The Role of Annuitized Wealth in Post-retirement Behavior

被引：12
作者：
Laitner, John [1 ]
Silverman, Dan [2 ]
Stolyarov, Dmitriy [1 ]
机构：
[1] Univ Michigan, Dept Econ, 611 Tappan Ave, Ann Arbor, MI 48109 USA
[2] Arizona State Univ, WP Carey Sch Business, Dept Econ, POB 879801, Tempe, AZ 85287 USA
来源：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2018年 / 10卷 / 03期
关键词：
LONG-TERM-CARE; LIFE-CYCLE; LIQUIDITY CONSTRAINTS; MEDICAL EXPENSES; SOCIAL-SECURITY; BEQUEST MOTIVES; UNITED-STATES; INSURANCE; CONSUMPTION; ALTRUISM;
D O I：
10.1257/mac.20160343
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper develops a tractable model of post-retirement behavior with health status uncertainty and state-verification difficulties. The model distinguishes between annuitized and non-annuitized wealth and features means-tested Medicaid assistance with nursing home care. We show how to solve the potentially complex dynamic problem analytically, making it possible to characterize optimal behavior with phase diagrams. The analysis provides an integrated treatment of portfolio composition and consumption/wealth accumulation choices. We show the model can explain both the "retirement-saving puzzle" and the "annuity puzzle."
引用
收藏
页码：71 / 117
页数：47
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