@inbook {5263,
	title = {Are Retirees Falling Short? Reconciling the Conflicting Evidence},
	booktitle = {Reimagining Pensions: The Next 40 Years},
	year = {2016},
	pages = {11-36},
	publisher = {Oxford University Press},
	organization = {Oxford University Press},
	address = {Oxford, United Kingdom},
	abstract = {This paper examines conflicting assessments of whether people will have adequate retirement income to maintain their pre-retirement standard of living. The studies that it examines use data from the Survey of Consumer Finances (SCF), the Health and Retirement Study (HRS), and the HRS supplement Consumption and Activities Mail Survey (CAMS). Critical components of the analysis are behavioral assumptions about household consumption patterns when children leave home and when households retire. A key limitation is that the behavioral assumptions in the different studies are based on incomplete knowledge of actual household behavior.},
	keywords = {Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Alicia H. Munnell and Matthew S. Rutledge and Anthony Webb},
	editor = {Olivia S. Mitchell and Shea, Richard C.}
}
@article {5854,
	title = {Do Households Increase Their Savings When the Kids Leave Home?},
	year = {2015},
	institution = {Boston College},
	abstract = {Much of the disagreement over whether households are adequately prepared for retirement reflects differences in assumptions regarding the extent to which consumption declines when the kids leave home. If consumption declines substantially when the kids leave home, as some life-cycle models of retirement saving assume, households need to achieve lower replacement rates in retirement and need to accumulate less wealth. Using administrative tax data from the Health and Retirement Study (HRS), as well as the Survey of Income and Program Participation (SIPP), this paper investigates whether household consumption declines when kids leave the home and, if so, by how much. Because consumption data are noisy and savings is the flip side of consumption, this paper examines whether savings in 401(k) plans increase when the kids leave home. The paper also investigates alternative methods of saving, including non-401(k) savings and increased mortgage payments.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Irena Dushi and Alicia H. Munnell and Geoffrey T. Sanzenbacher and Anthony Webb}
}
@inbook {5252,
	title = {The Economic Security of Latino Baby Boomers: Implications for Future Retirees and for Healthcare Funding in the U.S.},
	booktitle = {Challenges of Latino Aging in the Americas},
	year = {2015},
	pages = {355-378},
	publisher = {Springer},
	organization = {Springer},
	chapter = {21},
	address = {New York},
	keywords = {Consumption and Savings, Healthcare, Net Worth and Assets, Public Policy, Women and Minorities},
	author = {Zachary Gassoumis and Kathleen H. Wilber and Torres-Gil, Fernando M.},
	editor = {William A. Vega and Kyriakos S Markides and Jacqueline L. Angel and Torres-Gil, Fernando M.}
}
@article {5858,
	title = {Elderly Poverty in the United States in the 21st Century: Exploring the Role of Assets in the Supplemental Poverty Measure},
	year = {2015},
	institution = {Boston College},
	abstract = {Official estimates of elderly poverty do not take into account either the medical needs of the elderly, which can be quite extensive, or the assets at their disposal, which may also be extensive. The new Supplemental Poverty Measure (SPM) explicitly takes into account medical needs but has been criticized for not concomitantly taking into account asset portfolios. In this paper we consider both jointly, using an approach adapted from a recent National Academy of Sciences report recommending methods for measuring poverty and medical risk while taking account of assets. We use longitudinal data from the Health and Retirement Study (HRS).},
	keywords = {Income, Net Worth and Assets},
	url = {http://crr.bc.edu/working-papers/elderly-poverty-in-the-united-states-in-the-21st-century-exploring-the-role-of-assets-in-the-supplemental-poverty-measure/},
	author = {Wimer, Christopher and Manfield, Lucas}
}
@article {8309,
	title = {Marital bargaining in the demand for life insurance: evidence from the Health and Retirement Study},
	journal = {Review of Economics of the Household},
	volume = {13},
	year = {2015},
	note = {Times Cited: 0 0},
	pages = {243-268},
	publisher = {13},
	abstract = {A vast literature explores life insurance from the perspective of a single individual. This paper considers an alternative approach by developing and testing a theoretical model for term life insurance demand by married households over age 50. Allowing for joint, cooperative decision making between spouses, empirical findings show that increasing the relative bargaining power of husbands results in reductions in the size of the insurance policies covering the lives of husbands in a manner consistent with theory. The intuition is that households reallocate resources to states of nature that husbands place greater weight by reducing the amount spent on purchasing insurance covering the lives of husbands. In contrast, marital bargaining power generally has a substantially smaller effect in the demand for life insurance covering the lives of wives. However, when bargaining power is shifted towards husbands, life insurance coverage increases among the subsample of wives who provide a large proportion of total household income and are more likely to require protection against lost future income in the event of death.},
	keywords = {End of life decisions, Insurance, Net Worth and Assets, Other},
	author = {Edwin S. Wong}
}
@mastersthesis {6158,
	title = {Relationship of financial literacy to retirement preparedness among female baby-boomer cohorts},
	volume = {Ph.D.},
	year = {2015},
	month = {2015},
	pages = {115},
	school = {Capella University},
	abstract = {Studies have not examined the impact of components of financial literacy on retirement preparedness nor the relationship between financial literacy and decision-making among female baby-boomers. This study examined data from the 2010 wave of the Health and Retirement Study for females born between 1946 and 1959. This study defined financial literacy as including knowledge of investment strategies, the bond market, risk, and diversity. It defined retirement preparedness as the possession of specific financial assets. Financial decision-making was defined as the potential for mortgage default and carrying balances on credit cards. The study used a synthesis of rational choice and planned behavior theories. Correlation was used to describe the relationships between variables, and Fisher{\textquoteright}s transformation was used to determine significant differences between cohorts. Multiple linear regression was used to create predictive models for retirement planning, with the resultant finding that age was significant in predicting retirement preparedness ( p < .01). Older cohorts were more prepared, particularly in terms of owning IRA/Keogh plans. Understanding the effects of holding a variety of stocks and foreign stocks were most strongly related to retirement preparedness. There was a significant relationship between financial literacy and the potential for mortgage default ( p < .05) but not for carrying credit card balances. The regression produced a significant ( p < .05) predictive model for retirement preparedness, thought the relationship with financial literacy was slight. The research has implications in terms of housing, health, and municipal sustainability. Further research is necessary to define financial literacy, retirement preparedness, and their relationship.},
	keywords = {End of life decisions, Health Conditions and Status, Methodology, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction, Women and Minorities},
	author = {Womack, Barbara Klein}
}
@mastersthesis {6201,
	title = {Three Essays on the Supply of Long-Term Care Services to the Elderly in the U.S},
	volume = {3713670},
	year = {2015},
	note = {Copyright - Copyright ProQuest Dissertations Publishing 2015 Last updated - 2015-09-02 First page - n/a},
	month = {2015},
	pages = {105},
	school = {Syracuse University},
	type = {Ph.D.},
	address = {Syracuse, NY},
	abstract = {Situated in the context of a rapidly aging population, this dissertation examines the implications of supplying long-term care (LTC) services to the elderly in the United States. The first two essays investigate private costs of LTC assistance borne by adult children of elderly parents. In contrast, the third essay focuses on the cost of publicly-provided, formal LTC services. The first essay analyzes whether adult children devote less time to exercise as time allocation in parental caregiving increases. The empirical model is a system of four correlated equations, where the dependent variables are hours spent caregiving, frequency of moderate and vigorous physical activity, and hours spent in paid work. I use pooled cross-sectional data from the Health and Retirement Study (HRS) for this analysis. Results from joint estimation of the four equations indicate limited evidence of a competition between time spent in caregiving and frequency of physical activity. Parental factors that increase allocation of care time to parents do not comprehensively induce reductions in the frequency of any type of physical activity, nor in hours of work, among either men or women. The second essay goes beyond time resources and examines whether dementia onset in parents leads to a reduction in adult children{\textquoteright}s household wealth. Towards this, I construct a longitudinal dataset from seven waves of HRS. Estimates from unconditional quantile regressions indicate that parental dementia substantially reduces household wealth of an unmarried adult child in the upper quantiles of the wealth change distribution in the first two years after parental diagnosis. These effects are more pronounced for unmarried adult children without siblings. Further, this response is observed to persist in the subsequent time period as well. An examination of mechanisms suggests that both, losses in labor income and nursing home expenditures, may play a role in leading to wealth declines. This paper makes two contributions: first, it focuses on a broader outcome of private cost, and second, unlike previous studies, it does not limit the analysis to adult children who are informal caregivers. The final essay examines the cost implications of publicly provided formal care services. Medicaid{\textquoteright}s Personal Care Services (PCS) State Plan benefit is a key mechanism through which states provide personal assistance services to eligible beneficiaries. But, it is widely claimed that states are reluctant to adopt the program over fears of runaway spending. Surprisingly, there has been very little empirical work on examining the effect of the PCS State Plan benefit on Medicaid expenditures. Using aggregate state-level data from 1975 through 2009, this study finds that PCS State Plan adoption had no overall effect on Medicaid expenditures, except briefly during the early-growth years in 1980s. Further, findings suggest that states make decisions to adopt the program based on financial experiences of other adopting states. This study provides evidence consistent with the interpretation that when faced with the dilemma of balancing increased access and uncontrolled expenditures, state officials adapt the design of an entitlement benefit in an effort to make it less expensive. In its entirety, the dissertation provides new thinking on two dominant themes in conventional long-term care research: "caregiver burden" and "woodwork effect". In particular, the results of the first and third essay question the presence of "caregiver burden" and "woodwork effect" respectively, while the third essay challenges the pervasiveness of "caregiver burden" among unmarried adult children. These findings, which in some aspect are unexpected in the context of existing literature, have important implications for policy intervention and the direction of future research efforts in this area.},
	keywords = {Adult children, Health Conditions and Status, Healthcare, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets, Public Policy},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1708672813?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+Full+Text\&rft_val_fmt=info:ofi/},
	author = {Arora, Kanika}
}
@article {5866,
	title = {The Transition from Defined Benefit to Defined Contribution Pensions: Does It Influence Elderly Poverty?},
	year = {2015},
	institution = {Boston College},
	abstract = {The transition from defined benefit (DB) to defined contribution (DC) pension plans has left workers forced to make choices that may decrease their financial resources in retirement: taking lump-sum distributions before retirement that divert funds that could support consumption in retirement, not annuitizing DC benefits, or choosing a single-life annuity over a joint-and-survivor option so that their surviving spouses are left susceptible to income loss. This study examines pension coverage, lump-sum distributions, annuitization, and annuity life options among Health and Retirement Study households observed at ages 65-69 and 75-79 and relates these pension provisions to poverty incidence and the risk of falling into poverty at older ages. The results indicate that households with pensions that are annuitized with the joint-and-survivor life option and that do not take lump-sum distributions before age 55 are best able to avoid income and asset poverty. The results emphasize the importance of making DC plans operate more like DB plans, because the opportunities for these poor financial choices are likely only to grow given the reliance on DC plans as the sole source of employer pension income for future cohorts of retirees.},
	keywords = {Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Orlova, Natalia S. and Matthew S. Rutledge and April Yanyuan Wu}
}
@article {5867,
	title = {What Determines End-of-Life Assets? A Retrospective View},
	year = {2015},
	abstract = {We consider assets when individuals were last observed prior to death in the Health and Retirement Study (HRS) and trace assets backwards to the age when these individuals were first observed. For most individuals, assets in the last year observed (LYO) were very similar to assets in the first year observed (FYO). In particular, most of those who were last observed with very low asset levels also had low assets when first observed. We also estimate the relationship between an individual{\textquoteright}s asset change between the first and last date of observation, that individual{\textquoteright}s education and health status when first observed, and that individual{\textquoteright}s within-sample changes in health and family composition. We obtain estimates for HRS respondents who were 51 to 61 in 1992 and for AHEAD respondents who were age 70 and over in 1993.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Women and Minorities},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@mastersthesis {6306,
	title = {The economic security of an aging minority population: A profile of Latino baby boomers to inform future retirees},
	volume = {3628171},
	year = {2014},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2014 Last updated - 2014-09-17 First page - n/a},
	month = {2014},
	pages = {124},
	school = {University of Southern California},
	type = {Ph.D.},
	address = {Los Angeles},
