The US population is aging. Social Security projections suggest that between 2013 and
2050, the population aged 65 and over will almost double, from 45 million to 86 million. One …

The saving patterns of retired US 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 …

We calibrate an overlapping-generations model with a rich demographic structure to
observed and projected changes in US population, family composition, life expectancy, and …

Despite facing significant uncertainty about their lifespans and health care costs, most
retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees' …

How much are low-income individuals willing to pay for health insurance, and what are the
implications for insurance markets? Using administrative data from Massachusetts' …

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 …

We use data from the Medicare Current Beneficiary Survey (MCBS) to document the medical
spending of Americans aged 65 and older. We find that medical expenses more than double …

In the US, both taxes and old-age social security benefits depend on one's marital status and
tend to reduce the labour supply of the secondary earner. To what extent are these …

The structure of taxes and their burden have undergone large and frequent changes over
time. We provide a brief history of US federal income tax reform since the 1960s, calculate …