| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24311 |
| 来源ID | Working Paper 24311 |
| How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior | |
| Vanya Horneff; Raimond Maurer; Olivia S. Mitchell | |
| 发表日期 | 2018-02-12 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, as compared to what in the past had been thought of as more “normal” financial conditions. Our calibrated lifecycle dynamic model with realistic tax, minimum distribution, and Social Security benefit rules produces results that agree with observed saving, work, and claiming age behavior of U.S. households. In particular, our model generates a large peak at the earliest claiming age at 62, as in the data. Also in line with the evidence, our baseline results show a smaller second peak at the (system-defined) Full Retirement Age of 66. In the context of a zero return environment, we show that workers will optimally devote more of their savings to non-retirement accounts and less to 401(k) accounts, since the relative appeal of investing in taxable versus tax-qualified retirement accounts is higher in a low return setting. Finally, we show that people claim Social Security benefits later in a low interest rate environment. |
| 主题 | Microeconomics ; Households and Firms ; Welfare and Collective Choice ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; National Fiscal Issues ; Labor Economics ; Demography and Aging ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w24311 |
| 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/581982 |
| 推荐引用方式 GB/T 7714 | Vanya Horneff,Raimond Maurer,Olivia S. Mitchell. How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior. 2018. |
| 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 | ||
| w24311.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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