	abstract = {The United States is facing dramatic demographic changes due to the aging of the Baby Boom Generation and increasing diversity, including rapid growth of the Latino population. Questions have been raised regarding the economic security of the aging baby boomers{\textquoteright} generational cohort once they retire, which are of particular relevance to minority and Latino members of the cohort. Latinos tend to have lower levels of financial security than their white, non-Latino counterparts, but there is little research that examines individuals who fall into the intersection of these two groups: the Latino baby boomers. Because Latino boomers are a largely hidden population, their economic status and prospects are difficult to estimate. The first empirical chapter (Chapter 2) looks at the characteristics of the Baby Boomer population living in the 50 U.S. states and the District of Columbia, broken down by Latino ethnicity and citizenship status. Drawing from several U.S. Census Bureau data sources, it revealed three key findings: 1) there were 80 million baby boomers in the U.S. in 2000--more than previously reported--of which 8.0 million (10\%) were Latinos; 2) U.S.-born Latino boomers were more similar to non-Latino boomers in terms of demographic characteristics, whereas foreign-born citizens and non-citizens scored less well on key demographic indicators; and 3) compared to non-Latino baby boomers, U.S.-born Latino baby boomers had somewhat less favorable economic characteristics. The second empirical chapter identifies the magnitude of racial/ethnic structural disadvantage for income and wealth in the years preceding retirement for the Baby Boom Generation, then compares their structural disadvantage with that of members of the Silent Generation cohort when they were the same age. After adjusting for sociodemographic variables (age, gender, citizenship status, education, marital status, and labor force participation), the structural effects of race/ethnicity on income--using the American Community Survey--and wealth--using the Health and Retirement Study--were considerably reduced, confirming two of the chapter{\textquoteright}s four hypotheses; however, the expected reduction in structural effects from the Silent Generation to the Baby Boom Generation was seen for wealth but not for income, confirming only one of the remaining two hypotheses. This reduction of structural disparities in wealth from the Silent Generation to the Baby Boom Generation follows the expectation that these disparities would be reduced over time, which signals good news for the younger members of the Baby Boom Generation, Generation X, and future generational cohorts. But large gaps still exist between racial/ethnic groups, even after sociodemographic adjustment; future reduction in those structural inequalities can help decrease those gaps, an especially important consideration for low-income racial/ethnic minority groups. The third empirical chapter takes an initial step toward disaggregating by age the effect of naturalization on income growth. Using linear growth curve modeling on data from the Survey of Income and Program Participation{\textquoteright}s 2004 panel, it attempts to replicate past findings across the entire lifespan, but fails to detect an effect of naturalization on income growth; only non-citizens had a significantly higher level of income growth during the study period than U.S.-born citizens. In subsetting the analysis for older and younger working-age groups, an effect of naturalization was not detected for either group, and the positive effect for non-citizens was seen only for the younger age group. The predictor variables on the whole had minimal relationships with slope in the model, with less than 1\% of variance explained in each model. Although a stronger effect of the predictor variables, including an effect of naturalization, may have appeared were more years of data available, it was not detected over the 4-year study period. Two unexpected findings were: 1) individuals in the younger sample who had naturalized before the study had higher intercepts than U.S.-born citizens but no such difference emerged in the older sample; and 2) in a bivariate context, those who naturalized during the study represented a socioeconomic midpoint of sorts--on racial/ethnic composition, education, and income--naturalized prior to the study. In sum, these chapters shed light on the Baby Boom cohort{\textquoteright}s characteristics and dynamics in the period leading up to their retirement age. This dissertation provides insights into the characteristics, demographic history, and socioeconomic patterns of the upcoming cohort of retirees. Implications of these findings have the potential to inform and to modify practice and policy for the next cohort: Generation X. The findings underscore the importance of reducing disparities in education and, to a degree, citizenship as a mechanism for countering the persistent effects of structural inequality on income. These insights have implications for both theory and policy and lay a foundation for a wide range of future research, which is discussed in the final chapter.},
	keywords = {Demographics, Income, Methodology, Net Worth and Assets, Women and Minorities},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1560683648?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+A\%26I\&rft_val_fmt=info:ofi/fmt:},
	author = {Zachary Gassoumis}
}
@book {5291,
	title = {Economics of the Family},
	year = {2014},
	publisher = {Cambridge University Press},
	organization = {Cambridge University Press},
	address = {New York},
	abstract = {The family is a complex decision unit in which partners with potentially different objectives make consumption, work, and fertility decisions. Couples marry and divorce partly based on their ability to coordinate these activities, which in turn depends on how well they are matched. This book provides a comprehensive, modern, and self-contained account of the research in the growing area of family economics. The first half of the book develops several alternative models of family decision making. Particular attention is paid to the collective model and its testable implications. The second half discusses household formation and dissolution and who marries whom. Matching models with and without frictions are analyzed and the important role of within-family transfers is explained. The implications for marriage, divorce, and fertility are discussed. The book is intended for graduate students in economics and for researchers in other fields interested in the economic approach to the family.},
	keywords = {Adult children, Demographics, Net Worth and Assets},
	url = {http://www.amazon.com/Economics-Cambridge-Surveys-Economic-Literature/dp/0521795397},
	author = {Browning, Martin and Chiappori, Pierre-Andr and Weiss, Yoram}
}
@article {7850,
	title = {Borrowing to cope with adverse health events: liquidity constraints, insurance coverage, and unsecured debt},
	journal = {Health Economics},
	volume = {22},
	year = {2013},
	note = {Times Cited: 0},
	pages = {1177-98},
	publisher = {22},
	abstract = {This article uses data from the Health and Retirement Study for 1998-2010 to investigate whether households respond to the financial stress caused by health problems by increasing their unsecured debt. Results show both the probability of having unsecured debt and the amount of debt increase after an adverse health event among households with low financial assets, who are uninsured, or who have less generous health insurance. The effect of health problems on borrowing is caused by both medical expenditures and disruptions to the income stream. Unsecured debt seems to remain on some households{\textquoteright} balance sheets for an extended period.},
	keywords = {Medicare/Medicaid/Health Insurance, Net Worth and Assets, Public Policy},
	doi = {10.1002/hec.2877},
	author = {Patryk D. Babiarz and Widdows, Richard and Tansel Yilmazer}
}
@article {7919,
	title = {Gender preference and transfers from parents to children: an inter-regional comparison},
	journal = {International Review of Applied Economics},
	volume = {27},
	year = {2013},
	pages = {61},
	publisher = {27},
	abstract = {This paper examines whether parents exhibit gender preference in the allocation of family resources to their adult children. Gender preference is defined in the context of an altruistic model for inter-vivos transfer from parents to children extended to include educational investment. Data from the Health and Retirement Study (United States) and the Korean Longitudinal Study of Ageing are used to show that the degree of gender preference differs across these culturally distinct regions. Among Korean families, empirical results point to male preference as sons receive larger inter-vivos transfers and attain higher levels of education compared with daughters. In contrast, the evidence pertaining to gender preference among American families points to daughter preference as inter-vivos transfers and educational investment is generally higher among female adult children.  PUBLICATION ABSTRACT},
	keywords = {Adult children, Cross-National, Demographics, Methodology, Net Worth and Assets},
	author = {Edwin S. Wong}
}
@article {5964,
	title = {Health, Education, and the Post-Retirement Evolution of Household Assets},
	year = {2013},
	institution = {Cambridge, MA, National Bureau of Economic Research},
	abstract = {This paper explores the relationship between education and the evolution of wealth after retirement. Asset growth following retirement depends in part on health capital and financial capital accumulated prior to retirement, which in turn are strongly related to educational attainment. These  initial conditions  for retirement can have a lingering effect on subsequent asset evolution. Our aim is to disentangle the effects of education on post-retirement asset evolution that operate through health and financial capital accumulated prior to retirement from the effects of education that impinge directly on asset evolution after retirement. We consider the indirect effect of education through financial resources in particular Social Security benefits and defined benefit pension benefits and through health capital that was accumulated before retirement. We also consider the direct effect of education on asset growth following retirement, emphasizing the correlation between education and the returns households earn on their post-retirement investments. Households with different levels of education invest, on average, in different assets, and they may consequently earn different rates of return. Finally, we consider the additional effects of education that are not captured through these pathways. Our empirical findings suggest a substantial association between education and the evolution of assets. For example, for two person households the growth of assets between 1998 and 2008 is on average much greater for college graduates than for those with less than a high school degree. This difference ranges from about  82,000 in the lowest asset quintile to over  600,000 in the highest.},
	keywords = {Demographics, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {7858,
	title = {The impact of house price movements on non-durable goods consumption of older households},
	journal = {Annals of Economics and Finance},
	volume = {14},
	year = {2013},
	note = {Export Date: 24 September 2013 Source: Scopus},
	pages = {491-510},
	publisher = {14},
	abstract = {Using Health and Retirement Study (HRS) data, we create a new, up-to-date panel dataset to investigate the impact of house price movements on the non-durable goods consumption of older households. We find that older homeowners respond asymmetrically when experiencing house price gains and house price losses. More specifically, they increase total non-durable goods expenditure when house prices appreciate, but fail to reduce consumption when house prices fall.},
	keywords = {Net Worth and Assets},
	url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84874026500andpartnerID=40andmd5=9b24de128cf6ceeaf4346ecc7151389a},
	author = {Shenyi Jiang and Wei Sun and Anthony Webb}
}
@article {7851,
	title = {The Life Care Annuity: A New Empirical Examination of an Insurance Innovation That Addresses Problems in the Markets for Life Annuities and Long-Term Care Insurance},
	journal = {Journal of Risk and Insurance},
	volume = {80},
	year = {2013},
	note = {Times Cited: 0},
	pages = {677-704},
	publisher = {80},
	abstract = {The integration of the life annuity with long-term care insurance coverage is intended to deal with major problems in the currently separate markets for life annuities and long-term care insurance. The integration would allow the inclusion of most of the population currently rejected by underwriting those in poor health or lifestyles but who would not go immediately into long-term care claim who also have lower life expectancies. We make use of the Health and Retirement Study, on individuals in retirement and their disability incidence, exploiting the panel nature of the survey to estimate transition probabilities in and out of disability states according to numerous demographic and health characteristics. This allows for analysis of disability and mortality risk across a number of dimensions. We find that different risk groups at age 65 have similar projected long-term care expenses, but that the level-periodic-premium structure of most long-term care insurance policies creates incentives for individuals to separate into different risk pools according to observable characteristics, justifying the underwriting observed on the market. Yet we also find that gender-rated life care annuities could succeed in pooling risks currently segmented in the market for long-term care insurance, thus qualifying individuals at or near retirement for permanent long-term care insurance coverage who do not currently qualify, and allowing for life annuities to be purchased more cheaply than in the stand-alone annuity market now subject to adverse selection.},
	keywords = {Disabilities, Health Conditions and Status, Insurance, Medicare/Medicaid/Health Insurance, Net Worth and Assets},
	doi = {10.1111/j.1539-6975.2013.12013.x},
	author = {Brown, Jason and Mark J. Warshawsky}
}
@mastersthesis {6244,
	title = {Multivariate fractional response models in a panel setting with an application to portfolio allocation},
	volume = {3558362},
	year = {2013},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2013 Last updated - 2013-05-16 First page - n/a},
	month = {2013},
	pages = {131},
	school = {Michigan State University},
	type = {Ph.D.},
	abstract = {Several papers use subjective survival probabilities as a measure of mortality risk in studying economic behavior. The first chapter "Wealth Holdings, Asset Allocation and Mortality: A Test of the Information Content of Subjective Survival Probabilities" studies whether subjective survival probability measures contain any additional information that can explain differential wealth holdings and asset allocation among households. We find some evidence that survival probabilities can explain differences in household wealth holding and allocation once we control for other factors that affect decision-making. We also find that the estimated impact of subjective survival is sensitive to the inclusion of reported survival probabilities of one. Some fractional response variables, like the proportion of financial wealth allocated across multiple assets, must satisfy an adding up restriction. In the second chapter "A Model for Multivariate Fractional Responses with an Application to Asset Allocation", we develop a twostep procedure where we estimate a model with multiple fractional response variables exploiting the fact that these variables sum to one in each period and are correlated over time. The first step entails estimation of the multivariate fractional responses using the multinomial quasi-likelihood function which explicitly imposes the adding-up restriction and the second step uses the Classical Minimum Distance estimator to account for serial correlation. Many panel data estimators implicitly assume that we have a balanced panel at our disposal. Unfortunately this is rarely the case and dropping observations is an unsatisfactory solution to the problem. Estimation of fractional responses in a panel requires assumptions about the distribution of the unobserved effect and its relationship with observables, which requires special treatment in an unbalanced panel. In the third chapter, "Estimation of a Multivariate Fractional Response Model with Unbalanced Panel Data", we extend the approach in Wooldridge (2010) to the case of multiple fractional responses and apply this to unbalanced panel data on the allocation of financial wealth across several assets.},
	keywords = {Methodology, Net Worth and Assets},
	author = {Carlton, Michael Anthony}
}
@article {7879,
	title = {Relationships of Disability with Age Among Adults Aged 50 to 85: Evidence from the United States, England and Continental Europe},
	journal = {PloS one},
	volume = {8},
	year = {2013},
	note = {Times Cited: 0},
	publisher = {8},
