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Gustman, Alan L.; Steinmeier, Thomas L. - National Bureau of Economic Research (NBER) - 2014

This paper constructs and estimates a dynamic model of the evolution of health for those over the age of 50 and then embeds that model of health dynamics in a structural, econometric model of retirement and saving. The health model traces the effects of smoking, obesity, alcohol consumption,...

Persistent link: https://www.econbiz.de/10010775235

Poverty and Self-Control

Bernheim, B. Douglas; Ray, Debraj; Yeltekin, Sevin - National Bureau of Economic Research (NBER) - 2013

The absence of self-control is often viewed as an important correlate of persistent poverty. Using a standard … poverty damages the ability to exercise self-control. Our theory invokes George Ainslie's notion of "personal rules … assets above which personal rules support unbounded accumulation, and a second threshold below which there is a "poverty trap …

Persistent link: https://www.econbiz.de/10010951196

The Great Recession, Decline and Rebound in Household Wealth for the Near Retirement Population

Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2014

This paper uses data from the Health and Retirement Study to examine the effects of the Great Recession on the wealth held by the near retirement age population from 2006 to 2012. For the Early Boomer cohort (ages 51 to 56 in 2004), real wealth in 2012 remained 3.6 percent below its 2006 value....

Persistent link: https://www.econbiz.de/10010951339

How Changes in Social Security Affect Recent Retirement Trends

Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2008

According to CPS data, men 65 to 69 were about six percentage points less likely to be retired in 2004 than in 1992. 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...

Persistent link: https://www.econbiz.de/10005774979

Projecting Behavioral Responses to the Next Generation of Retirement Policies

Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2007

This paper examines retirement and related behavioral responses to policies that on average are actuarially neutral. Many conventional models predict that actuarially neutral policies will not affect retirement behavior. In contrast, our model allows those with high time preference rates to find...

Persistent link: https://www.econbiz.de/10005828535

How Did the Recession of 2007-2009 Affect the Wealth and Retirement of the Near Retirement Age Population in the Health and Retirement Study?

Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2011

This paper uses asset and labor market data from the Health and Retirement Study (HRS) to investigate how the recent "Great Recession" has affected the wealth and retirement of those in the population who were just approaching retirement age at the beginning of the recession, a potentially...

Persistent link: https://www.econbiz.de/10009353493

What the Stock Market Decline Means for the Financial Security and Retirement Choices of the Near-Retirement Population

Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2009

This paper investigates the effect of the current recession on the near-retirement age population. Data from the Health and Retirement Study suggest that those approaching retirement age (early boomers ages 53 to 58 in 2006) have only 15.2 percent of their wealth in stocks, held directly or in...

Persistent link: https://www.econbiz.de/10008610981

Integrating Retirement Models

Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2009

This paper advances the specification and estimation of models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications to increase the feasibility of...

Persistent link: https://www.econbiz.de/10008628338

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

Mitchell, Olivia; Kim, Hugh Hoikwang; Maurer, Raimond - National Bureau of Economic Research (NBER) - 2013

This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision...

Persistent link: https://www.econbiz.de/10011210995

Early Decisions: A Regulatory Framework

Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2006

We describe a regulatory framework that helps consumers who have difficulty sticking to their own long-run plans. Early Decision regulations help long-run preferences prevail by allowing consumers to partially commit to their long-run goals, making it harder for a momentary impulse to reverse...

Persistent link: https://www.econbiz.de/10005004688