Andreas Hubener, Raimond Maurer, Olivia S Mitchell
{"title":"家庭地位和社会保障索赔选择如何塑造最佳生命周期投资组合。","authors":"Andreas Hubener, Raimond Maurer, Olivia S Mitchell","doi":"10.1093/rfs/hhv070","DOIUrl":null,"url":null,"abstract":"<p><p>We show how optimal household decisions regarding work, retirement, saving, portfolio allocations, and life insurance are shaped by the complex financial options embedded in U.S. Social Security rules and uncertain family transitions. Our life cycle model predicts sharp consumption drops on retirement, an age-62 peak in claiming rates, and earlier claiming by wives versus husbands and single women. Moreover, life insurance is mainly purchased on men's lives. Our model, which takes Social Security rules seriously, generates wealth and retirement outcomes that are more consistent with the data, in contrast to earlier and less realistic models.</p>","PeriodicalId":515836,"journal":{"name":"The Review of Financial Studies","volume":"29 4","pages":"937-978"},"PeriodicalIF":0.0000,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/rfs/hhv070","citationCount":"0","resultStr":"{\"title\":\"How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios.\",\"authors\":\"Andreas Hubener, Raimond Maurer, Olivia S Mitchell\",\"doi\":\"10.1093/rfs/hhv070\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p><p>We show how optimal household decisions regarding work, retirement, saving, portfolio allocations, and life insurance are shaped by the complex financial options embedded in U.S. Social Security rules and uncertain family transitions. Our life cycle model predicts sharp consumption drops on retirement, an age-62 peak in claiming rates, and earlier claiming by wives versus husbands and single women. Moreover, life insurance is mainly purchased on men's lives. Our model, which takes Social Security rules seriously, generates wealth and retirement outcomes that are more consistent with the data, in contrast to earlier and less realistic models.</p>\",\"PeriodicalId\":515836,\"journal\":{\"name\":\"The Review of Financial Studies\",\"volume\":\"29 4\",\"pages\":\"937-978\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1093/rfs/hhv070\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Review of Financial Studies\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1093/rfs/hhv070\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2015/11/19 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Review of Financial Studies","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1093/rfs/hhv070","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2015/11/19 0:00:00","PubModel":"Epub","JCR":"","JCRName":"","Score":null,"Total":0}
How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios.
We show how optimal household decisions regarding work, retirement, saving, portfolio allocations, and life insurance are shaped by the complex financial options embedded in U.S. Social Security rules and uncertain family transitions. Our life cycle model predicts sharp consumption drops on retirement, an age-62 peak in claiming rates, and earlier claiming by wives versus husbands and single women. Moreover, life insurance is mainly purchased on men's lives. Our model, which takes Social Security rules seriously, generates wealth and retirement outcomes that are more consistent with the data, in contrast to earlier and less realistic models.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