	abstract = {Objectives: To extend existing research on the US health disadvantage relative to Europe by studying the relationships of disability with age from midlife to old age in the US and four European regions (England/Northern and Western Europe/Southern Europe/Eastern Europe) including their wealth-related differences, using a flexible statistical approach to model the age-functions.   Methods: We used data from three studies on aging, with nationally representative samples of adults aged 50 to 85 from 15 countries (N = 48225): the US-American Health and Retirement Study (HRS), the English Longitudinal Study of Ageing (ELSA) and the Survey of Health, Ageing and Retirement in Europe (SHARE). Outcomes were mobility limitations and limitations in instrumental activities of daily living. We applied fractional polynomials of age to determine best fitting functional forms for age on disability in each region, while controlling for socio-demographic characteristics and important risk factors (hypertension, diabetes, obesity, smoking, physical inactivity).   Results: Findings showed high levels of disability in the US with small age-related changes between 50 and 85. Levels of disability were generally lower in Eastern Europe, followed by England and Southern Europe and lowest in Northern and Western Europe. In these latter countries age-related increases of disability, though, were steeper than in the US, especially in Eastern and Southern Europe. For all countries and at all ages, disability levels were higher among adults with low wealth compared to those with high wealth, with largest wealth-related differences among those in early old age in the USA.   Conclusions: This paper illustrates considerable variations of disability and its relationship with age. It supports the hypothesis that less developed social policies and more pronounced socioeconomic inequalities are related to higher levels of disability and an earlier onset of disability.},
	keywords = {Cross-National, Disabilities, ELSA, Net Worth and Assets, SHARE},
	doi = {10.1371/journal.pone.0071893},
	author = {Morten Wahrendorf and Reinhardt, Jan D. and Johannes Siegrist}
}
@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 {5925,
	title = {Were They Prepared for Retirement? Financial Status at Advanced Ages in the HRS and AHEAD Cohorts},
	year = {2012},
	note = {National Bureau of Economic Research, Inc, NBER Working Papers: 17824, 2012 0898-2937 Working Paper},
	institution = {National Bureau of Economic Research},
	abstract = {Many analysts have considered whether households approaching retirement age have accumulated enough assets to be well prepared for retirement. In this paper, we shift from studying household finances at the start of the retirement period, an ex ante measure of retirement preparation, to studying the asset holdings of households in their last years of life. The analysis is based on Health and Retirement Study with special attention to Asset and Health Dynamics Among the Oldest Old (AHEAD) cohort that was first surveyed in 1993. We consider the level of assets that households hold in the last survey wave preceding their death. We study how assets at the end of life depend on three family status pathways prior to death--(1) original one-person households in 1993, (2) persons in two-person household in 1993 with a deceased spouse in the last year observed, and (3) persons in two-person households in 1993 with the spouse alive when last observed. We find that a substantial fraction of persons die with virtually no financial assets--46.1 percent with less than  10,000--and many of these households also have no housing wealth and rely almost entirely on Social Security benefits for support. In addition this group is disproportionately in poor health. Based on a replacement rate comparison, many of these households may be deemed to have been well-prepared for retirement, in the sense that their income in their final years was not substantially lower than their income in their late 50s or early 60s. Yet with such low asset levels, they would have little capacity to pay for unanticipated needs such as health expenses or other financial shocks or to pay for entertainment, travel, or other activities. This raises a question of whether the replacement ratio is a sufficient statistic for the  adequacy  of retirement preparation.},
	keywords = {Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Net Worth and Assets, Women and Minorities},
	url = {URL:http://www.nber.org/papers/w17824.pdf  URL},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {5901,
	title = {Cognitive Aging and Human Capital},
	year = {2011},
	institution = {University of Michigan},
	keywords = {Health Conditions and Status, Net Worth and Assets},
	author = {John J McArdle and Robert J. Willis}
}
@article {5911,
	title = {Household Stock Market Beliefs and Learning},
	number = {17614},
	year = {2011},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper characterizes heterogeneity of the beliefs of American households about future stock market returns, provides an explanation for that heterogeneity and establishes its relationship to stock holding behavior. We find substantial belief heterogeneity that is puzzling since households can observe the same publicly available information about the stock market. We propose a simple learning model where agents can invest in the acquisition of financial knowledge. Differential incentives to learn about the returns process can explain heterogeneity in beliefs. We check this explanation by using data on beliefs elicited as subjective probabilities and a rich set of other variables from the Health and Retirement Study. Both descriptive statistics and estimated relevant heterogeneity of the structural parameters provide support for our explanation. People with higher lifetime earnings, higher education, higher cognitive abilities, defined contribution as opposed to defined benefit pension plans, for example, possess beliefs that are considerably closer to what historical time series would imply. Our results also suggest that a substantial part of the reduced form relationship between stock holding and household characteristics is due to differences in beliefs. Our methodological contribution is estimating relevant heterogeneity of structural belief parameters from noisy survey answers to probability questions.},
	keywords = {Consumption and Savings, Expectations, Methodology, Net Worth and Assets},
	doi = {10.3386/w17614},
	author = {Kezdi, Gabor and Robert J. Willis}
}
@article {5918,
	title = {Personality and Response to the Financial Crisis},
	number = {UM11-09},
	year = {2011},
	institution = {The University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {In a previous study, we found the family of personality traits known as conscientiousness to be associated in cross-sectional analyses with both lifetime earnings and wealth. In this study, we used data from an Internet survey of HRS respondents in the second quarter of 2009 to test whether conscientiousness and other Big Five factors prospectively predicted responses to the financial crisis of 2008/09. In addition, to improve the targeting and design of behavioral interventions for  at-risk  individuals, we examined two specific facets of conscientiousness (i.e., self-control and perseverance) that may be more highly related to these economic outcomes than other facets. Finally, we used data from the Consumption and Activities Mail Survey (CAMS) to examine whether personality is related to the proportion of income saved vs. spent.  Missing data precluded sufficiently powerful prospective analyses of personality and responses to the financial crisis. Likewise, data on self-control and perseverance from the 2010 experimental module were not sufficient at the time of final reporting to come to definitive conclusions about how these facets relate to economic outcomes. We did find that conscientious adults save more and spend less of their incomes, whereas adults who are higher in openness to experience (e.g., adventurous, sophisticated) save less and spend more of their income. The robust associations between conscientiousness and economic outcomes suggests further investigation of interventions that improve conscientiousness as well as policies that specifically target less conscientious individuals (e.g., default choices for retirement savings).},
	keywords = {Health Conditions and Status, Net Worth and Assets, Public Policy},
	url = {https://mrdrc.isr.umich.edu/projects/personality-and-response-to-the-financial-crisis/},
	author = {Angela Lee Duckworth and David R Weir}
}
@article {5825,
	title = {The Asset Cost of Poor Health},
	number = {16389},
	year = {2010},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper examines the correlation between poor health and asset accumulation for households in the first nine waves of the Health and Retirement Survey. Rather than enumerating the specific costs of poor health, such as out of pocket medical expenses or lost earnings, we estimate how the evolution of household assets is related to poor health. We construct a simple measure of health status based on the first principal component of HRS survey responses on self-reported health status, diagnoses, ADLs, IADL, and other indicators of underlying health. Our estimates suggest large and substantively important correlations between poor health and asset accumulation. We compare persons in each 1992 asset quintile who were in the top third of the 1992 distribution of latent health with those in the same 1992 asset quintile who were in the bottom third of the latent health distribution. By 2008, those in the top third of the health distribution had accumulated, on average, more than 50 percent more assets than those in the bottom third of the health distribution. This asset cost of poor health appears to be larger for persons with substantial 1992 asset balances than for those with lower balances.},
	keywords = {Health Conditions and Status, Net Worth and Assets},
	doi = {10.3386/w16389},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {7532,
	title = {The Effect of Inheritance Receipt on Retirement},
	journal = {Review of Economics and Statistics},
	volume = {92},
	year = {2010},
	pages = {425-434},
	publisher = {92},
	abstract = {This paper provides new evidence on how wealth shocks influence retirement behavior. Economic theory generally posits that leisure is a normal good, yet it is difficult to obtain reliable empirical estimates of the wealth effect because wealth is correlated with numerous unobservable characteristics that affect labor supply. We use inheritance receipt as a wealth shock and find that it is associated with a significant increase in the probability of retirement, especially when the inheritance is unexpected. This evidence has important implications for how public policies, such as pension or tax reform, may influence retirement behavior through the wealth effect.},
	keywords = {Adult children, Employment and Labor Force, Net Worth and Assets, Other, Retirement Planning and Satisfaction},
	doi = {10.1162/rest.2010.11182},
	author = {Brown, Jeffrey R. and Courtney Coile and Weisbenner, Scott J}
}
@mastersthesis {6224,
	title = {Essays in contemporary tax law changes},
	volume = {Ph.D.},
	year = {2010},
	pages = {115},
	school = {Clemson University},
	abstract = {In the first essay, I provide estimates of price and income elasticities of charitable contributions which reveal substantial differences in giving patterns across different income groups. The paper develops an intertemporal model of giving which predicts that lowering current income taxes induces substitution away from current giving towards giving in future periods. Cragg{\textquoteright}s Generalized Tobit model applied to Consumer Expenditure data from 1997-2006 provides estimates of income and price elasticities conditioned upon contribution, which range between 0.17 to 0.81 and -0.50 to -1.16 respectively. Empirical analysis shows substantial evidence of intertemporal substitution, implying that if the difference between future and current prices increase by 1 percent, current period giving increases by 0.8 percent. The second essay is an extension of the first, wherein I provide estimates of how reduction in income tax rates brought about by EGTRRA, 2001 and alternative tax rate regimes affect charitable contributions. Results from difference-in-difference analysis suggests that after Economic Growth Tax Relief Reconciliation Act (EGTRRA), itemizers reduced their contributions by 24\% and the likelihood of contributions fell by 10\%. While limiting the tax deductibility to 28\% reduces price elasticity by 0.02 percentage points, a flat tax rate regime makes contributions 11 percentage points more price elastic compared to the progressive tax rate system. The third essay focuses on another contemporary tax law change, reduction in capital gains and dividend tax rates brought about by Jobs and Growth Tax Relief and Reconciliation Act, 2003. I study two main impacts of the law change, the effect on portfolio allocation between retirement and non-retirement accounts and the effect on labor supply decisions. Difference-in-difference analysis using Health and Retirement Study finds that for the age group above 55, annual investments in IRA fall by $175 and the likelihood of holding IRAs fall by 11\%. With respect to labor market behavior, annual labor supply for individuals who diversify their assets fall by 41 hours and about 9 individuals drop out of the labor force. Results using planned retirement age as a dependent variable shows increase in expected retirement age, indicating intertemporal substitution of labor supply.},
	keywords = {Net Worth and Assets, Other, Public Policy},
	url = {https://tigerprints.clemson.edu/all_dissertations/589/},
	author = {Biswas, Arpita}
}
@article {5784,
	title = {Family Status Transitions, Latent Health, and the Post-Retirement Evolution of Assets},
	number = {15789},
	year = {2010},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {We consider the evolution of assets after retirement. We ask whether total assets--including housing equity, personal retirement accounts, and other financial assets--tend to be husbanded for a rainy day and drawn down primarily at the time of precipitating shocks, or whether they are drawn down throughout the retirement period. We focus on the relationships between family status transitions,  latent  health status, and the evolution of assets. Our analysis is based primarily on longitudinal data from the HRS and AHEAD cohorts of the Health and Retirement Study. We find that the evolution of assets is strongly related to family status transitions. For both single individuals and married couples who do not experience a death or divorce, total assets increase well into old age. In contrast, individuals in married couples that experience a family status transition, either a death or a divorce, exhibit much slower asset growth and often experience a large decline in asset values at the time of the transition. In addition, the level and evolution of assets is very strongly related to health, measured by a latent health index. For example, for continuing two-person HRS households between the ages of 56 and 61 in 1992 the ratio of assets of households in the top health quintile to the assets of those in the bottom quintile was 1.7 in 1992. It had increased to 2.2 by the end of 2006.},
	keywords = {Adult children, Housing, Net Worth and Assets, Pensions},
	doi = {10.3386/w15789},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {5801,
	title = {Occupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth},
	number = {WP 2010-237},
	year = {2010},
	institution = {Michigan Retirement Research Center, University of Michigan},
	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 = {http://hdl.handle.net/2027.42/78354},
	author = {Brooke Helppie and Kandice Kapinos and Robert J. Willis and Michigan Retirement Research Center}
}
@book {5286,
	title = {Research findings in the economics of aging},
	series = {The Economics of Aging},
	year = {2010},
	note = {Includes bibliographical references and indexes.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {The baby boom generation{\textquoteright}s entry into old age has led to an unprecedented increase in the elderly population. The social and economic effects of this shift are significant, and in Research Findings in the Economics of Aging, a group of leading researchers takes an eclectic view of the subject. Among the broad topics discussed are work and retirement behavior, disability, and their relationship to the structure of retirement and disability policies.
