Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/240400
Authors: 
De Nardi, Mariacristina
French, Eric
Jones, John Bailey
McGee, Rory
Year of Publication: 
2021
Series/Report no.: 
CHCP Working Paper No. 2021-2
Abstract: 
While the savings of retired singles tend to fall with age, those of retired couples tend to rise. We estimate a rich model of retired singles and couples with bequest motives and uncertain longevity and medical expenses. Our estimates imply that while medical expenses are an important driver of the savings of middle-income singles, bequest motives matter for couples and high-income singles, and generate transfers to non-spousal heirs whenever a household member dies. The interaction of medical expenses and bequest motives is a crucial determinant of savings for all retirees. Hence, to understand savings, it is important to model household structure, medical expenses, and bequest motives.
Document Type: 
Working Paper

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