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You can't take it with you: asset run-down at the end of the life cycle

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Author Info

  • Katharine Anderson
  • Eric French
  • Tina Lam

Abstract

This article presents evidence on the extent to which households run down their assets after retirement. The authors show that, once corrections are made for several econometric problems, households engage in very little asset decumulation after retirement.

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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2004)
Issue (Month): Q III ()
Pages: 40-54

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Handle: RePEc:fip:fedhep:y:2004:i:qiii:p:40-54:n:v.28no.3

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Related research

Keywords: Retirement ; Income ; Wealth;

References

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  1. R. Glenn Hubbard & Jonathan Skinner & Stephen P. Zeldes, 1994. "Precautionary Saving and Social Insurance," NBER Working Papers 4884, National Bureau of Economic Research, Inc.
  2. F. Thomas Juster & James P. Smith & Frank Stafford, 2004. "The Measurement and Structure of Household Wealth," Labor and Demography, EconWPA 0402009, EconWPA.
  3. David Altig & Alan J. Auerbach & Laurence J. Kotlikoff & Kent A. Smetters & Jan Walliser, 1997. "Simulating U.S. tax reform," Working Paper 9712, Federal Reserve Bank of Cleveland.
  4. Marco Cagetti & Mariacristina De Nardi, 2004. "Taxation, entrepreneurship, and wealth," Staff Report, Federal Reserve Bank of Minneapolis 340, Federal Reserve Bank of Minneapolis.
  5. Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2000. "Do the rich save more?," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-52, Board of Governors of the Federal Reserve System (U.S.).
  6. Ing-Haw Cheng & Eric French, 2000. "The effect of the run-up in the stock market on labor supply," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue Q IV, pages 48-65.
  7. Orazio P. Attanasio & Hilary W. Hoynes, 1995. "Differential Mortality and Wealth Accumulation," NBER Working Papers 5126, National Bureau of Economic Research, Inc.
  8. Michael D. Hurd & James P. Smith, 1999. "Anticipated and Actual Bequests," NBER Working Papers 7380, National Bureau of Economic Research, Inc.
  9. James P. Smith, 1999. "Healthy Bodies and Thick Wallets: The Dual Relation between Health and Economic Status," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 145-166, Spring.
  10. Hurd, Michael D, 1990. "Research on the Elderly: Economic Status, Retirement, and Consumption and Saving," Journal of Economic Literature, American Economic Association, vol. 28(2), pages 565-637, June.
  11. Palumbo, Michael G, 1999. "Uncertain Medical Expenses and Precautionary Saving Near the End of the Life Cycle," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 66(2), pages 395-421, April.
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Citations

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Cited by:
  1. David A. Love & Michael G. Palumbo & Paul A. Smith, 2008. "The Trajectory of Wealth in Retirement," Working Papers, Center for Retirement Research at Boston College wp2008-7, Center for Retirement Research, revised Feb 2008.
  2. Esteban Calvo & Kelly Haverstick & Natalia A. Zhivan, 2009. "Older Americans On The Go: Financial and Psychological Effects of Moving," Issues in Brief ib2009-9-19, Center for Retirement Research, revised 2009.
  3. Calvo, Esteban & Haverstick, Kelly & Zhivan, Natalia, 2009. "Determinants and Consequences of Moving Decisions for Older Homeowners," MPRA Paper 48964, University Library of Munich, Germany.
  4. Robert Clark & Olivia S. Mitchell, 2013. "How Does Retiree Health Insurance Influence Public Sector Employee Saving?," NBER Working Papers 19511, National Bureau of Economic Research, Inc.
  5. Karen Smith & Mauricio Soto & Rudolph G. Penner, 2009. "How Seniors Change Their Asset Holdings During Retirement," Working Papers, Center for Retirement Research at Boston College wp2009-31, Center for Retirement Research, revised Dec 2009.
  6. Kelly Haverstick & Natalia A. Zhivan, 2009. "Older Americans On The Go: How Often, Where, and Why?," Issues in Brief ib2009-9-18, Center for Retirement Research, revised Sep 2009.
  7. Olesya Baker & Phil Doctor & Eric French, 2007. "Asset rundown after retirement: the importance of rate of return shocks," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue Q II, pages 48-65.

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