While choices about when to retire are made by individuals, these decisions are influenced by a set of incentives, including retirement benefits and health care, and this volume includes cross-national analyses of the effects of such programs on these decisions. Furthermore, the volume also offers in-depth analysis of the effects of retirement plans, employer contributions, and housing prices on retirement. It explores well-established relationships among economic circumstances, health, and mortality, as well as the effects of poverty and lower levels of economic development on health and life satisfaction. By combining micro and macro evidence, this volume continues a tradition of expanding the research agenda on the economics of aging.},
	keywords = {Demographics, Disabilities, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Pensions},
	isbn = {0-226-90306-0},
	url = {https://www.nber.org/books-and-chapters/research-findings-economics-aging},
	author = {David A Wise}
}
@article {5828,
	title = {Trigger Events and Financial Outcomes Among Older Households},
	number = {WP 10-2},
	year = {2010},
	institution = {Center for Financial Security, University of Wisconsin-Madison},
	address = {Madison, WI},
	abstract = {Follow a sample of social security beneficiaries drawn from the Health and Retirement Study from their first year of retirement up to 15 years into retirement, we estimate rates at which retirees are subject to family structure change, cognitive decline, health decline, and other events. Then we assess the vulnerability of wealth and wealth-based adequacy measures to adverse events, drawing conclusions about the effect of events on a wealth-based measure and a wealth-based inadequacy measure. Our findings highlight the importance of cognitive and health decline as events with the potential to shape the evolution of wealth post-retirement.},
	keywords = {Adult children, Health Conditions and Status, Healthcare, Net Worth and Assets, Social Security},
	url = {https://cfs.wisc.edu/2010/09/10/trigger-events-and-financial-outcomes-among-older-households/},
	author = {Geoffrey L Wallace and Haveman, Robert and Karen C. Holden and Barbara Wolfe}
}
@article {5817,
	title = {What Is The Impact Of Foreclosures On Retirement Security?},
	year = {2010},
	institution = {Center for Retirement Research at Boston College},
	abstract = {Using data from several sources, we show that households nearing retirement have lower rates of housing distress than younger households, as measured by arrears and foreclosure rates. However, almost all of the housing wealth gains observed for cohorts aged 51-56 between 1992 and 2004 were erased by 2010, while their mortgages have grown throughout. As a consequence, their loan-to-value ratios are considerably higher, though the percentage paying more than 30 percent of their household income towards their mortgage remains flat. Worrisomely, their financial wealth also declined between 2004 and 2010. Declines in house prices will adversely affect households that need to liquidate housing wealth, and rising mortgage obligations will increase pressure on retirement resources. We develop an econometric model to show factors associated with housing distress and then use the results to forecast housing distress among older households through 2012. We project that the risk of arrears will increase to 3.4 percent in 2010 and 4.4 percent by 2012. We also find that 6.7 percent of HRS households have children or other relatives who are facing housing distress, potentially putting further pressure on their retirement preparedness.},
	keywords = {Net Worth and Assets},
	url = {http://www.policyarchive.org/handle/10207/bitstreams/95949.pdf},
	author = {Irena Dushi and Friedberg, Leora and Anthony Webb}
}
@article {5738,
	title = {Actual and Anticipated Inheritance Receipts},
	number = {WP$\#$2009-32},
	year = {2009},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {Using data from the Health and Retirement Study, we compare actual inheritances received during the period 1994 to 2004 with the amounts that, in 1994, households anticipated receiving within 10 years. We find little evidence of systematic forecasting errors. The factors affecting inheritance receipt also affect expectation formation. Although the distribution is highly skewed, inheritances are generally modest in amount and uncorrelated with lifetime income, and therefore have almost no effect on various measures of inequality. We find no evidence that households anticipating receipt of an inheritance save less than that of similar households, although this could reflect unobserved heterogeneity in tastes for saving.},
	keywords = {Adult children, Consumption and Savings, Net Worth and Assets},
	url = {https://crr.bc.edu/working-papers/actual-and-anticipated-inheritance-receipts/},
	author = {Norma B Coe and Anthony Webb}
}
@article {5780,
	title = {Cross-Wave Prospective Social Security Wealth Measures of Pre-Retirees, Public Release: Data Description and Usage},
	year = {2009},
	institution = {Institute for Social Research, University of Michigan},
	address = {Ann Arbor, Michigan},
	abstract = {The Prospective Social Security Wealth Measures of Pre-Retirees data set consists of respondent-level, cross-sectional files constructed from the employment sections of the HRS 1992 (wave 1), HRS 1998 (wave 4), HRS 2004 (wave 7) and the restricted SSA summary and detailed earnings and benefits files. In this public use file, we calculate wealth only for individuals who have not yet retired (as evidenced by claiming SS benefits) (see Section III.C). Each individual is uniquely identified by the concatenation of the household ID and the person number, HHID and PN. We organize the data to match the organization of the RAND HRS data files.},
	keywords = {Net Worth and Assets, Social Security},
	author = {Kandice Kapinos and Charles Brown and Michael A. Nolte and Helena Stolyarova and David R Weir}
}
@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 {5794,
	title = {Stock Market Expectations and Portfolio Choice of American Households},
	year = {2009},
	institution = {University of Michigan},
	abstract = {This paper measures heterogeneity in the stock market expectations of households using survey answers to probability questions. We address survey measurement error in an explicit way and develop a joint model of the effect of expectations on portfolio choice on the one hand and survey answers on the other hand. The model is consistent with documented features of measurement error. We show substantial heterogeneity and that heterogeneity in expectations predicts heterogeneity in stockholding. We show that a general tendency to be optimistic is related to optimism about stock returns and in turn increases stockholding, while a general tendency to be uncertain is strongly related to uncertainty about stock market returns and in turn decreases stockholding. We estimate the level of risk tolerance that links subjective beliefs to stockholding to be moderate. We also show that a significant part of stockholding differences among demographic groups is explained by differences in their expectations.},
	keywords = {Expectations, Methodology, Net Worth and Assets, Risk Taking},
	url = {http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.506.1967\&rep=rep1\&type=pdf},
	author = {Kezdi, Gabor and Robert J. Willis}
}
@article {7196,
	title = {Mortality, Heterogeneity and the Distributional Consequences of Mandatory Annuitization},
	journal = {Journal of Risk and Insurance},
	volume = {75},
	year = {2008},
	pages = {1055-79},
	publisher = {75},
	abstract = {This article investigates the distributional consequences of mandatory annuitization. Using data from the Health and Retirement Study (HRS), we calculate the relationship between socio-economic status and a utility based measure of annuity value. We find considerable variation between groups once we take account of not only socio-economic differences in mortality, but also pre-annuitized wealth and longevity risk pooling in marriage. Using HRS data on subjective survival probabilities, we then construct a subjective life table for each individual in the HRS. We show that these tables vary appropriately between groups and aggregate closely to group level averages. We calculate the value each household would place on annuitization, based on the husband and wife{\textquoteright}s subjective life tables, and the household{\textquoteright}s degree of risk-aversion and proportion of pre-annuitized wealth. A significant minority would perceive themselves as suffering a net loss from mandatory annuitization.},
	keywords = {Demographics, Expectations, Health Conditions and Status, Net Worth and Assets},
	doi = {https://doi.org/10.1111/j.1539-6975.2008.00297.x},
	author = {Gong, Guan and Anthony Webb}
}
@article {5708,
	title = {Pension Wealth and Income: 1992, 1998, and 2004},
	number = {IB$\#$8-1},
	year = {2008},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {What is the impact of the shift from defined benefit to defined contribution plans on the pension wealth of households approaching retirement?  Using data from the Health and Retirement Study, this brief documents this shift and compares employer-sponsored pension wealth across households with heads age 51-56 in 1992, 1998, and 2004.  The results show that, for the average household, both pension wealth and replacement rates   the ratio of annual benefits to pre-retirement earnings   fell between 1992 and 2004.},
	keywords = {Net Worth and Assets, Pensions},
	url = {https://crr.bc.edu/briefs/pension-wealth-and-income-1992-1998-and-2004/},
	author = {Sorokina, Olga and Anthony Webb and Muldoon, Dan}
}
@article {5722,
	title = {Preparation for Retirement, Financial Literacy and Cognitive Resources},
	number = {190},
	year = {2008},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Traditional economic models assume that individuals have full information and act perfectly rationally. However, we show that there is considerable variation in financial literacy in the population and propose modeling the acquisition of financial knowledge in a human capital production framework. The model makes several predictions, notably with respect to portfolio choice. For example, it helps explain household non-participation in the stock market for some fraction of the population, and it provides guidance about the share of risky assets to hold for other types of households. Estimation of the human capital production function for financial knowledge on data from the Cognitive Economics Survey yields results that are consistent with important features of the model},
	keywords = {Methodology, Net Worth and Assets},
	url = {https://ideas.repec.org/p/mrr/papers/wp190.html},
	author = {Delavande, Adeline and Susann Rohwedder and Robert J. Willis}
}
@article {5719,
	title = {What Effect Do Time Constraints Have on the Age of Retirement?},
	number = {2008-17},
	year = {2008},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {Work affects both the time available for non-market activities and the times at which those activities are performed   and therefore work-induced constraints on time use may influence retirement decisions. We analyze these effects by combining new data from the American Time Use Survey with information on retirement in the Health and Retirement Study. We find that the propensity to engage in three types of non-work activities   household production, leisure, and tertiary activities (eating, sleeping, grooming)   are substantially altered by work. Moreover, the ways in which the timing of these activities are distorted differ across ten different job types (industry-occupation combinations) that we examine in the ATUS. We use the resulting measures of time distortions as control variables in multinomial logit retirement models that we estimate in the HRS. Older workers in jobs with greater distortions to the quantity and timing of leisure activities have an increased propensity to leave those jobs, either for new jobs or for retirement. On the other hand, workers in jobs with greater distortions to household production have a reduced propensity to leave their jobs, and distortions to tertiary activities raise the propensity to take new jobs but reduce the propensity to retire.},
	keywords = {Employment and Labor Force, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://crr.bc.edu/working-papers/what-effect-do-time-constraints-have-on-the-age-of-retirement/},
	author = {Friedberg, Leora and Wei Sun and Anthony Webb}
}
@article {7159,
	title = {Do the Sick Retire Early? Chronic illness, asset accumulation and early retirement},
	journal = {Applied Economics},
	volume = {39},
	year = {2007},
	pages = {1921},
	publisher = {39},
	abstract = {Our objective is to determine how chronic illness affects asset accumulation and retirement. Previous studies have found that poor health leads to early retirement, but those studies failed to look at the indirect impact of chronic illness on retirement. Using data from the Health and Retirement Study, we define an illness as chronic if the individual reports having asthma, cancer, heart disease, stroke or diabetes for four or more years. We first estimate how a chronic illness influences asset accumulation. We then estimate how asset accumulation and current poor health influence retirement. We observe that the vast majority of the chronically ill population do not report their general health to be poor nor do they report functional limitations in activities of daily living. Nevertheless, our results indicate that chronic illness leads these people to accumulate fewer assets during their working years and consequently retire later. Neither researchers nor policymakers discussing the many critical issues surrounding illness and retirement have addressed this issue.},
	keywords = {Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://commons.lib.niu.edu/handle/10843/13288},
	author = {Miah, M. Solaiman and Wilcox-G{\"o}k, Virginia}
}
@inbook {5214,
	title = {The Impact of Pensions on Nonpension Investment Choices},
	booktitle = {Redefining Retirement: How Will Boomers Fare?},
	year = {2007},
	note = {ProCite field 6 : In ProCite field 8 : eds},
	pages = {179-210},
	publisher = {Oxford University Press},
	organization = {Oxford University Press},
	address = {New York, NY},
