Prior economic research has focused on the relation between money and well-being, rather than how resources are used to elicit life satisfaction in retirement. Using Satisfaction with Life Scale (SWLS) along with data from the Health Retirement Study (HRS), this research explores how spending...

Recent asset pricing studies suggest that demand for stocks since 1980 has driven expected returns below their historical average. The current yield of risk-free assets in the U.S. is also well below historical bond yields. This decrease in bond yields, coupled with increases in longevity, has...

This paper provides an introduction to strategies that can be used to turn a retirement portfolio into income. Defined contribution savings present a retirement planning challenge when asset returns, longevity, and spending needs are uncertain. We present the fundamental trade-offs of managing...

This study estimates the expected benefit from delayed Social Security claiming for higher-earning, healthier women who can expect to receive more future income payments than other Americans. The expected net present value of Social Security payments from delayed claiming for healthy women is...

Most Americans have not estimated how much they need to save for retirement. This lack of awareness may contribute to low levels of retirement savings. We investigate the relation between planning and retirement wealth. Those who have estimated how much they need to save for retirement have...