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Savings After Retirement: A Survey

Author

Listed:
  • Mariacristina De Nardi

    (Department of Economics, University College London, London WC1H 0AY, United Kingdom
    Research Department, Federal Reserve Bank of Chicago, Chicago, Illinois 60604
    Institute for Fiscal Studies, London WC1E 7AE, United Kingdom
    National Bureau of Economic Research, Cambridge, Massachusetts 02138)

  • Eric French

    (Department of Economics, University College London, London WC1H 0AY, United Kingdom
    Institute for Fiscal Studies, London WC1E 7AE, United Kingdom
    Centre for Economic and Policy Research, London EC1V 0DX, United Kingdom)

  • John Bailey Jones

    (Department of Economics, University at Albany, State University of New York, Albany, New York 12222)

Abstract

The saving patterns of retired US 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 life span risk can explain a significant portion of US saving during retirement. However, more work is needed to distinguish these precautionary saving motives from other motives, such as the desire to leave bequests. Progress toward disentangling these motivations has been made by matching other features of the data, such as public and private insurance choices. An improved understanding of whether intended bequests left to children and spouses are due to altruism, risk sharing, exchange motivations, or a combination of these factors is an important direction for future research.

Suggested Citation

  • Mariacristina De Nardi & Eric French & John Bailey Jones, 2016. "Savings After Retirement: A Survey," Annual Review of Economics, Annual Reviews, vol. 8(1), pages 177-204, October.
    • Handle: RePEc:anr:reveco:v:8:y:2016:p:177-204
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    File URL: http://www.annualreviews.org/doi/10.1146/annurev-economics-080315-015127
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    Keywords

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    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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