	abstract = {This chapter documents the investment choices of workers outside their company pensions. The Health and Retirement Study is used to evaluate how investment patterns outside pension holdings have been influenced by the shift from defined benefit to defined contribution pensions. Since workers with defined benefit plans can expect steady income in retirement, they might be thought to invest less conservatively outside their pensions. Nevertheless, the data show otherwise. Defined contribution participants also hold stock investments outside their pension portfolios. These findings suggest that increased stock holding as defined benefit plans decline in importance.},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions},
	isbn = {9780199230778},
	doi = {DOI:10.1093/acprof:oso/9780199230778.003.0009},
	author = {Friedberg, Leora and Anthony Webb}
}
@mastersthesis {6164,
	title = {Three Essays in Public Economics},
	year = {2006},
	month = {2006},
	school = {The University of Wisconsin - Madison},
	address = {United States -- Wisconsin},
	abstract = {The first essay uses the policy changes surrounding the 1992 Amendments to the Higher Education Act (HEA92) to examine the effects that the implicit financial-aid tax has on household saving behavior, particularly on portfolio choices. The empirical results show that the financial-aid tax does not significantly affect the total level of wealth. However, families significantly adjust their portfolio composition to avoid the tax. In addition, families seem to lack knowledge about financial-aid rules if they have not experienced with the financial-aid applications. Even if families know the rules, they do not change assets in response to the financial-aid tax if they face no imminent taxation. This second essay uses the policy changes surrounding the 1992 Amendments to the Higher Education Act (HEA92) to examine the reasons for which families have borrowed much more after the HEA92 increased the loan limits on subsidized and unsubsidized student loans. I find that the loan-limit changes do not significantly affect education investments. However, families significantly reduce some other financial instruments used to finance students{\textquoteright} higher education, including loans from parents, parents{\textquoteright} direct contributions, working while in school, and work-study aid. The third essay uses the Health and Retirement Study to study the effects of group health insurance on women{\textquoteright}s retirement decisions. I find the availability of alternative group health insurance, including retiree health insurance and spousal health insurance, significantly increases the retirement hazard and decreases retirement age for women. Married women are much more sensitive to the availability of spousal health insurance than to retiree health insurance. Medicare also has significant effect on women{\textquoteright} retirement behavior.},
	keywords = {Consumption and Savings, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets},
	author = {Wu, Binzhen}
}
@inbook {5227,
	title = {Discussion of James Poterba, Joshua Rauh, Steven Venti and David Wise, Utility Evaluation of Risk in Retirement Savings Accounts},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	pages = {53},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	keywords = {Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction, Risk Taking},
	author = {Robert J. Willis},
	editor = {David A Wise}
}
@inbook {5186,
	title = {Healthy, Wealthy, and Knowing Where to Live: Trajectories of Health, Wealth, and Living Arrangements among the Oldest Old},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	pages = {241-275},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {There are many mechanisms that suggest that living arrangements and well-being derived from health and economic status are closely related. This paper investigates the joint evolution of the three conditions, using a microeconometric approach similar to what is known as vector autoregressions (VAR) in the macroeconomics literature.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	doi = {10.3386/w9897},
	author = {Florian Heiss and Michael D Hurd and Axel Borsch-Supan},
	editor = {David A Wise}
}
@article {5643,
	title = {HRS 2001 HUMS College Tuition Imputations},
	year = {2005},
	institution = {Institute for Social Research, University of Michigan},
	address = {Ann Arbor, Michigan},
	abstract = {HRS 2001 Off-Year Mail Survey on Human Capital Investment (HRS 2001 HUMS) collected important information on the education of HRS respondents  children. Among other things, the survey asked a selected set of HRS respondents to provide information about whether a child attended a two- or four-year undergraduate college, the total number of years in college(s), his or her age when he or she last attended college, and the name of the college that he or she last attended. One way to use the information is to produce college tuition data associated with each child, which can then be linked in an integrated analysis of family transfer with other family transfer information collected in the HRS core survey.    In this document we describe what we have done in imputing HRS 2001 HUMS college tuitions. The general idea is to link the children college attendance information in HRS 2001 HUMS with a college tuition database (CASPAR) created and administered by the National Science Foundation. For 2000 and 2001, college cost data are also taken from the NCES IPEDS online database.},
	keywords = {Consumption and Savings, Methodology, Net Worth and Assets},
	author = {Cao, Honggao and John C Henretta and Norgard, T.M. and Beth J Soldo and David R Weir}
}
@mastersthesis {6149,
	title = {A Slippery Slope: Essays on Income, Wealth, and the Health Gradient},
	year = {2005},
	month = {2005},
	school = {The University of Wisconsin - Madison},
	abstract = {The relationship between health and socioeconomic status (SES), often called the health gradient, is a complex and perplexing research puzzle. Individuals with higher incomes tend to be healthier (although at a declining rate with higher income), yet it is unclear why this is so. Here, I argue that wealth and savings, largely neglected in past empirical work, provide important insights into the health-SES relationship. An empirical model in which income and wealth are transformed using the inverse hyperbolic sine is shown to capture important variations in health throughout the income and wealth distributions for U.S. working-age adults. The three-dimensional gradient in income, wealth, and health illustrates two patterns that are investigated in the following chapters: the predominance of poor health among those with little savings, and variations in health disparities by wealth over the life cycle. Panel data from the Health and Retirement Study are used to investigate a likely mode through which wealth may have a causal effect on health among the poor: through financial constraints that limit access to health care at the time of illness. I capitalize on recent research suggesting that income and wealth do not cause the onset of certain acute illnesses, conditional on past health. Viewing unexpected costs associated with such illnesses as financial shocks, I find that approximately one quarter of the population that experiences a stroke, cancer, heart problem, or high blood pressure has insufficient liquid assets to cover typical costs of unexpected medical care. Furthermore, this study suggests that a causal relationship between lack of savings and health recovery is plausible, possibly contributing to the steep slope of the gradient about zero. In the final chapter, I test a number of hypotheses that could account for the observed life cycle pattern of declining socioeconomic disparities in health in old age. I find that poor measurement of financial resources and possible cohort, Medicare, or retirement effects, but not attrition, are likely contributors to this phenomenon. Taking into account life-cycle patterns of income receipt and wealth decumulation, I find a large health gradient in wealth among the oldest old.},
	keywords = {Health Conditions and Status, Income, Net Worth and Assets},
	author = {Wenzlow, Audra T.}
}
@mastersthesis {6137,
	title = {Three Essays on Retirement Wealth},
	year = {2005},
	month = {2005},
	school = {University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {One of the central questions in economics is what motivates savings. This question is important for a number of reasons, one of which is it provide a benchmark for evaluating whether households are financially prepared for retirement. This is particularly relevant given the aging of the baby boom cohort, where the anticipated surge in the number of elderly persons could exert considerable pressure on the budgets of existing government programs. My dissertation includes three essays that focus on some of the current themes in the ongoing debate over the motivation for savings. The first essay focuses on the tendency among the elderly to hold onto their homes and examines whether this behavior is consistent with the notion that housing wealth is insurance against out-of-pocket medical expenses in retirement. I find that housing sales for single households is mostly driven by worsening health and it suggests that homeowners are selling because of a change in demand for housing services. Among married households, there are indications that some households are selling in order to access housing equity; however, the magnitude of the effect is very small. Taken together, the evidence does not lend much validity to the insurance story. The second essay examines the effect of uncertain nursing home expenses in retirement on savings behavior. Using differences in differences, I find that households with lower exposure to nursing home expenses accumulate lower retirement wealth. The results suggest that households are responsive to the incentives embedded in the Medicaid program and they are forward-looking in their savings decisions. The third essay focuses on the tendency among parents to leave equal inheritances to all their children. The paper examines the pattern of bequest giving and attempts to draw a picture of what motivates bequests. I find that the larger the differences among children, the more likely the decedent deviates from equal giving. These differences include differences in children{\textquoteright}s resources and differences in time assistance to parents. Among decedents that choose unequal division, bequests appear to be motivated by exchange. Among decedents that choose equal division, bequests are consistent with altruist preferences.},
	keywords = {Adult children, Healthcare, Housing, Net Worth and Assets},
	url = {https://www.proquest.com/docview/305459722},
	author = {Walker, Lina}
}
@inbook {5185,
	title = {Utility Evaluation of Risk in Retirement Saving Accounts},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	note = {RDA ProCite field 6 : In ProCite field 8 : ed},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {The shift from defined benefit to defined contribution plans in the United States has drawn new attention to the effect of participants{\textquoteright} asset  allocation decisions on their financial resources for retirement. This paper develops a stochastic simulation algorithm to evaluate the effect of  holding a broadly diversified portfolio of common stocks, or a portfolio of index bonds, on the distribution of 401(k) account balances at  retirement. We compare the alternative distributions of retirement wealth both by showing the empirical distribution of potential wealth values, and  by computing the expected utility of these outcomes under standard assumptions about the structure of household preferences. Our analysis  highlights the critical role of other sources of wealth, such as Social Security, defined benefit pension annuities, and saving outside retirement  plans in determining the expected utility cost of holding equities in the retirement account. Our findings also demonstrate the importance of the  equity premium in affecting investors{\textquoteright} utility from different retirement asset allocations. Viewed from the beginning of a working career, and  given the historical pattern of returns on stocks and bonds, a household that does not have extremely high risk aversion would achieve a higher expected utility by holding a portfolio of stocks rather than bonds.},
	keywords = {Net Worth and Assets, Retirement Planning and Satisfaction},
	doi = {10.3386/w9892},
	author = {James M. Poterba and Joshua Rauh and Steven F Venti and David A Wise},
	editor = {David A Wise}
}
@inbook {5138,
	title = {Aging and Housing Equity: Another Look},
	booktitle = {Perspectives on the Economics of Aging},
	year = {2004},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {Prior research has shown that except for Social Security and employer-provided pension assets, housing equity is the most important asset of a large fraction of older Americans.  These assets are the primary source of retirement consumption.  This paper looks at the change in the home equity of older families as they age.  The two ways for households to change home equity are by discontinuing home ownership- an action that seems to be fairly unlikely- or by selling and moving to another home.  Findings suggest that housing equity increases with age until about age 75 and then declines slightly as households grow older. In general, home equity should not be counted on to support general non-housing consumption needs as households grow older.},
	keywords = {Adult children, Housing, Net Worth and Assets},
	url = {http://www.nber.org/papers/w8608},
	author = {Steven F Venti and David A Wise},
	editor = {David A Wise}
}
@article {6961,
	title = {The Economic Consequences of a Husband{\textquoteright}s Death: Evidence from the HRS and AHEAD},
	journal = {Social Security Bulletin},
	volume = {65},
	year = {2004},
	pages = {31-44},
	publisher = {65},
	abstract = {This article examines the economic status of older widowed women in the 1990s using the Health and Retirement Study. Widowhood remains an important risk factor for transition into poverty, although somewhat less so than 20 years ago. Despite increased labor force participation rates among women and Employee Retirement Income Security Act (ERISA) reforms, widows live with lower household earnings, pension income, and wealth than do married women. Women widowed at younger ages are at greatest risk for economic hardship after widowhood and their situation declines with the duration of widowhood. We also find that women in households that are least prepared financially for widowhood are at greatest risk of husband{\textquoteright}s death, because of the strong relationship between mortality and wealth.},
