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Analyses in the Economics of Aging (National Bureau of by David A. Wise

By David A. Wise

Analyses within the Economics of getting older summarizes a tremendous volume of latest study on numerous renowned and less-examined subject matters relating the connection among economics and getting older. one of many topics explored during this quantity, massive recognition is given to new examine on retirement reductions, the price and potency of clinical assets, and the predictors of healthiness events.The quantity starts off with a dialogue of the dangers and benefits of 401(k) plans. next chapters current contemporary research of the expansion of Medicare expenses; different features of incapacity; and the evolution of well-being, wealth, and dwelling preparations over the existence direction. preserving with the worldwide culture of past volumes, Analyses within the Economics of getting older additionally contains comparative reports on discounts habit in Italy, the Netherlands, and the us; an exam of loved ones reductions between assorted age teams in Germany; and a bankruptcy dedicated to inhabitants getting older and the plight of widows in India. conscientiously compiled and containing the most state-of-the-art study and research on hand, this quantity may be of curiosity to any expert or policymaker involved in ongoing alterations in discount rates and retirement behaviors.

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Other net financial wealth” includes stocks, equity mutual funds, bonds, fixed-income mutual funds, checking and saving accounts, money market mutual funds and certificates of deposit. We refer to this category below as “financial wealth” despite the fact that it excludes annuitized wealth and retirement account assets. Net housing wealth equals gross home value less mortgages and home loans on the primary residence. The other wealth category includes the net-of-debt value of real estate other than household’s principal residence, the value of businesses or farms net of any outstanding debt, all assets held in trusts not otherwise classified, vehicles, and all “other” HRS wealth, which includes jewelry and expected repayment on personal loans.

This work suggests focusing only on nonhousing wealth as we consider the wealth available to support retirement spending. One way to conceptualize this approach is to assume the utility from housing consumption as additively separable from all other consumption in the household’s utility function and to further assume that owner-occupied housing generates only housing consumption. The difficulty with this approach is that it is possible that households view their housing equity as a reserve asset that can be tapped to support other consumption in the event of financial difficulty.

A number of the HRS households reported that all members of the household were still working in 2000, so that we could not define final earnings for them. 6 million had two earners. 9 million households, contained someone who reported both working and being retired. These individuals are presumably working part-time or have partially reentered the labor force. 2 million had at least one person claiming to be both retired and working. 2 presents summary information on the median earnings profiles for households in our sample, including years with no earnings because of unemployment or retirement.

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