How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios
研究了美国社会保障规则和家庭状态变化如何影响工作、退休、储蓄、投资和保险决策，发现模型能更好解释退休消费下降、62岁领取高峰等现实现象。
We show how optimal household decisions regarding work, retirement, saving, portfolio allocations, and life insurance are shaped by the complex financial options embedded in U.S. Social Security rules and uncertain family transitions. Our life cycle model predicts sharp consumption drops on retirement, an age-62 peak in claiming rates, and earlier claiming by wives versus husbands and single women. Moreover, life insurance is mainly purchased on men's lives. Our model, which takes Social Security rules seriously, generates wealth and retirement outcomes that are more consistent with the data, in contrast to earlier and less realistic models.