	keywords = {Net Worth and Assets},
	url = {https://www.ssa.gov/policy/docs/ssb/v65n3/v65n3p31.html},
	author = {Purvi Sevak and David R Weir and Robert J. Willis}
}
@article {6950,
	title = {Household Annuitization Decisions: Simulations and empirical analyses},
	journal = {Journal of Pension Economics and Finance},
	volume = {3},
	year = {2004},
	pages = {109-143},
	publisher = {3},
	abstract = {Annuities provide insurance against outliving one s wealth. Previous studies have indicated that, for many households, the value of the longevity insurance should outweigh the actuarial unfairness of prices in the voluntary annuity market. Nonetheless, voluntary annuitization rates are extremely low. Previous research on the value of annuitization has compared an optimal decumulation of unannuitized wealth with the alternative of annuitizing all unannuitized wealth at age 65. We relax these assumptions, allowing households to annuitize any part of their unannuitized wealth at any age and to return to the annuity market as many times as they wish. Using numerical optimization techniques, assuming the levels of actuarial unfairness of annuities calculated in previous research, and retaining the assumption made in previous research that one half of household wealth is pre-annuitized, we conclude that it is optimal for couples to delay annuitization until they are aged 73 82, and in some cases never to annuitize. It is usually optimal for single men and women to annuitize at substantially younger ages, between 65 and 70. Households that annuitize will generally wish to annuitize only part of their unannuitized wealth. Using data from the Asset and Health Dynamics Among the Oldest Old and Health and Retirement Study panels, we show that much of the failure of the average currently retired household to annuitize can be attributed to the exceptionally high proportions of the wealth of these cohorts that is pre-annuitized. We expect younger cohorts to have smaller proportions of pre-annuitized wealth and we project increasing demand for annuitization as successive cohorts age.},
	keywords = {Net Worth and Assets},
	doi = {https://doi.org/10.1017/S1474747204001696},
	author = {Irena Dushi and Anthony Webb}
}
@article {6913,
	title = {Relationship of Body Mass and Net Worth for Retirement-Aged Men and Women},
	journal = {Research on Aging},
	volume = {26},
	year = {2004},
	pages = {153-176},
	publisher = {26},
	abstract = {This article examines linkages between body weight and socioeconomic status (SES) among Americans at or near retirement age. The authors hypothesize that (a) body weight relates negatively to SES, (b) this relationship is greater for women than men, and (c) the relationship attenuates when health, employment, and marital status are controlled.We use the 1992 Health and Retirement Study for this examination. SES is measured as net worth. Body weight is measured as body mass index and categorized as normal weight, overweight, and obese. Results indicate that, for women, overweight and obesity relate to lower logged networth. This relationship attenuates once covariates are considered. For men, overweight and obesity relate to higher logged net worth, even when covariates are considered. The findings suggest that greater weight has different meanings for men and women in this cohort; it might be related to success for men but a sociocultural detriment for women.},
	keywords = {Health Conditions and Status, Net Worth and Assets},
	doi = {https://doi.org/10.1177/0164027503258739},
	author = {Stephanie J. Fonda and Fultz, Nancy H. and Kristi Rahrig Jenkins and Wheeler, Laura M. and Linda A. Wray}
}
@inbook {5194,
	title = {The Transition to Personal Retirement Accounts and Increasing Retirement Wealth},
	booktitle = {Perspectives on the Economics of Aging},
	year = {2004},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	abstract = {Retirement saving has changed dramatically over the last two decades. There has been a shift from employer-managed defined benefit pensions to defined contribution retirement saving plans that are largely controlled by employees. In 1980, 92 percent of private retirement saving contributions were to employer-based plans and 64 percent of these contributions were to defined benefit plans. Today, about 85 percent of private contributions are to plans in which individuals decide how much to contribute to the plan, how to invest plan assets and how and when to withdraw money from the plan. In this paper we use both macro and micro data to describe the change in retirement assets and in retirement saving. We give particular attention to the possible substitution of pension assets in one plan for assets in another plan such as the substitution of 401(k) assets for defined benefit plan assets. Aggregate data show that between 1975 and 1999 assets to support retirement increased about five-fold relative to wage and salary income. This increase suggests large increases in the wealth of future retirees. The enormous increase in defined contribution plan assets dwarfed any potential displacement of defined benefit plan assets. In addition, in recent years the annual {\textquoteright}retirement plan contribution rate,{\textquoteright} defined as retirement plan contributions as a percentage of NIPA personal income, has been over 5 percent. This is much higher than the NIPA total personal saving rate, which has been close to zero. Retirement saving as a share of personal income today would likely be at least one percentage point greater had it not been for legislation in the 1980s that limited employer contributions to defined benefit pension plans, and the reduction in defined benefit plan contributions associated with the rising stock market of the 1990s. It is also likely that the {\textquoteright}retirement plan contribution rate{\textquoteright} would be much higher today if it were not for the 1986 retrenchment of the IRA program. Rising retirement plan contributions, as well as favorable rates of return on retirement plan assets in the 1990s, explain the large increase in these assets relative to income. Employee retirement saving under a defined contribution plan is easily measured and quite},
	keywords = {Net Worth and Assets, Pensions},
	doi = {10.3386/w8610},
	author = {James M. Poterba and Steven F Venti and David A Wise},
	editor = {David A Wise}
}
@article {5563,
	title = {Bad Luck and Consumption Behavior},
	year = {2003},
	institution = {Hamilton College},
	address = {Clinton, NY},
	keywords = {Consumption and Savings, Net Worth and Assets},
	author = {Owen,Ann L. and Stephen Wu}
}
@article {6841,
	title = {The Effects of Health Events on the Economic Status of Married Couples},
	journal = {The Journal of Human Resources},
	volume = {38},
	year = {2003},
	pages = {219-230},
	publisher = {38},
	abstract = {This paper uses measures of exogenous health  shocks  to identify the different channels through which changes in health conditions affect income, wealth, and consumption behavior. The results indicate that serious health conditions have strong effects on household wealth, but that the effects for women are larger and more significant than the effects for men. The source of the asymmetry arises from the fact that general living expenses increase when wives become seriously ill, while for husbands, health shocks do not affect these expenditures.},
	keywords = {Adult children, Employment and Labor Force, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Stephen Wu}
}
@article {5535,
	title = {Portfolio Choice and Health Status},
	number = {w9453},
	year = {2003},
	note = {ProCite field 22 : 4 ProCite field 24 : 4},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper analyzes the role that health status plays in household portfolio decisions using data from the Health and Retirement Study. The results indicate that health is a significant predictor of both the probability of owning different types of financial assets and the share of financial wealth held in each asset category. Households in poor health are less likely to hold risky financial assets, other things (including the level of total wealth) being the same. Poor health is associated with a smaller share of financial wealth held in risky assets and a larger share in safe assets. We find no evidence that the relationship between health status and portfolio allocation is driven by {\textquoteright}third variables{\textquoteright} that simultaneously affect health and financial decisions. Further, the relationship between health status and portfolio choice does not appear to operate through the effect of poor health on individuals{\textquoteright} attitudes toward risk, their planning horizons, or their health insurance status.},
	keywords = {Health Conditions and Status, Net Worth and Assets},
	url = {http://papers.ssrn.com/paper.taf?abstract_id=375305},
	author = {Rosen, Harvey S. and Stephen Wu}
}
@article {5532,
	title = {The Role of Marital History, Early Retirement Benefits, and the Economic Status of Women},
	number = {WP$\#$2003-1},
	year = {2003},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {This article compares the relative economic status of women who take and postpone taking early Social Security benefits, with particular attention to the role of marital history. Marital history categories discussed include: lifelong marriages, marriages in which the woman had been previously divorced or widowed, divorced, widowed, and never married. The results presented here should be useful in evaluating the potential consequences of increasing the Earliest Entitlement Age (EEA). While increasing the EEA would not cause economic hardship for many, it may have adverse effects on divorced and widowed women who generally are at greater risk of poverty than married women. The economic effects of prior divorce or widowhood are reflected in the lower financial resources of women who remarry.  (  2003, by Tay K. McNamara, Regina O Grady-LeShane, and John B. Williamson.)},
	keywords = {Adult children, Net Worth and Assets, Women and Minorities},
	url = {https://crr.bc.edu/working-papers/the-role-of-marital-history-early-retirement-benefits-and-the-economic-status-of-women/},
	author = {Tay K. McNamara and Regina O{\textquoteright}Grady-LeShane and Williamson, John B.}
}
@article {5496,
	title = {Widowhood, Divorce and Loss of Health Insurance Among Near-Elderly Women: Evidence from the Health and Retirement Study},
	number = {WP2003-040},
	year = {2003},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {We have found modest effects of widowhood events on loss of health insurance. There are also modest effects of widowhood on labor supply, which we have not as yet attempted to attribute to insurance demand. Even new widowhood events, however, are not random with respect to initial conditions. Both initial health insurance status and risk of future widowhood are related to basic characteristics observed when married at baseline. When these confounding variables are controlled for in models of the effect of widowhood events on uninsurance, there is no longer statistical evidence of an independent effect of husband{\textquoteright}s death on risk of losing insurance. Part of the reason why the measured independent effect of widowhood appears small is that there are events within marriage that can also affect insurance coverage, such as retirement or health events. Even though the number of uninsured women whose lack of coverage can be attributed to widowhood is therefore small, and not a distinct major policy motive for changes in age of eligibility for Medicare, uninsurance rates overall among the near elderly, and the potential public burden of cost-shifting from years just before 65 to years just after gaining Medicare coverage, suggest that Medicare eligibility policies should be a focus of continued research.},
	keywords = {Adult children, Demographics, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Women and Minorities},
	url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1090894},
	author = {David R Weir and Robert J. Willis}
}
@article {6801,
	title = {Does Marital History Matter? Marital Status and Wealth Outcomes Among Preretirement Adults},
	journal = {Journal of Marriage and Family},
	volume = {64},
	year = {2002},
	pages = {254-268},
	publisher = {64},
	keywords = {Adult children, Demographics, Event History/Life Cycle, Net Worth and Assets},
	doi = {https://doi.org/10.1111/j.1741-3737.2002.00254.x},
	author = {Janet M Wilmoth and Koso, G.}
}
@article {5525,
	title = {Modeling Income in the Near Term: Revised Projections of Retirement Income Through 2020 for the 1931-1960 Birth Cohorts},
	year = {2002},
	note = {RDA 1998-006},
	institution = {The Urban Institute},
	address = {Washington, D.C.},
	abstract = {The Division of Policy Evaluation (DPE) of the Social Security Administration (SSA) has entered into two contracts with the Urban Institute to help it develop a new tool for analyzing the distributional consequences of Social Security reform proposals.  The first, awarded in 1998, led to the development of Modeling Income in the Near Term (MINT), a tool for simulating the retirement incomes of members of the Baby Boom and neighboring cohorts.  The second, awarded in 2000, was to expand and improve on the first version of MINT.  In all phases of the project, members of the research staff at SSA/DPE collaborated closely with the contractors.  The Brookings Institution served as a subcontractor to the Urban Institute under both contracts and the RAND Corporation participated in the development of the initial version of MINT under a separate contract.  This report describes the work of the researchers at Urban and Brookings under the second contract.},
	keywords = {Disabilities, Net Worth and Assets, Pensions, Social Security},
	url = {http://www.urban.org/UploadedPDF/410609_ModelingIncome.pdf},
	author = {Toder, Eric and Thompson, Lawrence H. and Melissa Favreault and Richard W. Johnson and Perese, Kevin and Ratcliffe, Caroline and Karen E. Smith and Cori E. Uccello and Timothy A Waidmann and Berk, Jillian and Woldemariam, Romina and Gary T. Burtless and Claudia R Sahm and Douglas A. Wolf}
}
@article {5495,
	title = {Who Becomes a Stockholder? Expectations, Subjective Uncertainty, and Asset Allocation},
	year = {2002},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	keywords = {Net Worth and Assets},
	url = {https://mrdrc.isr.umich.edu/pubs/who-becomes-a-stockholder-expectations-subjective-uncertainty-and-asset-allocation/},
