The saving patterns of retired US households pose a challenge to the basic life-cycle model
of saving. The observed patterns of out-of-pocket medical expenses, which rise quickly with …

With aging populations, the role of private insurance in financing late-in-life risks is likely to
grow. Yet, demand for long-term care insurance (LTCI) and life annuities (hereafter …

Despite facing significant uncertainty about their lifespans and health care costs, most
retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees' …

Household financial decisions are complex, interdependent, and heterogeneous, and
central to the functioning of the financial system. We present an overview of the rapidly …

We show that characterizing the effects of housing on portfolios requires distinguishing
between the effects of home equity and mortgage debt. We isolate exogenous variation in …

In a life-cycle model, a retiree faces stochastic health depreciation and chooses
consumption, health expenditure, and the allocation of wealth between bonds, stocks, and …

Retired households, especially those with high lifetime income, decumulate their wealth very
slowly, and many die leaving large estates. The three leading explanations for the …

This paper uses wealth changes driven by housing market variation to estimate the effect of
family resources on fertility decisions. Using data from the Panel Study of Income Dynamics …

Long-term care expenditures constitute one of the largest uninsured financial risks facing the
elderly in the United States and thus play a central role in determining the retirement security …

There is increasing evidence that housing and housing markets impact a variety of
behaviors and outcomes. Using a rich panel of Australian microlevel data, we estimated the …