This paper uses the receipt of an inheritance to measure the effect of wealth shocks on retirement. Using the Health … and Retirement Study (HRS), we first document that inheritance receipt is common among older workers -- one in five … receipt is associated with a significant increase in the probability of retirement. In particular, we find that receiving an …

We consider the evolution of assets after retirement. We ask whether total assets--including housing equity, personal … retirement accounts, and other financial assets--tend to be husbanded for a rainy day and drawn down primarily at the time of … precipitating shocks, or whether they are drawn down throughout the retirement period. We focus on the relationships between family …