estimated preferences explain actual retirement decisions up to 82% of our sample for reasonable indifference intervals. Freedom …

, stochastic labor income and endogenously-determined retirement. We find that the ratio of total wealth-to-labor income … (normalized wealth) is the primary determinant of the retirement decision and that at all ages, there exists a critical normalized … wealth such that above this wealth, investors retire. We further consider the implications of endogenous retirement on …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …

is concave in the presence of income uncertainty. In this paper I show that concavity breaks down if we abandon time …-separability. Namely, if an agent maximizing an isoelastic recursive utility has preferences for early resolution of uncertainty, there … uncertainty …

the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tightening of … credit; temporary shocks to the supply of credit generate increases in saving only among younger agents. …

This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and … emphasized in recent studies. We also find that an individual with high leisure demand after retirement reduces consumption … during retirement and increases stockholdings as retirement time approaches …

With the United States facing an estimated national retirement savings shortfall of $4.13 trillion, how can more … Americans be brought into a retirement savings plan, and how can they be persuaded to save enough to cover simulated costs in … retirement? Those questions were explored by a panel of retirement experts at EBRI's 77th policy forum held Dec. 10, 2015 …

-date retirement funds. I also show that sufficiently disappointment averse agents abstain from stocks after retirement, which is …

disappointing outcomes. Unlike expected utility investors, DA investors drastically cut their allocation to stocks around retirement … and the allocation rules of target-date retirement funds. Sufficiently disappointment-averse agents abstain from investing … in stocks after retirement, which is consistent with the observed low rates of stock market participation among retirees …

effect of pensions on private saving and the precautionary saving effect due to uncertainty in pension income. I estimate the …This paper investigates the relationship between household saving and pensions, and estimates both the displacement … savings equation derived from a lifecycle model featuring income uncertainty using survey data for Dutch households, with …