
Book Synopsis The Effect of Demographic Changes on Saving for Life-cycle Motives in Developing Countries by : Steven Benjamin Webb
Download or read book The Effect of Demographic Changes on Saving for Life-cycle Motives in Developing Countries written by Steven Benjamin Webb and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Declining fertility and the transition to stable populations is likely to increase aggregate saving rates measurably. Saving for retirement will probably increase but not dominate total saving changes.
Book Synopsis Optimal Retirement Savings Over the Life Cycle by : Marcel Fischer
Download or read book Optimal Retirement Savings Over the Life Cycle written by Marcel Fischer and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Savings After Retirement by : Mariacristina De Nardi
Download or read book Savings After Retirement written by Mariacristina De Nardi and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The saving patterns of retired U.S. households pose a challenge to the basic life-cycle model of saving. The observed patterns of out-of-pocket medical expenses, which rise quickly with age and income during retirement, and heterogeneous lifespan risk, can explain a significant portion U.S. savings during retirement. However, more work is needed to disentangle these precautionary saving motives from other motives, such as the desire to leave bequests. An important complementary question is why households do not buy more insurance against these risks. Going beyond total savings and looking at its components, including housing, and looking at other portfolio choices can help shed light on these questions.
Book Synopsis Preparing for an Aging World by : National Research Council
Download or read book Preparing for an Aging World written by National Research Council and published by National Academies Press. This book was released on 2001-06-26 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging is a process that encompasses virtually all aspects of life. Because the speed of population aging is accelerating, and because the data needed to study the aging process are complex and expensive to obtain, it is imperative that countries coordinate their research efforts to reap the most benefits from this important information. Preparing for an Aging World looks at the behavioral and socioeconomic aspects of aging, and focuses on work, retirement, and pensions; wealth and savings behavior; health and disability; intergenerational transfers; and concepts of well-being. It makes recommendations for a collection of new, cross-national data on aging populationsâ€"data that will allow nations to develop policies and programs for addressing the major shifts in population age structure now occurring. These efforts, if made internationally, would advance our understanding of the aging process around the world.
Book Synopsis The Economic Status of the Elderly by :
Download or read book The Economic Status of the Elderly written by and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Family Economics Review written by and published by . This book was released on 1989 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