	author = {Kezdi, Gabor and Robert J. Willis}
}
@inbook {5136,
	title = {Access to wealth among older workers in the 1990s and how it is distributed: Data from the Health and Retirement Study},
	booktitle = {Assets for the Poor: The Benefits of Spreading Asset Ownership},
	year = {2001},
	note = {RDA ProCite field 8 : eds.},
	pages = {74-131},
	publisher = {Russell Sage Press},
	organization = {Russell Sage Press},
	address = {New York},
	abstract = {Older American laborers{\textquoteright} access to financial assets is investigated. Data from the Health and Retirement Study are analyzed to determine whether older workers had access to wealth and how financial assets were distributed among older working Americans. Three categories of wealth for older working Americans are identified: home equity, social security compensation, and employer pensions. Several findings regarding (1) the connection between wealth distribution, poverty, and income; (2) the occupational and racial characteristics of wealth deciles; (3) discrepancies in the asset holdings across wealth deciles; (4) changes in the wealth accumulation of older working Americans between 1992 and 1996; and (5) changes in income mobility over the same period. Several methodological recommendations for future research on wealth distribution are offered, eg, taking the size of one{\textquoteright}s household into consideration since the head of household may not have access to all of the household{\textquoteright}s wealth. 17 Tables, 1 Figure, 1 Appendix. J. W. Parker},
	keywords = {Demographics, Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {R.V. Burkhauser and Robert R. Weathers II},
	editor = {Shapiro, Thomas M. and Wolfe, Edward N.}
}
@inbook {5172,
	title = {Are the Elderly Really Over-Annuitized? New Evidence on Life Insurance and Bequests},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {This paper assesses the validity of the claim that elderly individuals with strong bequest motives purchase term life insurance to offset mandatory annuitization by the Social Security System.  The annuity offset model is re-examined using better, more recent data.  Results demonstrate that the elderly do not hold life insurance to offset mandated annuitization.  All four of the major implications of the annuity offset model fail empirical testing.  The model does not explain life insurance behavior of elderly households and the fact that many elderly households own term life insurance is not a sufficient reason to argue against mandatory annuitization of retirement resources.  Further research is being conducted using the AHEAD data in order to find other explanations for why the elderly hold life insurance.},
	keywords = {Adult children, Demographics, Insurance, Net Worth and Assets},
	url = {http://www.nber.org/papers/w7193},
	author = {Brown, Jeffrey R.},
	editor = {David A Wise}
}
@inbook {5179,
	title = {Choice, Chance, and Wealth Dispersion at Retirement},
	booktitle = {Aging Issues in the United States and Japan},
	year = {2001},
	note = {RDA 1999-002 ProCite field 8 : eds.},
	pages = {25-64},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	keywords = {Net Worth and Assets, Retirement Planning and Satisfaction},
	doi = {10.3386/w7521},
	author = {Steven F Venti and David A Wise},
	editor = {Seiritsu Ogura and Toshiaki Tachibanaki and David A Wise}
}
@article {5456,
	title = {Cognition and Wealth: The Importance of Probabilistic Thinking},
	year = {2001},
	institution = {Michigan Retirement Research Center at the University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Proposed reforms of Social Security that expand household choice and private sector trends away from defined benefit pension plans toward defined contribution plans offer new financial planning options. Although these options have many potential benefits for households, critics argue that many people will fail to make choices that exploit them, and, consequently, that expanded choice will increase the risks of poverty for some populations. Subjective probabilities are key in models of optimal financial planning, yet little is known about the capacity of individuals to use probabalistic thinking in this area. In the research reported here, we used a battery of subjective probability questions administered to more than 20,000 people in the Health and Retirement Study to investigate how probabalistic thinking affects portfolio choices and net worth. Our objectives are to develop a measure of competence in probabilistic thinking and to link this measure to risk aversion and financial outcomes.},
	keywords = {Health Conditions and Status, Net Worth and Assets},
	url = {https://www.ssc.wisc.edu/~jkennan/teaching/Lillard-Willis_RAND1.pdf},
	author = {Lee A. Lillard and Robert J. Willis}
}
@article {6770,
	title = {Giving Incentives of Adult Children Who Care for Disabled Parents},
	journal = {Journal of Consumer Affairs},
	volume = {35},
	year = {2001},
	pages = {364-389},
	publisher = {35},
	abstract = {What motivates adult children in the United States to care for their disabled parents? This paper examines whether altruism and bequest motives influence adult childrens decisions about giving time to care for a disabled parent, giving financial resources, and giving future financial resources. Further, the paper examines the ways these different forms of giving affect caregivers{\textquoteright} overall well-being, financial, family life, and life satisfaction.      Using data from the 1992 Health and Retirement Study, we find that bequest incentives, noneconomicllly motivated altruism, the type of disability faced by the parent, and considerations of opportunity cost are key factors. They influence adult childrens decisions about employment, giving time, and giving money to support disabled parents. General well-being, financial and family life satisfaction are lower when adult children risk long term income resources by decreasing labor market participation. Giving money increases family life satisfaction for adult children who care for parents who have cognitive limitations. While giving time to care for disabled parents increases financial satisfaction among adult children, it decreases their family life satisfaction.},
	keywords = {Adult children, Demographics, Employment and Labor Force, Health Conditions and Status, Net Worth and Assets},
	doi = {10.1111/j.1745-6606.2001.tb00119.x},
	author = {Shelley I. White-Means and Gong-Soog Hong}
}
@inbook {5173,
	title = {Predictors of Mortality among the Elderly},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {ProCite field 8 : ed.},
	publisher = {Univ. of Chicago Press},
	organization = {Univ. of Chicago Press},
	address = {Chicago},
	abstract = {This paper examines the quantitative importance of some predictors of mortality among the population aged 70 and over. As expected, this research confirms that socioeconomic status is  related to mortality. This relationship is strong at younger ages and appears to weaken as the cohort gets older. The 13 health indicators are also strong predictors of mortality.  Results also show that subjective probabilities of survival predict mortality and remain strong predictors even after controlling for socioeconomic indicators and health conditions.},
	keywords = {Demographics, Expectations, Health Conditions and Status, Net Worth and Assets},
	url = {https://www.nber.org/papers/w7440},
	author = {Michael D Hurd and Daniel McFadden and Merrill, Angela},
	editor = {David A Wise}
}
@inbook {5177,
	title = {Preretirement Cashouts and Foregone Retirement Saving: Implications for 401(k) Asset Accumulation},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {RDA 1999-002 Wise ProCite field 6 : In ProCite field 8 : ed},
	pages = {23-58},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions},
	url = {https://www.nber.org/chapters/c10320},
	author = {James M. Poterba and Steven F Venti and David A Wise},
	editor = {David A Wise}
}
@inbook {5171,
	title = {Social Security Incentives for Retirement},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {ProCite field 8 : ed.},
	publisher = {Univ. of Chicago Press},
	organization = {Univ. of Chicago Press},
	chapter = {10},
	address = {Chicago},
	abstract = {The {\textquoteright}tax effect{\textquoteright} is one of the effects used to explain the rapid decline in the labor force participation of older men over age 62.  This paper provides a thorough investigation of this {\textquoteright}tax effect{\textquoteright} by studying it along four different dimensions. Using HRS data, the impact of SS retirement incentives are considered and the distribution of the incentives across the population is assessed.  The paper then examines the role of private pensions and the importance of considering retirement incentives in the next year vs. considering incentives for all possible years.},
	keywords = {Demographics, Employment and Labor Force, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.nber.org/papers/w7651},
	author = {Courtney Coile and Gruber, Jonathan},
	editor = {David A Wise}
}
@book {5271,
	title = {The Case for Marriage: Why Married People are Happier, Healthier, and Better Off Financially},
	year = {2000},
	publisher = {Doubleday},
	organization = {Doubleday},
	address = {New York},
	abstract = {The Case for Marriage is a critically important intervention in the national debate about the future of family. Based on the authoritative research of family sociologist Linda J. Waite, journalist Maggie Gallagher, and a number of other scholars, this book{\textquoteright}s findings dramatically contradict the anti-marriage myths that have become the common sense of most Americans. Today a broad consensus holds that marriage is a bad deal for women, that divorce is better for children when parents are unhappy, and that marriage is essentially a private choice, not a public institution. Waite and Gallagher flatly contradict these assumptions, arguing instead that by a broad range of indices, marriage is actually better for you than being single or divorced{\textendash} physically, materially, and spiritually. They contend that married people live longer, have better health, earn more money, accumulate more wealth, feel more fulfillment in their lives, enjoy more satisfying sexual relationships, and have happier and more successful children than those who remain single, cohabit, or get divorced.},
	keywords = {Adult children, Health Conditions and Status, Net Worth and Assets},
	author = {Linda J. Waite and Gallagher, Maggie}
}
@article {5427,
	title = {Patterns of Dissaving in Retirement},
	number = {2000-10},
	year = {2000},
	institution = { AARP Public Policy Institute},
	address = {Washington, D.C.},
	abstract = {Abstract:  Examined patterns of dissaving among households with at least one older adult. Data were obtained from the Social Security Administration{\textquoteright}s New Beneficiary Data System (NBDS) on older adults (mainly those aged 62-65) who received Social Security benefits for the first time in 1980-1981 and who were interviewed in 1982 and 1991. Data were also obtained from the 1993 and 1995 waves of the National Institute on Aging{\textquoteright}s Asset and Health Dynamics Among the Oldest Old (AHEAD) survey of adults aged 70 and older. Multivariate analyses indicated that changes in wealth were fairly flat in the 1980s (based on NBDS data), with mean wealth growing just under one percent per year for the 9 years of the sample period, while median wealth declined by about one-quarter of a percentage point per year. The AHEAD data from the 1990s suggest that most adults aged 70 and older enjoyed wealth increases, which in large part were due to the dramatic rise in stock prices over the 2 years of the survey period. Overall, there was increasing wealth inequality, with less well off households dissaving more rapidly than better off households. Households in which health declined between the waves studied were more likely to dissave. Savings patterns of households with and without children were fairly similar. Two appendixes provide information on the study methodology and additional data tables},
	keywords = {Consumption and Savings, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://assets.aarp.org/rgcenter/econ/2000_10_dissaving.pdf},
	author = {Steven Haider and Michael D Hurd and Reardon, Elaine and Williamson, Stephanie}
}
@inbook {5128,
	title = {Prospects for Widow Poverty},
	booktitle = {Forecasting retirement needs and retirement wealth.},
	series = {Pension Research Council Publications.:},
	year = {2000},
	note = {ProCite field[8]: eds.},
	pages = {208 -34},
	publisher = {University of Pennsylvania Press},
	organization = {University of Pennsylvania Press},
	address = {Philadelphia},
	keywords = {Consumption and Savings, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {David R Weir and Robert J. Willis},
	editor = {Olivia S. Mitchell and P. Brett Hammond and Anna M. Rappaport}
}
@article {6717,
	title = {Saver Behavior and 401(k) Retirement Wealth},
	journal = {American Economic Review},
	volume = {90},
	year = {2000},
	note = {RDA 1999-002},
	pages = {297-302},
	publisher = {90},
	abstract = { Contributions to 401(k) plans are now the most
 important form of retirement saving. Since 401(k)
 plans were introduced in the early 1980{\textquoteright}s, they
 have expanded rapidly and continuously. By
 1998, roughly half of all households were eligible
 to participate in 401(k) plans, and more than 36
 million workers made contributions to these
 employer-provided saving plans. In 1995, the last
 year for which the U.S. Department of Labor
 has released definitive data, 401(k) contribu-
 tions amounted to $87.4 billion, or 55 percent of
 all contributions to employer-sponsored pension
 plans. The level of contributions, and their share
 of all pension contributions, is probably signifi-
 cantly higher today.
 The spread of 401(k) plans is the most
 important indicator of the move to personal
 retirement saving. In 1980, almost 92 percent
 of pension-plan contributions were to tradi-
 tional employer-provided plans, and about
 64 percent of these contributions were to
 conventional defined-benefit plans. Today,
 almost 60 percent of contributions are to
 personal retirement accounts, including 401(k),
 IRA, and Keogh plans. Including employer-
 provided, non-40 1 (k) defined-contribution
 plans, over 76 percent of contributions are to
 plans that are controlled in large measure by
 individuals. These individuals make partici-
 pation, contribution, asset-allocation, and
 withdrawal decisions.
