@article {11746,
	title = {Why do couples and singles save during retirement?},
	number = {28828},
	year = {2021},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {While the savings of retired singles tend to fall with age, those of retired couples tend to rise. We
estimate a rich model of retired singles and couples with bequest motives and uncertain longevity
and medical expenses. Our estimates imply that while medical expenses are an important driver
of the savings of middle-income singles, bequest motives matter for couples and high-income
singles, and generate transfers to non-spousal heirs whenever a household member dies. The
interaction of medical expenses and bequest motives is a crucial determinant of savings for all
retirees. Hence, to understand savings, it is important to model household structure, medical
expenses, and bequest motives.},
	keywords = {AHEAD, Couples, Retirement, Savings, Singles},
	doi = {10.3386/w28828},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones and McGee, Rory}
}
@article {NBERw26879,
	title = {Medical Spending, Bequests, and Asset Dynamics Around the Time of Death},
	number = {26879},
	year = {2020},
	institution = {National Bureau of Economic Research},
	type = {Report},
	address = {Cambridge, MA},
	abstract = {Using data from the Health and Retirement Survey, we document the changes in assets that occur before a person{\textquoteright}s death. Applying an event study approach, we find that during the 6 years preceding their deaths, the assets of single decedents decline, relative to those of similar single survivors, by an additional $20,000 on average. Over the same time span, the assets of couples who lose a spouse fall, relative to those of similar surviving couples, by an additional $90,000 on average. Households experiencing a death also incur higher out-of-pocket medical spending and other end-of-life expenses. This elevated spending is sufficient to explain (in accounting terms) the asset declines observed for singles but falls short of explaining the declines observed for couples. Bequests from the dying spouse to non-spousal heirs such as children are more than sufficient to explain the remainder.},
	keywords = {Asset dynamics, End of life expenses, Medical spending},
	doi = {10.3386/w26879},
	url = {http://www.nber.org/papers/w26879},
	author = {John Bailey Jones and Mariacristina De Nardi and Eric French and McGee, Rory and Rodgers, Rachel}
}
@article {9630,
	title = {The Lifetime Medical Spending of Retirees},
	year = {2018},
	month = {05/2018},
	pages = {2-31},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Using dynamic models of health, mortality, and out-of-pocket medical spending (both inclusive
and net of Medicaid payments), we estimate the distribution of lifetime medical spending that
retired U.S. households face over the remainder of their lives. We find that at age 70, households
will on average incur $122,000 in medical spending, including Medicaid payments, over their
remaining lives. At the top tail, 5 percent of households will incur more than $300,000, and 1
percent of households will incur over $600,000 in medical spending inclusive of Medicaid. The
level and the dispersion of this spending diminish only slowly with age. Although permanent
income, initial health, and initial marital status have large effects on this spending, much of the
dispersion in lifetime spending is due to events realized later in life. Medicaid covers the
majority of the lifetime costs of the poorest households and significantly reduces their risk},
	keywords = {Medicaid, Medical Expenses, Mortality, Out-of-pocket payments},
	issn = {08982937},
	doi = {10.3386/w24599},
	url = {http://www.nber.org/papers/w24599.pdf},
	author = {John Bailey Jones and Mariacristina De Nardi and Eric French and McGee, Rory and Kirschner, Justin}
}
@article {8800,
	title = {Savings After Retirement: A Survey},
	journal = {Annual Review of Economics},
	volume = {8},
	year = {2016},
	month = {Jul-10-2018},
	pages = {177 - 204},
	issn = {1941-1383},
	doi = {10.1146/annurev-economics-080315-015127},
	url = {http://www.annualreviews.org/doi/10.1146/annurev-economics-080315-015127},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {8643,
	title = {Couples{\textquoteright} and Singles{\textquoteright} Savings after Retirement},
	journal = {SSRN Electronic Journal},
	year = {2015},
	month = {Jan-01-2015},
	abstract = {We model the saving problem of retired couples and singles facing uncertain longevity and medical expenses in presence of means-tested social insurance. Households can save to self-insure against uncertain longevity and medical expenses, and to leave bequests. Individuals in a couple can be altruistic towards their spouse and other heirs and split bequests optimally. Single people can care about leaving bequests to children and others. Using AHEAD data, we first estimate the model and we then evaluate the relative importance of the various savings motives and the risk exposure of couples{\textquoteright} versus singles.},
	keywords = {Marriage, Older Adults, Retirement Planning and Satisfaction, Singles},
	doi = {10.2139/ssrn.2664111},
	url = {http://www.ssrn.com/abstract=2664111},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {7733,
	title = {How do the risks of living long and facing high medical expenses affect the elderly{\textquoteright}s saving behavior?},
	journal = {Chicago Fed Letter},
	volume = {294},
	year = {2012},
	pages = {1-4},
	publisher = {294},
	abstract = {Although the elderly have a lot of wealth, people still do not fully understand their patterns of saving behavior. Many elderly individuals keep large amounts of wealth even as they near the ends of their lives. Furthermore, as one study shows, income-rich households are especially frugal. Among the motivations for saving are the risks of living long and having high medical expenses in old age. In recent research, the authors quantify the importance of forces by estimating and simulating a rich model of saving behavior. Life spans vary greatly in both predictable and unpredictable ways. Using mortality rates estimated from the AHEAD, they find that rich people, women, and healthy people live much longer than their poor, male, and sick counterparts. The risk of living far past one{\textquoteright}s expected life span is large and, under incomplete annuitization, a potentially important reason why so many elderly people run down their assets so slowly.},
