@article {5947,
	title = {Personality Traits and Economic Preparation for Retirement},
	number = {wp279},
	year = {2012},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {This paper assesses the effects of personality traits on economic preparation for retirement, wealth accumulation, and consumption, among persons 66 to 69 years of age. Among the five chief personality traits of neuroticism, extroversion, agreeableness, conscientiousness, and openness, we focus most on conscientiousness. We find levels of adequate economic preparation for retirement ranging  from 29 percent to 90 percent and that conscientiousness positively affects the proportion of persons adequately prepared for retirement, while neuroticism negatively affects it. Both consumption and wealth increase with conscientiousness but wealth increases faster, indicating that more conscientious persons save more out of retirement resources.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://ideas.repec.org/p/mrr/papers/wp279.html},
	author = {Michael D Hurd and Angela Lee Duckworth and Susann Rohwedder and David R Weir}
}
@article {5913,
	title = {The Effects of the Financial Crisis on Actual and Anticipated Consumption},
	number = {WP 2011-255},
	year = {2011},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {We studied how households adjust their spending in response to the financial crisis. Based on five waves of data from the Consumption and Activities Mail Survey, we quantified the reduction in total consumption and in specific categories of consumption in the older population at large and by stock ownership, both as a proxy for wealth and to test assumptions about whether stock ownership was associated with different responses. In particular, we compared consumption changes between 2007 and 2009 with consumption changes over prior years. We used panel data on anticipated changes in spending at retirement to quantify the effects of the financial crisis on well- being in retirement via a difference-in-differences approach.},
	keywords = {Consumption and Savings, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction},
	url = {https://mrdrc.isr.umich.edu/pubs/the-effects-of-the-financial-crisis-on-actual-and-anticipated-consumption-2/},
	author = {Michael D Hurd and Susann Rohwedder}
}
@inbook {5233,
	title = {The Effect of Large Capital Gains or Losses on Retirement},
	booktitle = {Developments in the economics of aging},
	year = {2009},
	pages = {127-172},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	chapter = {4},
	address = {Chicago},
	keywords = {Net Worth and Assets, Retirement Planning and Satisfaction},
	isbn = {0-226-90335-4},
	url = {https://www.nber.org/books-and-chapters/developments-economics-aging/effect-large-capital-gains-or-losses-retirement},
	author = {Michael D Hurd and Reti, Monika and Susann Rohwedder},
	editor = {David A Wise}
}
@article {5710,
	title = {Adequacy of Economic Resources in Retirement and Returns-to-scale in Consumption},
	year = {2008},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {Most assessments of the adequacy of retirement resources are expressed as a comparison of preretirement income to immediate post-retirement income. Yet, among couples a substantial fraction of retirement years is eventually spent by the surviving spouse living alone. To the extent that singles need less than couples to maintain the same standard of living, assessments of the adequacy of economic resources that make no adjustment for widowing will systematically misstate economic preparation. We estimate returns-to-scale parameters in spending by older households, using data from the Consumption and Activities Mail Survey and apply these to assessments of adequacy of retirement resources.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	url = {http://www.mrrc.isr.umich.edu/publications/papers},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {5732,
	title = {Wealth Change and Active Saving at Older Ages},
	year = {2008},
	institution = {RAND and Netspar},
	abstract = {According to the simple lifecycle model single persons are predicted to decumulate assets at advanced age, when mortality risk is high to reduce the risk of dying with substantial wealth. Empirically it has been difficult to show this prediction in micro data. In this paper we discuss the most common limitations in existing data. We provide empirical evidence of dissaving at older ages by single persons using the unusually rich data from the Health and Retirement Study. We present lifecycle patterns of dissaving based on three very different kinds of data: those that are derived from wealth change, those derived from measures of active saving defined as disposable income minus consumption and those that are derived from model simulation. Based on wealth change we find evidence of dissaving for singles and limited evidence for couples: couples preserve wealth longer to provide for the surviving spouse. However, rates of active saving imply much smaller wealth decumulation for singles and no decumulation at all for couples. Decumulation based on model simulation lies between the two. We suspect that the discrepancies are partly due to the treatment of taxes and partly due to  consumption being under measured.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets},
	author = {Michael D Hurd and Susann Rohwedder}
}
@inbook {5216,
	title = {Trends in Pension Values Around Retirement},
	booktitle = {Redefining Retirement: How Will Boomers Fare?},
	year = {2007},
	note = {ProCite field 6 : In ProCite field 8 : eds},
	publisher = {Oxford University Press},
	organization = {Oxford University Press},
	address = {New York, NY},
	keywords = {Net Worth and Assets},
	doi = {10.1093/acprof:oso/9780199230778.003.0011},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {5598,
	title = {Increases in Wealth Among the Elderly in the Early 1990s: How Much is Due to Survey Design?},
	number = {10862},
	year = {2004},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {The Asset and Health Dynamics Among the Oldest Old (AHEAD) study shows a large increase in reported total wealth between 1993 and 1995. Such an increase is not found in other US household surveys around that period. This paper examines one source of this difference. We find that in AHEAD 1993 ownership rates of stocks, CDs, bonds, and checking and saving accounts were underreported, resulting in under-measurement of wealth in 1993, and a substantial increase in wealth from 1993 to 1995. The explanation for the under-reporting is a combination of question sequence and wording in the AHEAD survey instrument.},
	keywords = {Methodology, Net Worth and Assets},
	doi = {10.3386/w10862},
	author = {Susann Rohwedder and Steven Haider and Michael D Hurd}
}
