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Disentangling the Importance of the Precautionary Saving Mode
Kennickell, Arthur; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2004
We assess the importance of the precautionary saving motive by relying on a direct question about precautionary wealth from the 1995 and 1998 waves of the Survey of Consumer Finances. In this survey, a new question has been designed to elicit the amount of desired precautionary wealth. This...
Persistent link: https://www.econbiz.de/10005718218
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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
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Riester Pensions in Germany: Design, Dynamics, Targetting Success and Crowding-In
Börsch-Supan, Axel H.; Coppola, Michela; Reil-Held, Anette - National Bureau of Economic Research (NBER) - 2012
than occupational pensions and unsubsidized private pension plans. Riester pension savings totaled €9.4bn in 2010 with an …Riester pensions are voluntary, but heavily subsidized private pension schemes in Germany. They were designed as a … generosity of the public pay-as-you-go pensions in response to population aging. This paper investigates how the uptake of the …
Persistent link: https://www.econbiz.de/10011227937
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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
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Targeted Savings and Labor Supply
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2010
Substantial evidence suggests that savings behavior may depart from neoclassical optimization. This article examines … the implications of raising the savings rate - whether through social security, retirement plans, or otherwise - for labor … savings behavior. Under one formulation, raising the targeted savings rate has the same effect on labor supply as that of …
Persistent link: https://www.econbiz.de/10008619308
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Disability Risk, Disability Insurance and Life Cycle Behavior
Low, Hamish; Pistaferri, Luigi - National Bureau of Economic Research (NBER) - 2010
This paper provides a life-cycle framework for weighing up the insurance value of disability benefits against the incentive cost. Within this framework, we estimate the life-cycle risks that individuals face in the US, as well as the parameters governing the disability insurance program, using...
Persistent link: https://www.econbiz.de/10008619316
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Integrating Retirement Models
Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2009
retirement. The opportunity set reflects the full range of nonlinearities created by pensions and Social Security. Financial …
Persistent link: https://www.econbiz.de/10008628338
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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
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Policy Effects in Hyperbolic vs. Exponential Models of Consumption and Retirement
Gustman, Alan L.; Steinmeier, Thomas L. - National Bureau of Economic Research (NBER) - 2010
This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of several potential policy changes. Estimated effects of policies are compared under hyperbolic and standard exponential preferences. Sophisticated hyperbolic discounters may...
Persistent link: https://www.econbiz.de/10008685015
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The Role of Health in Retirement
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