Recalibrating Retirement Spending and Saving

Recalibrating Retirement Spending and Saving

Edited by John Ameriks · Olivia S. Mitchell
Oxford University Press September 2008

Specifications

ISBN-13
9780199549108
Publisher
Oxford University Press
Publication
September 2008
Format
Hardback , 358 pages
Jurisdiction
U.K. ? Countri(es) for reference only

Details

  • ncluding uncertainty regarding life expectancy and morbidity
  • Contributions from academics and practitioners in the fields of Law, Economics, and Finance, including Nobel Laureate William F. Sharpe

As Baby Boomers make the transition into their 60s, they have focused policymakers and the media's attention onto how this generation will manage the retirement phase of its lifetime. This volume acknowledges that many, though not all, in this older cohort have accumulated substantial assets, so for them, the question is what will they do with what they have? 

We offer a detailed exploration of how people entering retirement will deploy their accumulated assets in the near and long term, so to best meet their myriad spending, investment, and other objectives. The book offers readers an invaluable study of emerging issues regarding assets and expectations on the verge of retirement, including uncertainty regarding life expectancy and morbidity. It is composed of chapters from a distinguished set of authors including a Nobel Laureate and a wonderful mix of academics and practitioners from the legal, financial, and economic fields. 

This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series. It will be especially useful for analysts and consumers concerned with ways to position, invest, manage, and spend retirement assets; financial advisers and academics debating ways to effectively manage assets in retirement; and lawyers and policy experts evaluating regulation for the retirement payout marketplace.

Readership: Economists, Actuaries, Pension policymakers and consultants; Academics, researchers and advanced students of pensions and pension policy, HRM, and industrial relations.

Table of Contents

Part I: Financial and Nonfinancial Retirement Circumstances
1: John Ameriks and Olivia S. Mitchell: Managing Retirement Payouts: Positioning, Investing, and Spending Assets
2: Sewin Chan and Ann Huff Stevens: Is Retirement Being Remade? Developments in Labor Market Patterns at Older Ages
3: Erik Hurst: Understanding Consumption in Retirement: Recent Developments
4: Todd Sinai and Nicholas Souleles: Net Worth and Housing Equity in Retirement
Part II: Retirement Payouts: Balancing the Objectives
5: Sarah Holden and Brian Reid: The Role of Individual Retirement Accounts in US Retirement Planning
6: G. Victor Hallman: Retirement Distributions and the Bequest Motive
7: James I. Mahaney and Peter C. Carlson: Rethinking Social Security Claiming in a 401(k) World
8: Phyllis C. Borzi and Martha Priddy Patterson: Regulating Markets for Retirement Payouts: Solvency, Supervision, and Credibility
Part III: Financial Products for Retirement Risk Management
9: William F. Sharpe, Jason S. Scott, and John G. Watson: Efficient Retirement Financial Strategies
10: Cassio M. Turra and Olivia S. Mitchell: The Impact of Health Status and Out-of-Pocket Medical Expenditures on Annuity Valuation
11: John Ameriks, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh: Annuity Valuation, Long-term Care, and Bequest Motives
12: Moshe A. Milevsky and Vladyslav Kyrychenko: Asset Allocation within Variable Annuities: The Impact of Guarantees
13: David Brazell, Jason Brown, and Mark Warshawsky: Tax Issues and Life Care Annuities

About the Author

Edited by John Ameriks, Senior Investment Analyst, Investment Counselling and Research Group, Vanguard Group, and Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania

Contributors: 
John Ameriks, Senior Investment Analyst, Investment Counseling and Research Group, Vanguard, 
Phyllis C. Borzi, Research Professor in Health Policy, School of Public Health and Health Services, The George Washington University, 
David Brazell, member, Business Taxation Division, Office of Tax Analysis, U.S. Department of the Treasury,
Jason Brown, economist, Office of Economic Policy, U.S. Treasury Department,
Andrew Caplin, Professor of Economics and the Co-Director of the Center for Experimental Social Science, New York University, 
Peter C. Carlson, Pricing Actuary, Prudential's Retirement Income Strategies unit,
Sewin Chan, Associate Professor of Public Policy, Robert F. Wagner Graduate School of Public Service, New York University, 
G. Victor Hallman, Lecturer, Insurance and Risk Management Department, Wharton School, University of Pennsylvania, 
Sarah A. Holden, Senior Director of Retirement and Investor Research, Investment Company Institute (ICI),
Erik Hurst, Professor of Economics, University of Chicago's Graduate School of Business, 
Vladyslav Kyrychenko, Ph.D. candidate, Schulich School of Business, York University,
Steven Laufer, second-year graduate student in Economics, New York University, 
James I. Mahaney, Vice President, Retirement Income Strategies division, Prudential Retirement,
Moshe A. Milevsky, Associate Professor of Finance, York University, Canada, 
Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania ,
Martha Priddy Patterson, Director of Human Capital Total Rewards, Washington DC office, Deloitte Consulting LLP, 
Brian Reid, Chief Economist, Investment Company Institute, 
Jason S. Scott, Financial Engines, 
William F. Sharpe, co-founder, Financial Engines, Inc, and STANCO 25 Professor of finance, emeritus, Graduate School of Business, Stanford University,
Todd Sinai, Associate Professor of Real Estate, Wharton School, Faculty Research Fellow, NBER, and Visiting Scholar, Federal Reserve Bank of Philadelphia, 
Nicholas Souleles, Associate Professor of Finance, Wharton School,
Ann Huff Stevens, Associate Professor of Economics, University of California, Davis, 
Cassio M. Turra, Associate Professor of Demography, Department of Demography/Cedeplar, Universidade Federal de Minas Gerais, Brazil, 
Stijn Van Nieuwerburgh, Assistant Professor of Finance, Leonard N. Stern School of Business, New York University, 
Mark Warshawsky, Director of Retirement Research, Watson Wyatt Worldwide, 
John G. Watson, Fellow, Retirement Research Center, Financial Engines.

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