desirability of stimulative fiscal policies, public pensions, and inheritance taxes. …

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. …

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 …

Tax-qualified retirement plans seek to promote saving for retirement, yet most employers permit pre- retirement access …

. CPS and Health and Retirement Study (HRS) data indicate a corresponding difference of 3 percentage points between 1998 and … 2004. Simulations with a structural retirement model suggest changes in Social Security rules between 1992 and 2004 … men ages 65 to 67. These rule changes encourage deferring retirement from long term jobs, returning to full time work …

based on partial spending and on synthetic panels, British and U.S. households apparently reduce consumption at retirement …. The reduction cannot be explained by the simple one-good life-cycle model, so it has been referred to as the retirement …-consumption puzzle. An interpretation is that at retirement individuals discover they have fewer economic resources than they had …