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Money in Motion : Dynamic Portfolio Choice in Retirement

Horneff, Wolfram J. - 2007

Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...

Persistent link: https://www.econbiz.de/10012777579

Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply

Chai, Jingjing - 2011

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many … economic shocks, and it also explores how people may react by changing their consumption, saving and investment, work and …-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce …

Persistent link: https://www.econbiz.de/10013123696

Time is Money : Life Cycle Rational Inertia and Delegation of Investment Management

Kim, Hugh Hoikwang - 2013

valuable to both the young and the old. Our calibrated model quantifies welfare gains from including investment time and money …

Persistent link: https://www.econbiz.de/10013071793

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection

Horneff, Vanya - 2013

We evaluate lifecycle consumption and portfolio allocation patterns resulting from access to Guaranteed Minimum Withdrawal Benefit (GMWB) variable annuities, one of the most rapidly-growing financial innovations over the last two decades. A key feature of these products is that they offer access...

Persistent link: https://www.econbiz.de/10013079212

Extending Life Cycle Models of Optimal Portfolio Choice : Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts

Chai, Jingjing - 2010

mortality and uncertain labor income, we extend the investment universe to include not only stocks and bonds, but also survival …

Persistent link: https://www.econbiz.de/10013152495

The Effect of Uncertain Labor Income and Social Security on Life-Cycle Portfolios

Maurer, Raimond - 2010

This paper examines how labor income volatility and social security benefits can influence lifecycle household portfolios. We examine how much the individual optimally saves and where, taking into account liquid financial wealth and annuities, and stocks as well as bonds. Higher labor income...

Persistent link: https://www.econbiz.de/10013148650