Download Analyses in the Economics of Aging (National Bureau of by David A. Wise PDF

By David A. Wise

Analyses within the Economics of getting older summarizes an immense volume of recent study on numerous well known and less-examined themes bearing on the connection among economics and getting older. one of many topics explored during this quantity, enormous realization is given to new examine on retirement reductions, the associated fee and potency of clinical assets, and the predictors of well-being events.The quantity starts off with a dialogue of the dangers and advantages of 401(k) plans. next chapters current contemporary research of the expansion of Medicare bills; the several facets of incapacity; and the evolution of overall healthiness, wealth, and residing preparations over the existence path. maintaining with the worldwide culture of past volumes, Analyses within the Economics of getting older additionally contains comparative reviews on discount rates habit in Italy, the Netherlands, and the us; an exam of family reductions between varied age teams in Germany; and a bankruptcy dedicated to inhabitants getting older and the plight of widows in India. rigorously compiled and containing one of the most state-of-the-art study and research to be had, this quantity may be of curiosity to any professional or policymaker fascinated with ongoing adjustments in reductions and retirement behaviors.

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Additional resources for Analyses in the Economics of Aging (National Bureau of Economic Research Conference Report)

Example text

The overall allocation between stocks and bonds in tax-deferred accounts is similar to that in DB plans, which are managed by professional investment managers. One important difference is that there is a higher concentration of company stock in DC plan accounts. One of our goals is to compare two alternative approaches to evaluating the riskiness of portfolio strategies for retirement wealth accumulation. First, we presented pictures of the distribution of wealth outcomes for different investment allocation rules.

3 shows net housing wealth as a balance sheet component, its role in providing resources for retirement consumption is not clear. Several studies, such as Venti and Wise (2001a, 2004) and the references cited therein, suggest that retired households do not typically draw down their housing wealth to finance nonhousing consumption. This work suggests focusing only on nonhousing wealth as we consider the wealth available to support retirement spending. One way to conceptualize this approach is to assume the utility from housing consumption as additively separable from all other consumption in the household’s utility function and to further assume that owner-occupied housing generates only housing consumption.

Results that portray the “picture” of retirement wealth risks provide no a priori way to describe how households or groups of households might evaluate these two distributions and thereby decide which portfolio strategy to pursue. At the heart of this difficulty is the question of how households evaluate small probabilities of low retirement plan balances. The pic- Utility Evaluation of Risk in Retirement Savings Accounts 39 ture approach does not attempt to evaluate the cost to a household of a retirement wealth outcome below the all-bonds level.

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