The degree to which retirement decisions are driven by health is a key concern for both
academics and policy makers. In this review, we survey the economic literature on the health …

Older wealth holders spend down assets much more slowly than predicted by classic life-
cycle models. This paper introduces health-dependent utility into a model with incomplete …

Retired households, especially those with high lifetime income, decumulate their wealth very
slowly, and many die leaving large estates. The three leading explanations for the …

The so‐called retirement‐savings puzzle is a phenomenon by which, contrary to what the
standard life‐cycle model predicts, households do not run down their wealth significantly …

The paper studies the effect of health on work among older workers by eliciting two-and four-
year-ahead subjective probabilities of working under alternative health states. These …

We develop a machine-learning solution algorithm to solve for optimal portfolio choice in a
lifecycle model that includes many features of reality modelled only separately in previous …

This article documents that parents accumulate savings to insure their children against
income risk. I refer to this behaviour as dynastic precautionary saving. Using a sample of …

We use microdata on a large number of European countries from the Survey of Health,
Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) …

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 …

In the 1970s, US asset markets witnessed (i) a 25% dip in the ratio of aggregate household
wealth relative to GDP and (ii) negative comovement of house and stock prices that drove a …