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Savings after Retirement: A Survey

Author

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  • Mariacristina De Nardi
  • Eric French
  • John Bailey Jones

Abstract

Retired U.S. households, especially those with high income, decumulate their assets more slowly than implied by the basic life cycle model. The observed patterns of out-of-pocket medical expenses, which rise quickly with age and income during retirement, and longevity, which also rises with income, can explain a significant portion of U.S. retirement saving. However, more work is needed to disentangle these precautionary motives from other motives, such as the desire to leave bequests.

Suggested Citation

  • Mariacristina De Nardi & Eric French & John Bailey Jones, 2016. "Savings after Retirement: A Survey," Chicago Fed Letter, Federal Reserve Bank of Chicago.
    • Handle: RePEc:fip:fedhle:00044
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    Cited by:

    1. John Laitner & Dan Silverman & Dmitriy Stolyarov, 2018. "The Role of Annuitized Wealth in Post-retirement Behavior," American Economic Journal: Macroeconomics, American Economic Association, vol. 10(3), pages 71-117, July.
    2. Niimi, Yoko & Horioka, Charles Yuji, 2019. "The wealth decumulation behavior of the retired elderly in Japan: The relative importance of precautionary saving and bequest motives," Journal of the Japanese and International Economies, Elsevier, vol. 51(C), pages 52-63.
    3. Charles Yuji Horioka, 2021. "Is the selfish life-cycle model more applicable in Japan and, if so, why? A literature survey," Review of Economics of the Household, Springer, vol. 19(1), pages 157-187, March.
    4. Jones, John Bailey & Li, Yue, 2018. "The effects of collecting income taxes on Social Security benefits," Journal of Public Economics, Elsevier, vol. 159(C), pages 128-145.
    5. de Bresser, Jochem, 2019. "Measuring subjective survival expectations – Do response scales matter?," Journal of Economic Behavior & Organization, Elsevier, vol. 165(C), pages 136-156.
    6. Luigi Ventura & Charles Yuji Horioka, 2020. "The wealth decumulation behavior of the retired elderly in Italy: the importance of bequest motives and precautionary saving," Review of Economics of the Household, Springer, vol. 18(3), pages 575-597, September.
    7. de Bresser, Jochem, 2019. "Measuring Subjective Survival Expectations : Do Response Scales Matter?," Other publications TiSEM 53bc2ec3-4126-4dfb-81f3-8, Tilburg University, School of Economics and Management.
    8. Michelle Maroto, 2018. "Saving, Sharing, or Spending? The Wealth Consequences of Raising Children," Demography, Springer;Population Association of America (PAA), vol. 55(6), pages 2257-2282, December.
    9. James M. Poterba & Steven F. Venti & David A. Wise, 2015. "What Determines End-of-Life Assets? A Retrospective View," NBER Chapters, in: Insights in the Economics of Aging, pages 127-157, National Bureau of Economic Research, Inc.
    10. Nakajima, Makoto, 2020. "Capital income taxation with housing," Journal of Economic Dynamics and Control, Elsevier, vol. 115(C).
    11. Eric French & John Bailey Jones & Elaine Kelly & Jeremy McCauley, 2018. "End-of-Life Medical Expenses," Working Paper 18-18, Federal Reserve Bank of Richmond.
    12. Vincent Vandenberghe, 2020. "Differentiating Retirement Age to Compensate for Health Differences," LIDAM Discussion Papers IRES 2020015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    13. Gilad Sorek & Bharat Diwakar, 2017. "Weak Scale Effects in Overlapping Generations Economy," Economics Bulletin, AccessEcon, vol. 37(2), pages 962-969.
    14. Kim, Chul Ju (ed.), 2019. "Aging Societies: Policies and Perspectives," ADBI Books, Asian Development Bank Institute, number 9.
    15. Keiko MURATA, "undated". "Dissaving by the elderly in Japan: Empirical evidence from survey data," ESRI Discussion paper series 346, Economic and Social Research Institute (ESRI).
    16. Ye Jin Heo, 2018. "Population aging and housing prices: who are we calling old?," NBP Working Papers 288, Narodowy Bank Polski, Economic Research Department.
    17. Julien Hugonnier & Florian Pelgrin & Pascal St‐Amour, 2020. "Closing down the shop: Optimal health and wealth dynamics near the end of life," Health Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 138-153, February.
    18. Päivi Kankaanranta, 2019. "A Cohort-Analysis of Age-Wealth Profile in Finland," Discussion Papers 130, Aboa Centre for Economics.

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    More about this item

    Keywords

    retirement; life saving; bequest; Income;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality

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