De Nardi, M;
French, E;
Jones, J;
(2016)
Savings After Retirement: A Survey.
Annual Review of Economics
, 8
pp. 177-204.
10.1146/annurev-economics-080315-015127.
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Abstract
The saving patterns of retired U.S. households pose a challenge to the basic life-cycle model of saving. The observed patterns of out-of-pocket medical expenses, which rise quickly with age and income during retirement, and heterogeneous lifespan risk, can explain a significant portion U.S. savings during retirement. However, more work is needed to disentangle these precautionary saving motives from other motives, such as the desire to leave bequests. An important complementary question is why households do not buy more insurance against these risks. Going beyond total savings and looking at its components, including housing, and looking at other portfolio choices can help shed light on these questions.
| Type: | Article |
|---|---|
| Title: | Savings After Retirement: A Survey |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1146/annurev-economics-080315-015127 |
| Publisher version: | https://doi.org/10.1146/annurev-economics-080315-0... |
| Language: | English |
| Additional information: | Posted with permission from the Annual Review of Economics, Volume 8, © by Annual Reviews, http://www.annualreviews.org. |
| Keywords: | savings, retirement, bequests, medical expenses |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1493261 |
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