reduce retirement wealth by one-fifth, in fact, more than what a naive allocation strategy would yield. We outline …

mortality risk. In addition to stocks and bonds, households also have access to incomplete annuity markets offering a hedge … against mortality risk. We show that a considerable fraction of wealth should be annuitized to skim the return enhancing … mortality credit. The remaining liquid wealth (stocks and bonds) is used to hedge labor income risk during work life, to earn …

The U.S. 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 … withdrawals will lead to later retirement ages, particularly for the better-educated. It also would reduce work hours and lifetime …

Many people fear that Americans are preparing poorly for retirement. But developing rigorous evidence on this issue is … difficult. In this paper we briefly discuss evidence on the adequacy of retirement wealth accumulation. We conclude that … retirement wealth preparation of Americans born before 1954. We find only 4 percent of HRS households have net worth below their …

benefits. Using data from six waves of the Health and Retirement Study, we analyze the dynamics of portfolio composition before …

' view are the following: (a) Incorporating systematic mortality risk (i.e., treat mortality and longevity as stochastic …

percent of the price increases experienced since retirement. In analyzing changes in pension benefits reported by HRS …

Health and Retirement Study. Yet, among retirees such withdrawals can supplement regular retirement income to finance …