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Asset wealth and asset decumulation among households in the Retirement Survey

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  • Richard Disney

    ()
    (Institute for Fiscal Studies and University of Nottingham)

  • Paul Johnson
  • Gary Stears
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    Abstract

    This paper examines the asset positions of households at and around retirement in Britain using the Retirement Survey ‘waves’ of 1988-89 and 1994. The data provide the first panel evidence on retirement behaviour and asset evolution for a sample of older households in Britain. The analysis in this paper shows the importance of housing and private pension wealth for this age-group in Britain, and also the differential wealth holdings between surviving respondents and those who died or failed to respond for other reasons in 1994. It provides some preliminary evidence as to whether households decumulate assets after retirement in accordance with the ‘textbook’ version of the Life-Cycle Hypothesis of consumption.

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    Bibliographic Info

    Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

    Volume (Year): 19 (1998)
    Issue (Month): 2 (May)
    Pages: 153-174

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    Handle: RePEc:ifs:fistud:v:19:y:1998:i:2:p:153-174

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    References

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    1. Laurence J. Kotlikoff & David A. Wise, 1985. "Labor Compensation and the Structure of Private Pension Plans: Evidence for Contractual versus Spot Labor Markets," NBER Chapters, in: Pensions, Labor, and Individual Choice, pages 55-88 National Bureau of Economic Research, Inc.
    2. James Banks & Richard Blundell & Sarah Tanner, 1995. "Is there a retirement-savings puzzle?," IFS Working Papers W95/04, Institute for Fiscal Studies.
    3. Jonathan Skinner, 1993. "Is Housing Wealth a Sideshow?," NBER Working Papers 4552, National Bureau of Economic Research, Inc.
    4. Steven F. Venti & David A. Wise, 1989. "Aging, Moving, and Housing Wealth," NBER Chapters, in: The Economics of Aging, pages 9-54 National Bureau of Economic Research, Inc.
    5. Creedy, John & Disney, Richard & Whitehouse, Edward, 1993. "The Earnings-Related State Pension, Indexation and Lifetime Redistribution in the U.K," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 257-78, September.
    6. Hurd, Michael D, 1987. "Savings of the Elderly and Desired Bequests," American Economic Review, American Economic Association, vol. 77(3), pages 298-312, June.
    7. Richard Disney & Thomas Gallagher & Andrew Henley, 1995. "Housing assets and savings behaviour among the elderly in Great Britain," IFS Working Papers W95/22, Institute for Fiscal Studies.
    8. Stewart, Mark B, 1982. "On Least Squares Estimation when the Dependent Variable is Grouped," The Warwick Economics Research Paper Series (TWERPS) 207, University of Warwick, Department of Economics.
    9. B. Douglas Bernheim, 1987. "Dissaving after Retirement: Testing the Pure Life Cycle Hypothesis," NBER Chapters, in: Issues in Pension Economics, pages 237-280 National Bureau of Economic Research, Inc.
    10. Modigliani, Franco, 1985. "Life Cycle, Individual Thrift and the Wealth of Nations," Nobel Prize in Economics documents 1985-1, Nobel Prize Committee.
    11. Shorrocks, A F, 1975. "The Age-Wealth Relationship: A Cross-Section and Cohort Analysis," The Review of Economics and Statistics, MIT Press, vol. 57(2), pages 155-63, May.
    12. Alessie, R. & Lusardi, A. & Kapteyn, A., 1995. "Saving and Wealth Holdings of the Elderly," Papers 9593, Tilburg - Center for Economic Research.
    13. Jonathan Feinstein & Daniel McFadden, 1987. "The Dynamics of Housing Demand by the Elderly: Wealth, Cash Flow, and Demographic Effects," NBER Working Papers 2471, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Shelly Lundberg & Jennifer Ward-Batts, 2000. "Saving for Retirement: Household Bargaining and Household Net Worth," Working Papers 0026, University of Washington, Department of Economics.
    2. Amy Finkelstein & James Poterba, 2002. "Selection Effects in the United Kingdom Individual Annuities Market," Economic Journal, Royal Economic Society, vol. 112(476), pages 28-50, January.
    3. Whitehouse, Edward, 2000. "How Poor are the Old? A Survey of Evidence from 44 Countries," MPRA Paper 14177, University Library of Munich, Germany.
    4. D. Leece, 1999. "Applying data visualization and knowledge discovery in databases to segment the market for risky financial assets," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(5), pages 267-280.
    5. Orazio Attanasio & Carl Emmerson, 2001. "Differential mortality in the UK," IFS Working Papers W01/16, Institute for Fiscal Studies.
    6. Disney, Richard & Henley, Andrew & Stears, Gary, 2002. "Housing costs, house price shocks and savings behaviour among older households in Britain," Regional Science and Urban Economics, Elsevier, vol. 32(5), pages 607-625, September.

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