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Working Paper
Net worth and housing equity in retirement
Souleles, Nicholas S.; Sinai, Todd (2007)
This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets also appreciated at the same time. Moreover, the younger elderly offset rising house prices by increasing their housing debt, and used some of the proceeds to invest in other assets. The authors also consider how much of their housing equity older households can actually tap, using reverse mortgages. ...
Working Papers , Paper 07-33

How Financially Fit Are American Retirees?
Chien, YiLi; Sun, Qiuhan (2020-10-06)
From 1989 to 2016, the wealth of retired households increased in real terms. But data also indicated that wealth inequality worsened among retirees.
On the Economy

Briefing
Why Do Couples and Singles Save During Retirement?
De Nardi, Mariacristina; Jones, John Bailey; French, Eric; McGee, Rory (2021-05-27)
While the savings of retired singles tend to fall with age, those of retired couples tend to rise. We estimate a rich model of retired singles and couples with bequest motives and uncertain longevity and medical expenses. Our estimates imply that while medical expenses are an important driver of the savings of middle-income singles, bequest motives matter for couples and high-income singles and generate transfers to nonspousal heirs whenever a household member dies. The interaction of medical expenses and bequest motives is a crucial determinant of savings for all retirees. Hence, to ...
Richmond Fed Economic Brief , Volume 21 , Issue 09 , Pages 65

Journal Article
Medical Spending, Bequests, and Asset Dynamics around the Time of Death
De Nardi, Mariacristina; Jones, John Bailey; Rodgers, Rachel; French, Eric; McGee, Rory (2020)
Using data from the Health and Retirement Survey, we document the changes in assets that occur before a person's death. Applying an event study approach, we find that during the six years preceding their deaths, the assets of single decedents decline, relative to those of similar single survivors, by an additional $20,000 on average. Over the same time span, the assets of couples who lose a spouse fall, relative to those of similar surviving couples, by an additional $90,000 on average. Households experiencing a death also incur higher out-of-pocket medical spending and other end-of-life ...
Econ Focus , Volume 4Q , Pages 135-157

Journal Article
Four funerals and a wedding: We're growing older and it won't be cheap
Clement, Douglas (2004-03)
Fedgazette , Volume 16 , Issue Mar , Pages 2-5

Working Paper
Health, Health Insurance, and Retirement: A Survey
Jones, John Bailey; French, Eric (2017-02-17)
The degree to which retirement decisions are driven by health is a key concern for both academics and policymakers. In this paper we survey the economic literature on the health-retirement link in developed countries. We describe the mechanisms through which health affects labor supply and discuss how they interact with public pensions and public health insurance. The historical evidence suggests that health is not the primary source of variation in retirement across countries and over time. Furthermore, declining health with age can only explain a small share of the decline in employment ...
Working Paper , Paper 17-3

Journal Article
Baby-boom retirements and emerging labor market pressures
Deitz, Richard (2006)
As the baby-boom generation begins to retire, employers in upstate New York will be confronted with the dual pressures of replacing these workers and filling new jobs created in growing segments of the economy. An analysis of projected hiring rates in the region suggests that although there will be demand for workers in all occupations, employers may face a particular challenge filling positions in growing services occupations with relatively high retirement rates, such as health care, community and social services, and education.
Upstate New York Regional Review , Volume 1 , Issue 1 , Pages 1-7

Working Paper
Public pensions and labor supply over the life cycle
Jones, John Bailey; French, Eric (2010)
Virtually all developed countries face projected budget shortfalls for their public pension programs. The shortfalls arise for two reasons. First, populations in developed countries are aging rapidly. Second, until recently older individuals in developed countries have been retiring earlier. These two developments have created serious strains on public pension programs. In order to remain fiscally solvent, many governments have reformed their public pension schemes to encourage labor supply at older ages. These reforms include reductions in the generosity of public pensions and reduced ...
Working Paper Series , Paper WP-2010-09

Working Paper
The effect of old-age insurance on male retirement : evidence from historical cross-country data
Johnson, Richard (2000)
I examine the effect of Old-Age Insurance systems on the labour supply of older men. Male retirement ages are crucial to the solvency of OAI systems. Historical data on participation rates and OAI rules in thirteen developed countries show rapid falls in participation among men aged 60-4 after pensions were extended to them. I estimate participation elasticities of -0.06 with respect to replacement rates and 0.19 to the net-of-tax wage. It does not appear that endogenous OAI changes bias the regression coefficients. The growth of OAI explains about 11 percent of the reduction in participation ...
Research Working Paper , Paper RWP 00-09

Journal Article
The effects of health and wealth shocks on retirement decisions
Conley, Dalton; Thompson, Jason (2013-09)
Both health status and net worth can affect retirement decisions. In some cases, early retirement may be precipitated by a shock to an individual?s health and/or economic status. The authors examine how health and wealth shocks affect retirement decisions. They use data from the Panel Study of Income Dynamics to estimate a first-differences model of health and wealth shocks on retirement over the course of the 2000s in the United States. Their results suggest that acute health shocks are associated with labor market exits for older American men but not women. These results appear particularly ...
Review , Issue Sep

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