By David A. Wise
Analyses within the Economics of getting older summarizes an incredible volume of latest learn on a number of renowned and less-examined issues referring to the connection among economics and getting older. among the subject matters explored during this quantity, huge consciousness is given to new examine on retirement discount rates, the price and potency of clinical assets, and the predictors of overall healthiness events.The quantity starts with a dialogue of the dangers and benefits of 401(k) plans. next chapters current fresh research of the expansion of Medicare charges; the several features of incapacity; and the evolution of overall healthiness, wealth, and dwelling preparations over the lifestyles path. maintaining with the worldwide culture of prior volumes, Analyses within the Economics of getting older additionally comprises comparative stories on rate reductions habit in Italy, the Netherlands, and the USA; an exam of loved ones discounts between diversified age teams in Germany; and a bankruptcy dedicated to inhabitants getting older and the plight of widows in India. conscientiously compiled and containing the most state-of-the-art learn and research on hand, this quantity will be of curiosity to any professional or policymaker excited by ongoing alterations in rate reductions and retirement behaviors.
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Extra resources for Analyses in the Economics of Aging (National Bureau of Economic Research Conference Report)
When it is reasonable to maintain these assumptions, however, the parametric utility function approach delivers simple rankings of diﬀerent portfolio strategies. The parametric utility function approach can potentially provide some guidance on the extent to which observed portfolio choices can be reconciled with the optimizing choices of households that are trying to maximize Utility Evaluation of Risk in Retirement Savings Accounts 49 their expected utility. Any analysis of such choices requires data on assets held outside retirement accounts as well as inside these accounts, since there are important asset location issues that combine tax planning with investment choices in both taxable and tax-deferred accounts.
By excluding other wealth and assuming that the household is dependent on 401(k) wealth only, these calculations exaggerate the true level of risk faced by the household. Since household consumption risk during retirement is tempered by the existence of non-401(k) wealth, we relax this counterfactual assumption below. 0 Investment strategy/risk aversion (alpha) 40 James M. Poterba, Joshua Rauh, Steven F. Venti, and David A. 7. The second panel shows that for a household with no wealth outside the retirement account, and whose preferences over wealth are given by U(W ) ϭ log W, which implies ␣ ϭ 1 the certainty equivalent value of a portfolio invested in the large-cap equity portfolio is nearly three times as great as the value of the all-index-bond portfolio for a household with a high school education.
The results suggest that there are important diﬀerences across groups. 4 Household balance sheets, Health and Retirement Survey households with final earnings, males aged 63–67 All education levels Less than high school degree High school and/or some college College and/or postgraduate Medians Social Security DB pension Other annuity Retirement accounts IRA 401(k) and other DC Other financial wealth Housing equity Other wealth SS ϩ DB ϩ other annuity ϩ other financial Total (excl. 8 Means Social Security DB pension Other annuity Retirement accounts IRA 401(k) and other DC Other financial wealth Housing equity Other wealth SS ϩ DB ϩ other annuity ϩ other financial Total (excl.
Analyses in the Economics of Aging (National Bureau of Economic Research Conference Report) by David A. Wise