The Role of Annuitized Wealth in Post-retirement Behavior
构建了一个考虑健康不确定性和国家验证困难的退休后行为模型，区分年金化与非年金化财富，并纳入医疗补助对护理费用的影响，解释了退休储蓄和年金两个谜题。
This paper develops a tractable model of post-retirement behavior with health status uncertainty and state-verification difficulties. The model distinguishes between annuitized and non-annuitized wealth and features means-tested Medicaid assistance with nursing home care. We show how to solve the potentially complex dynamic problem analytically, making it possible to characterize optimal behavior with phase diagrams. The analysis provides an integrated treatment of portfolio composition and consumption/wealth accumulation choices. We show the model can explain both the “retirement-saving puzzle” and the “annuity puzzle.”