The Composition and Drawdown of Wealth in Retirement
利用健康与退休研究数据，计算退休家庭用非年金金融资产可购买的潜在额外年金收入，并分析住房权益和金融资产随年龄增长被消耗的程度，发现住房权益常被保留至晚年，为长寿风险提供保险。
This paper presents evidence on the resources available to households as they enter retirement. It draws heavily on data collected by the Health and Retirement Study. We calculate the “potential additional annuity income” that households could purchase, given their holdings of non-annuitized financial assets at the start of retirement. We also consider the role of housing equity in the portfolios of retirement-age households and explore the extent to which households draw down housing equity and financial assets as they age. Because home equity is often conserved until very late in life, for many households it may provide some insurance against the risk of living longer than expected. Finally, we consider how our findings bear on a number of policy issues, such as the role for annuity defaults in retirement saving plans.