By David A. Wise
Analyses within the Economics of getting older summarizes a tremendous volume of recent learn on a number of well known and less-examined issues relating the connection among economics and getting older. one of many subject matters explored during this quantity, significant recognition is given to new study on retirement discounts, the fee and potency of clinical assets, and the predictors of future health events.The quantity starts with a dialogue of the dangers and advantages of 401(k) plans. next chapters current contemporary research of the expansion of Medicare expenditures; different facets of incapacity; and the evolution of overall healthiness, wealth, and dwelling preparations over the lifestyles direction. holding with the worldwide culture of prior volumes, Analyses within the Economics of getting older additionally contains comparative reviews on discount rates habit in Italy, the Netherlands, and the USA; an exam of family mark downs 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 one of the most state of the art study and research to be had, this quantity can be of curiosity to any expert or policymaker concerned about ongoing adjustments in discounts and retirement behaviors.
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Additional resources for Analyses in the Economics of Aging (National Bureau of Economic Research Conference Report)
When we reduce the average return by 300 basis points, the levels of ␣ for which stocks and the fifty-fifty mix are preferred to the index bond portfolio are lower. 5 prefer the fifty-fifty mix to the all-index-bond portfolio even when the expected return on stocks is reduced. 6 assume that the 401(k) balance is the only wealth that the household accumulates to provide for retirement support. A sequence of stock market returns that delivers a very low retirement wealth is therefore very costly in terms of household utility.
7, we assume that each household holds non-401(k) wealth at retirement equal to the present discounted value of their Social Security wealth, DB plan wealth, and income annuity wealth. 8, each simulation household receives non-401(k) wealth at retirement equal to its total net worth—including Social Security wealth, DB wealth, and income annuity wealth—but excluding the value of retirement account assets that they report. 8, but from simulations that account for the presence of Social Security, DB wealth, and other income annuities, in addition to simulated 401(k) wealth.
46 James M. Poterba, Joshua Rauh, Steven F. Venti, and David A. 6 Investment strategy/risk aversion (alpha) This is only 10 percent higher than the certainty equivalent of the all-indexbond strategy, $230,400. 10. 2 times the values with the all index bond portfolio. 7 Conclusions and Directions for Further Work This paper presents new evidence on the valuation of risky retirement saving assets when investors have a choice between investing in corporate stocks and index bonds. We find that the historical return distribution for equities leads investors to earn higher expected utility, in most cases, if they invest primarily in stocks rather than in index bonds.