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Journal Article
Statement to Congress, February 25, 1999 (service credit under the federal employees retirement system)
Kelley, Edward W. (1999-04)
Federal Reserve Bulletin , Issue Apr

Working Paper
Reverse mortgage loans: a quantitative analysis
Nakajima, Makoto; Telyukova, Irina A. (2014-09-08)
Supersedes Working Paper 13-27. Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. Despite growth in this market, only 2.1% of eligible homeowners had RMLs in 2011. In this paper, the authors analyze reverse mortgages in a calibrated life-cycle model of retirement. The average welfare gain from RMLs is $885 per homeowner. The authors? model implies that low-income, low-wealth, and poor-health households benefit the most, consistent with empirical evidence. Bequest motives, nursing-home-move risk, house price risk, and loan costs all ...
Working Papers , Paper 14-27

Journal Article
What Has Driven the Recent Increase in Retirements?
Nie, Jun; Yang, Shu-Kuei X. (2021-08-11)
During the pandemic, the share of retirees in the U.S. population rose much faster than its normal pace. Typically, an increase in this share is driven by more people transitioning from employment to retirement. However, we show that the recent increase was instead driven by fewer people transitioning from retirement back into employment, likely due to pandemic-related health risks. More retirees may rejoin the workforce as these health risks fade, but the retirement share is unlikely to return to a normal level for some time.
Economic Bulletin , Issue August 11, 2021 , Pages 4

Working Paper
The effect of old-age insurance on male retirement : evidence from historical cross-country data
Johnson, Richard (2000)
I examine the effect of Old-Age Insurance systems on the labour supply of older men. Male retirement ages are crucial to the solvency of OAI systems. Historical data on participation rates and OAI rules in thirteen developed countries show rapid falls in participation among men aged 60-4 after pensions were extended to them. I estimate participation elasticities of -0.06 with respect to replacement rates and 0.19 to the net-of-tax wage. It does not appear that endogenous OAI changes bias the regression coefficients. The growth of OAI explains about 11 percent of the reduction in participation ...
Research Working Paper , Paper RWP 00-09

Report
Are we saving enough? Households and retirement. 2007 annual report of the Federal Reserve Bank of Richmond
Weinberg, John A.; Campbell, Doug (2007)
Annual Report

Working Paper
401(k)s and household saving: new evidence from the Survey of Consumer Finances
Pence, Karen M. (2002)
Although households have invested billions in 401(k) accounts, these balances may not be new saving if workers invest money that they would have saved in the program's absence. In this paper, I assess the effect of the 401(k) program on saving by comparing changes in the wealth of 401(k) eligible and ineligible households over the 1989-1998 period using data from the Survey of Consumer Finances (SCF). This comparison may yield misleading estimates of the effect of 401(k)s on saving if eligible households have a higher taste for saving than ineligible households or if they begin the 1989-1998 ...
Finance and Economics Discussion Series , Paper 2002-6

Journal Article
Working past retirement age
Bechter, Dan M. (1990-04)
Cross Sections , Volume 7 , Issue Spr , Pages 8-11

Working Paper
Medicaid insurance in old age
French, Eric; De Nardi, Mariacristina; Jones, John Bailey (2012)
Medicaid was primarily designed to protect and insure the poor against medical shocks. Yet, poorer people tend to live shorter lifespans and incur lower medical expenses before death than richer people. Taking these and other important dimensions of heterogeneity into account, and carefully modeling key institutional aspects, we estimate a structural model of savings and endogenous medical expenses to assess the costs and benefits of Medicaid for single retirees. ; We show that even higher-income retirees benefit from Medicaid, if they live long enough for their resources to be depleted by ...
Working Paper Series , Paper WP-2012-13

Journal Article
Recession on the eve of retirement : Losses from the recession will cause some boomers to delay retirement, but many others will actually rush into it
Haltom, Renee Courtois (2011-10)
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q4/feature3_weblinks.cfm
Econ Focus , Volume 15 , Issue 4Q , Pages 26-28, 38

Report
An Aggregate Model for Policy Analysis with Demographic Change
Prescott, Edward C.; McGrattan, Ellen R. (2016-08-11)
Many countries are facing challenging fiscal financing issues as their populations age and the number of workers per retiree falls. Policymakers need transparent and robust analyses of alternative policies to deal with demographic changes. In this paper, we propose a simple framework that can easily be matched to aggregate data from the national accounts. We demonstrate the usefulness of our framework by comparing quantitative results for our aggregate model with those of a related model that includes within-age-cohort heterogeneity through productivity differences. When we assess proposals ...
Staff Report , Paper 534

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