| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18695 |
| 来源ID | Working Paper 18695 |
| Health, Education, and the Post-Retirement Evolution of Household Assets | |
| James M. Poterba; Steven F. Venti; David A. Wise | |
| 发表日期 | 2013-01-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper explores the relationship between education and the evolution of wealth after retirement. Asset growth following retirement depends in part on health capital and financial capital accumulated prior to retirement, which in turn are strongly related to educational attainment. These "initial conditions" for retirement can have a lingering effect on subsequent asset evolution. Our aim is to disentangle the effects of education on post-retirement asset evolution that operate through health and financial capital accumulated prior to retirement from the effects of education that impinge directly on asset evolution after retirement. We consider the indirect effect of education through financial resources--in particular Social Security benefits and defined benefit pension benefits--and through health capital that was accumulated before retirement. We also consider the direct effect of education on asset growth following retirement, emphasizing the correlation between education and the returns households earn on their post-retirement investments. Households with different levels of education invest, on average, in different assets, and they may consequently earn different rates of return. Finally, we consider the additional effects of education that are not captured through these pathways. Our empirical findings suggest a substantial association between education and the evolution of assets. For example, for two person households the growth of assets between 1998 and 2008 is on average much greater for college graduates than for those with less than a high school degree. This difference ranges from about $82,000 in the lowest asset quintile to over $600,000 in the highest. |
| 主题 | Macroeconomics ; Consumption and Investment ; Health, Education, and Welfare ; Health ; Education |
| URL | https://www.nber.org/papers/w18695 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576365 |
| 推荐引用方式 GB/T 7714 | James M. Poterba,Steven F. Venti,David A. Wise. Health, Education, and the Post-Retirement Evolution of Household Assets. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18695.pdf（467KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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