@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}
}