	keywords = {Adult children, Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.chicagofed.org/publications/chicago-fed-letter/2012/january-294},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {5942,
	title = {Medicaid Insurance in Old Age},
	number = {2012-278},
	year = {2012},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Medicaid was primarily designed to protect and insure the poor. However, the poor tend to live much shorter lifespans and thus incur much lower medical expenses before death. In this paper, we assess the insurance and redistributive properties of Medicaid, taking these dimensions of heterogeneity into account for single retirees. The Medicaid recipiency rate for those at the bottom income quintile stays around 60 -70  throughout their retirement. In contrast, Medicaid recipiency by higher-income retirees is much lower but increases by age, especially after age 90. Our preliminary results show that the annuity value of Medicaid payments is a hump-shaped function of permanent income. People in the middle of the income distribution receive more than those at the top or the bottom. Once one takes into account that the rich live longer, Medicaid is even less redistributive: in terms of present discounted value, the richest people receive almost as much the poorest ones, and the middle income people still benefit the most. Accounting for risk makes Medicaid less redistributive further still. Compensating differential calculations show that Medicaid insurance is valued most highly by the most rich, who have the most to lose.},
	keywords = {Income, Medicare/Medicaid/Health Insurance, Public Policy},
	url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2192557},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {5802,
	title = {The Effects of Medicaid and Medicare Reforms on the Elderly s Savings and Medical Expenditures},
	number = {WP 2010-236},
	year = {2010},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	address = {Ann Arbor, MI},
	abstract = {This study explores the relationship between general human capital investment, financial knowledge, occupational spillovers, and the accumulation of wealth in a primarily descriptive manner. Drawing upon human capital theory and following previous related work by Delavande, Rohwedder and Willis (2008), we hypothesized that individuals with daily exposure to financial knowledge through their occupation would benefit by having greater financial knowledge that would translate into greater wealth accumulation than individuals who do not enjoy such spillovers from their occupation. Using data from the Cognitive Economics Study and the Health and Retirement Study, we find strong evidence that individuals in financial occupations tend to have greater financial knowledge and moderate evidence that they also have greater wealth accumulation.},
	keywords = {Health Conditions and Status, Net Worth and Assets},
	url = {https://mrdrc.isr.umich.edu/pubs/the-effects-of-medicaid-and-medicare-reforms-on-the-elderlys-savings-and-medical-expenditures-2/},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones and Michigan Retirement Research Center}
}
@article {7472,
	title = {Why Do the Elderly Save? The Role of Medical Expenses},
	journal = {The Journal of Political Economy},
	volume = {118},
	year = {2010},
	pages = {39},
	publisher = {118},
	abstract = {This paper constructs a model of saving for retired single people that includes heterogeneity in medical expenses and life expectancies, and bequest motives. We estimate the model using Assets and Health Dynamics of the Oldest Old data and the method of simulated moments. Out-of-pocket medical expenses rise quickly with age and permanent income. The risk of living long and requiring expensive medical care is a key driver of saving for many higher-income elderly. Social insurance programs such as Medicaid rationalize the low asset holdings of the poorest but also benefit the rich by insuring them against high medical expenses at the ends of their lives.},
	keywords = {Consumption and Savings, Expectations, Healthcare, Other, Retirement Planning and Satisfaction},
	url = {http://proquest.umi.com.proxy.lib.umich.edu/pqdweb?did=2021386431andFmt=7andclientId=17822andRQT=309andVName=PQD},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {8785,
	title = {Differential Mortality, Uncertain Medical Expenses, and the Saving of Elderly Singles},
	year = {2006},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {People have heterogenous life expectancies: women live longer than men, rich people live longer than poor people, and healthy people live longer than sick people. People are also subject to heterogenous out-of-pocket medical expense risk. We construct a rich structural model of saving behavior for retired single households that accounts for this heterogeneity, and we estimate the model using AHEAD data and the method of simulated moments. We find that the risk of living long and facing high medical expenses goes a long way toward explaining the elderly{\textquoteright}s savings decisions. Specifically, medical expenses that rise quickly with both age and permanent income can explain why the elderly singles, and especially the richest ones, run down their assets so slowly. We also find that social insurance has a big impact on the elderly{\textquoteright}s savings.},
	keywords = {Medical Expenses, Mortality, Older Adults, Savings, Singles},
	doi = {10.3386/w12554},
	url = {http://www.nber.org/papers/w12554.pdf},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
