result of having instituted an unfunded (pay-as-you-go) retirement system that delivered $7.9 trillion of net transfers (in …

This paper addresses two questions:(1) Are older persons' retirement ages significantly affected by the opportunities … for income from earnings,private pensions, and Social Security and for leisure at alternative retirement ages?; and (2 …) How large are the estimated responses? Our approach to modeling the retirement problem is a forward-looking one, in which …

Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds … allocation decisions when managing her retirement financial wealth and annuities, and we prove that she can benefit from both the … equity premium and longevity insurance in her retirement portfolio. Even without bequests, she will not fully annuitize …

This paper explores how an environment of persistent low returns influences saving, investing, and retirement behaviors … the (system-defined) Full Retirement Age of 66. In the context of a zero return environment, we show that workers will … optimally devote more of their savings to non-retirement accounts and less to 401(k) accounts, since the relative appeal of …

consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic … work effort by the young; and markedly enhances lifetime welfare. Also, introducing annuities leads to earlier retirement … as well as sensible retirement age patterns …

This paper evaluates potential responses to reductions in early Social Security retirement benefits. Using the Health … and Retirement Study (HRS) linked to administrative records, we find that Social Security coverage is quite uneven in the … early appear quite similar initially to those who later filed for normal retirement benefits, but both groups were healthier …

determining retirement, spousal, and survivor benefits, along with benefit adjustments that vary with the age at which these are … consistent with empirical evidence. We also confirm predictions that wives will claim retirement benefits earlier than husbands …

The US has long incentivized retirement saving in 401(k) and similar retirement accounts by permitting workers to defer … taxes on contributions, levying them instead when retirees withdraw funds in retirement. This paper develops a dynamic life … lead to later retirement ages, particularly for the better-educated. It would also reduce work hours and lifetime tax …

income in retirement, but also when young. In addition, a declining equity glide path with age is appropriate for the worker … with low income uncertainty; for the high income risk worker, equity exposure rises until retirement. We also evaluate how … differences in social security benefits can influence retirement risk management …