Savings After Retirement: A Survey

Mariacristina De Nardi, Eric French and John Jones

No 21268, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The saving patterns of retired U.S. 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 lifespan risk, can explain a significant portion U.S. savings during retirement. However, more work is needed to disentangle these precautionary saving motives from other motives, such as the desire to leave bequests. An important complementary question is why households do not buy more insurance against these risks. Going beyond total savings and looking at its components, including housing, and looking at other portfolio choices can help shed light on these questions.

JEL-codes: D1 D14 D31 E21 H2 I14 (search for similar items in EconPapers)
Date: 2015-06
New Economics Papers: this item is included in nep-age and nep-mac
Note: AG EH PE
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Citations: View citations in EconPapers (17)

Published as De Nardi, Mariacristina & French, Eric & Jones, John Bailey, 2016. "Savings after Retirement: A Survey," Chicago Fed Letter, Federal Reserve Bank of Chicago.
Published as Mariacristina De Nardi & Eric French & John Bailey Jones, 2016. "Savings After Retirement: A Survey," Annual Review of Economics, vol 8(1).

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Journal Article: Savings After Retirement: A Survey (2016)
Journal Article: Savings after Retirement: A Survey (2016)
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