This paper provides new evidence on individual preferences over annuities and lump sum payments based on hypothetical questions posed in the DNB Household Survey in 2005. Contrary to the majority of papers in the annuitization puzzle literature, this study allows to control explicitly for the...

This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993–2007). The model describes how nominal pension rights are...

This paper examines the impact of coinsurance exemption for prescription medicines applied to elderly individuals in Spain after retirement. To evaluate this coinsurance change we use a rich administrative dataset that links pharmaceutical consumption and hospital discharge records for the full...

Previous studies find that individuals do not draw down their assets after retirement which is at odds with the predictions of a simple life cycle model without uncertainty. Hurd (1989, 1999) explains saving behavior of elderly singles and couples by adding lifetime uncertainty and bequest...

We compare the performance of the commonly nominated default retirement investment option, the lifecycle fund, to alternative investment strategies during retirees' decumulation phase. Under different shortfall risk measures, we find balanced portfolios with constant exposure to equities, equity...

This paper uses a Regression Kink Design to estimate the labor supply effects of changes in the financial incentives in the pension system. In particular we analyze the effect of the introduction of pension deductions for early retirement on female labor supply behavior. This reform allows to...

Households will have to increase their retirement-related assets to face the consequences of pension reforms and/or increasing longevity. Thus, improving retirement planning seems then to be necessary. However, the literature reports a general lack of awareness and understanding of the pension...