 In this paper, we describe the likely impor-
 tance of 401(k) assets for future older Ameri-
 cans and the effect of investment decisions on
 asset accumulation. We also examine the extent
 to which retirement assets may be affected by
 several decisions: preretirement withdrawals,
 management fees and expenses, contribution
 rates, and early retirement. Our analysis focuses
 on 401(k) saving, but applies more broadly to
 other forms of individual retirement saving.},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.jstor.org/stable/117239?seq=1},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {5409,
	title = {Saving for Retirement: Household Bargaining and Household Net Worth},
	year = {2000},
	institution = {University of Michigan, Michigan Retirement Research Center},
	abstract = {Traditional economic models treat the household as a single individual, and do not allow for separate preferences of and possible conflicts of interest between husbands and wives. Since wives are typically younger than their husbands and life expectancy for women exceeds that for men, wives may prefer to save more for retirement than do their husbands. This suggests that households in which wives have greater relative bargaining power may accumulate greater net worth as they approach retirement. Most empirical models of net worth in the literature do not include characteristics of both spouses. We present a more complete unitary model of household net worth and find, among couples in the first wave of the Health and Retirement Survey, that the characteristics of both husband and wife are determinants of net worth. We explore the importance of bargaining in marriages of older couples by examining the empirical relationship between their net worth and factors such as relative control over current income sources, relative age, and relative education. We find some evidence that low relative education of wives is associated with low net worth.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	url = {https://mrdrc.isr.umich.edu/publications/Papers/pdf/wp004.pdf},
	author = {Lundberg, Shelly J. and Jennifer L. Ward-Batts}
}
@article {8441,
	title = {Widow{\textquoteright}s poverty tied to length of time since husband{\textquoteright}s death},
	journal = {USA Today Electronic News},
	year = {2000},
	month = {May 22, 2000},
	publisher = {USA Today},
	keywords = {Net Worth and Assets},
	author = {Wheeler, Larry}
}
@article {6629,
	title = {Consumer Preferences for Health Care Reform Options},
	journal = {Journal of Consumer Affairs},
	volume = {33},
	year = {1999},
	note = {ProCite field 3 : Purdue U; U Memphis},
	pages = {237-53},
	publisher = {33},
	abstract = {This study uses the 1992 Health and Retirement Study to examine consumer preferences for four health care reform options: tax-financed national health insurance, personally subsidized Medicare extensions, publicly subsidized nursing home insurance, and tax credits for health insurance purchases. Males, non-Caucasians, the self-employed, those in excellent health, and those who reside in the Northeast favor national health insurance, while those with high levels of liquid and non-liquid assets tend to disfavor it.  Males and those with higher expectations of living in nursing homes tend to favor personally subsidized Medicare extensions to cover nursing homes and home health care. Those with higher expectations of living in nursing homes also favor publicly subsidized nursing home insurance. Relatively little support for subsidized nursing home insurance is found among males and those with high levels of liquid and non-liquid assets. The self-employed tend to support tax credits for health insurance premiums.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Net Worth and Assets, Public Policy},
	url = {https://www.jstor.org/stable/23859957?seq=1$\#$page_scan_tab_contents},
	author = {Gong-Soog Hong and Shelley I. White-Means}
}
@inbook {5126,
	title = {Lifetime Earnings, Saving Choices, and Wealth at Retirement},
	booktitle = {Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster},
	year = {1999},
	note = {RDA 1999-002 WiseProCite field[8]: eds},
	pages = {87-120.},
	publisher = {University of Michigan Press},
	organization = {University of Michigan Press},
	address = {Ann Arbor, MI},
	keywords = {Consumption and Savings, Event History/Life Cycle, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Steven F Venti and David A Wise},
	editor = {James P Smith and Robert J. Willis}
}
@inbook {5152,
	title = {Pension and Social Security Wealth in the Health and Retirement Study},
	booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences},
	year = {1999},
	note = {RDA 1996-005; Revision of Pension Research Council Working Paper PRC WP 97-3 ProCite field 8 : eds.},
	pages = {150-208},
	publisher = {University of Michigan Press},
	organization = {University of Michigan Press},
	address = {Ann Arbor, MI},
	abstract = {This study attempts to understand the impact of pension and social security wealth on decisions made by people of retirement age.  Their in-depth analysis of the Health and Retirement Study gives many interesting findings.  Of those people participating in the Health and Retirement Study, more then half of the wealth is in the form of social security, pensions, and health insurance.  Various topics are explored in this paper.},
	keywords = {Net Worth and Assets, Pensions, Social Security},
	author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier},
	editor = {James P Smith and Robert J. Willis}
}
@article {6650,
	title = {Theory Confronts Data: How the HRS is Shaped by the Economics of Aging and How the Economics of Aging Will be Shaped by the HRS},
	journal = {Labour Economics},
	volume = {6},
	year = {1999},
	pages = {119-145},
	publisher = {6},
	abstract = {This paper describes the evolution of the HRS from its origins in 1992 to its current design as a longitudinal {\textquoteright}steady state{\textquoteright} sample of older Americans which is representative of the U.S. population over age 50.  It discusses the conceptual framework of the survey as well as the broad theoretical concepts that lead to its content and design.  The paper concludes with a description of some recent findings that use the HRS data; in particular the positive correlation between health and wealth.},
	keywords = {Health Conditions and Status, Methodology, Net Worth and Assets},
	doi = {10.1016/S0927-5371(99)00011-1},
	author = {Robert J. Willis}
}
@inbook {5119,
	title = {Unfolding Bracket Method in the Measurement of Expenditures and Wealth},
	booktitle = {Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster.},
	year = {1999},
	note = {ProCite field[8]: eds.},
	pages = {64-86},
	publisher = {University of Michigan Press},
	organization = {University of Michigan Press},
	address = {Ann Arbor, MI},
	keywords = {Consumption and Savings, Methodology, Net Worth and Assets},
	url = {https://books.google.com/books?id=lKvp4D1HuH8C\&pg=PA64\&lpg=PA64\&dq=Unfolding+Bracket+Method+in+the+Measurement+of+Expenditures+and+Wealth\&source=bl\&ots=hFIAdSfSt6\&sig=ACfU3U2f2HvZoq6nQLadPt_pPaidMEBcyQ\&hl=en\&sa=X\&ved=2ahUKEwjAruG52p3qAhWIZM0KHTMiBpAQ6AEwA},
	author = {Daniel H. Hill},
	editor = {James P Smith and Robert J. Willis}
}
@article {6621,
	title = {401(k) Plans and future patterns of retirement saving},
	journal = {American Economic Review},
	volume = {88},
	year = {1998},
	note = {RDA 1999-002},
	pages = {179-184},
	publisher = {88},
	abstract = {This paper summarizes current participation and contribution patterns in 401(k) plans and projects 401(k) balances at retirement age for workers currently between the ages of 30 and 40. The various factors that will influence future 401(k) balances are discussed. The projections based on HRS data suggest that 401(k) plans are likely to play a significant role in providing for the retirement income of future retirees.},
	keywords = {Employment and Labor Force, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	url = {https://www.jstor.org/stable/116915?seq=1},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {6602,
	title = {The Cause of Wealth Dispersion at Retirement:  Choice or Chance?},
	journal = {American Economic Review},
	volume = {88},
	year = {1998},
	note = {RDA 1999-002 ProCite field 3 : Dartmouth College; NBER},
	pages = {185-91},
	publisher = {88},
	keywords = {Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.jstor.org/stable/116916?seq=1},
	author = {Steven F Venti and David A Wise}
}
@inbook {5121,
	title = {Household Wealth of the Elderly under Alternative Imputation Procedures},
	booktitle = {Inquiries in the economics of aging},
	year = {1998},
	note = {ProCite field[3]: U CA, Berkeley and NBER; SUNY, Stony Brook, RAND, and NBER; U CA, Berkeley},
	pages = {229 -54},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago and London},
	abstract = {Although many reach retirement with few resources except housing equity
and a claim to social security and Medicare, financial wealth, nonetheless,
makes an important contribution to the economic status of many of the elderly.
Most of our up-to-date information about the wealth of the elderly is based on
the Survey of Income and Program Participation (SIPP), which sometimes
adds an asset module to its core survey. As in many surveys of assets, the rate
of missing data on individual asset items is high, about 30 to 40 percent among
those with the asset. This raises the issue of the reliability of SIPP wealth measures because respondents who refuse or are unable to give a value to an asset
item may not be representative of the population. Indeed, in the Health and
Retirement Survey (HRS) it is clear that asset data are not missing at random.
Through the use of bracketing methods, which we will discuss below, the HRS
was able to reduce the rate of missing asset data substantially, and the data that
were added in this way increased mean wealth in the HRS by about 40 percent
(Smith 1995). Furthermore, because the additional data increased the mean so
much, they undoubtedly increased measures of wealth inequality. },
	keywords = {Consumption and Savings, Demographics, Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.nber.org/chapters/c7088},
	author = {Hoynes, Hilary and Michael D Hurd and Chand, Harish},
	editor = {David A Wise}
}
@article {6615,
	title = {The Influence of Push and Pull Factors on Voluntary and Involuntary Early Retirees{\textquoteright} Retirement Decision and Adjustment},
	journal = {Journal of Vocational Behavior},
	volume = {53},
	year = {1998},
	pages = {45-57},
	publisher = {53},
	abstract = {This paper examines early retirees{\textquoteright} decisions to retire, as well as their postretirement adjustment, in terms of both push (negative considerations: e.g., poor health) and pull (positive considerations: e.g., leisure interests) factors.  Results confirm the hypothesis that both negative push and positive pull factors differentially influenced those retirees who voluntarily retired and those forced to retire.  After retirement, the negative push factors became the more salient differentiators; those forced to retire appeared to have generally lower self ratings of physical and emotional health and lower satisfaction rates.  In addition, the findings suggest that the way an individual views their retirement decision is related to their postretirement experience: those who viewed their retirement decision as voluntary reported higher satisfaction and health levels during retirement than those who viewed their retirement as involuntary.},
	keywords = {Adult children, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Kenneth S. Shultz and Morton, Kelly R. and Weckerle, Joelle R.}
}
@inbook {5158,
	title = {Pensions and the Distribution of Wealth},
	booktitle = {Frontiers in the Economics of Aging},
	year = {1998},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Net Worth and Assets},
	author = {Kathleen McGarry and Davenport, Andrew},
	editor = {David A Wise}
}
@article {6573,
	title = {Asset and Health Dynamics Among the Oldest Old: An overview of the AHEAD Study},
	journal = {The Journals of Gerontology, Series B: Psychological Sciences and Social Sciences},
	volume = {52B},
	year = {1997},
	pages = {1-20},
	publisher = {52B},
	abstract = {This article contains background information on the study of Asset and Health Dynamics Among the Oldest Old (AHEAD), a prospective panel survey of persons born in 1923 or earlier who were residing in the community at the time of the 1993 baseline. Interviews were sought with both spouses in married households, and an overall total of 8,222 were completed. We review the interdisciplinary scientific issues that motivated the study, describe the fundamental design decisions that structured AHEAD, and summarize the content in the core and experimental modules. The study provides unusually detailed data on cognition, family structure and transfers, and assets. Data are presented on sample selections, response rates, and oversamples of minority groups. Basic descriptive data on the demographic, health, and socioeconomic attributes of respondents also are presented. Plans for future waves of AHEAD are described, including a next-of-kin interview for decreased respondents.},
	keywords = {Adult children, Demographics, Health Conditions and Status, Healthcare, Income, Methodology, Net Worth and Assets},
	author = {Beth J Soldo and Michael D Hurd and Willard L Rodgers and Robert B Wallace}
}
@article {6598,
	title = {Protecting Persons With Severe Cognitive and Mental Disorders: An Analysis of Public Conservatorship in Los Angeles County, California},
	journal = {Aging and Mental Health},
	volume = {Vol. 1},
	year = {1997},
	pages = {87-97},
	publisher = {Vol. 1},
	abstract = {This article begins to identify the factors that place older adults at risk for conservatorship. Comaprisons are drawn between the characteristics of adult public conservatees in the civil commitment and Probate programs in Los Angeles, between young and old conservatees, and then between old conservatees and adults nationwide who are part of the AHEAD sample. Findings show obvious differences between the two types of conservatees. Individuals in the Probate program have the characteristics of young conservatees while adults in the civil commitment program have the characteristics of older conservatees and have less available family memebers, implying social isolation as a risk factor for older adults for public conservatorship.  Compared to older adults nationwide, older public conservatees (70 and older) are much older, more likely to suffer from dementia, to be physically impaired, and are far less affluent.  This comparison suggests that older adults in public conservatorship in Los Angeles appear to reflect the correct target population for such a service, socially isolated and highly impaired adults.},
	keywords = {Health Conditions and Status, Net Worth and Assets, Public Policy},
	doi = {https://doi.org/10.1080/13607869757425},
	author = {Sandra L Reynolds and Kathleen H. Wilber}
}
@inbook {5160,
	title = {Living Arrangements: Health and Wealth Effects},
	booktitle = {Advances in the Economics of Aging},
	year = {1996},
	note = {ProCite field 8 : ed.},
	pages = {193-216},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Health Conditions and Status, Housing, Net Worth and Assets},
	author = {Daniel McFadden and Axel Borsch-Supan and Schnabel, R.},
	editor = {David A Wise}
}
@article {5316,
	title = {Lump-Sum Distributions from Retirement Saving Plans: Receipt and Utility},
	year = {1995},
	institution = {NBER},
	abstract = {One of the central issues in evaluating the ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans is the degree to which assets in DC plans will be withdrawn before plan participants reach retirement age. The annual flow of withdrawals from such plans, which are known as lump sum distributions and which are frequently but not always associated with employment changes, has exceeded  100 billion in recent years. This flow is substantially greater than the flow of new contributions to IRAs and other targeted retirement saving programs. This paper draws on data from the 1993 Current Population Survey and the Health and Retirement Survey to summarize the incidence and disposition of lump sum distributions. We find that while less than half of all lump sum distributions are rolled over into IRAs or other retirement saving plans, large distributions are substantially more likely to be saved than smaller ones are. Consequently, more than half of the dollars paid out as lump sum distributions are reinvested. We also explore the correlation between various individual characteristics and the probability of rolling over a lump sum distribution. This is a first step toward developing a model that can be used to evaluate the long- term effects of lump sum distributions, or policies that might affect them, on the financial status of elderly households.},
	keywords = {Income, Net Worth and Assets},
	url = {https://www.researchgate.net/publication/5193273_Lump-Sum_Distributions_from_Retirement_Saving_Plans_Receipt_and_Utilization},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {6538,
	title = {Occupational Injuries Among Agricultural Workers 51 to 61 Years Old: A National Study},
	journal = {Journal of Agricultural Safety and Health},
	volume = {1},
	year = {1995},
	pages = {273-281},
	publisher = {1},
	abstract = {This paper examines risk factors for occupational injuries among agricultural workers and compares them with the risk factors for injury among other older workers.  The findings suggest that the risks for occupational injuries among agricultural workers differ from those that affect workers in all other occupations. While heavy lifting and poor eye sight were risk factors for both agricultural and other workers, self-employment- -  which acted as a protective factor for other workers- - proved to be a risk factor for agricultural workers.  Other variables - depressive symptoms and dissatisfaction with marriage, job, family life, the way problems are handled, and life overall - tended to be more strongly associated with occupational injuries in agricultural workers than among other workers.},
	keywords = {Demographics, Employment and Labor Force, Health Conditions and Status, Net Worth and Assets},
	doi = {10.13031/2013.19469},
	url = {https://elibrary.asabe.org/abstract.asp?search=1\&JID=3\&AID=19469\&CID=j1995\&v=1\&i=4\&T=1\&urlRedirect=[anywhere=\&keyword=\&abstract=\&title=on\&author=\&references=\&docnumber=\&journals=All\&searchstring=Occupational\%20Injuries\%20among\%20Agricultural\%20Workers\&pg=},
	author = {Zwerling, Craig and Nancy L. Sprince and Robert B Wallace and Charles S. Davis and Paul S. Whitten and Steven G Heeringa}
}
