Bequests And Saving For Retirement
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Bequests And Saving For Retirement
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Author : Fabrizio Barca
language : en
Publisher:
Release Date : 1992
Bequests And Saving For Retirement written by Fabrizio Barca and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Inheritance and succession categories.
Bequests And Saving For Retirement
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Author : Banca d'Italia
language : en
Publisher:
Release Date : 1992
Bequests And Saving For Retirement written by Banca d'Italia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.
Death And Dollars
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Author : Alicia H. Munnell
language : en
Publisher: Rowman & Littlefield
Release Date : 2004-05-13
Death And Dollars written by Alicia H. Munnell and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05-13 with Business & Economics categories.
Despite the recent downturn in the stock market, the 1990s boom and the shift to defined contribution plans mean that more individuals will have significant wealth upon retirement. How they use that wealth will determine not only their own well-being, but also the living standards of their children, the resources available to philanthropies, and the level of investment capital in the economy. This volume explores the reasons why people save, how they decide to allocate their wealth once they retire, and how givers select their beneficiaries. It also assesses the extent to which the estate tax and annuitization of retirement wealth affects the amount and nature of wealth transfers. Finally, it looks at the impact of wealth transfers––first on the amount of aggregate saving and capital accumulation, and then on the distribution of wealth among households. Several conclusions emerge. First, gifts and bequests are important; they may account for about half of total wealth in America. Second, rich people make most of the wealth transfers. They are thoughtful about how much they pay in taxes and how they dispose of their wealth. They care about philanthropic causes and view their charitable contributions as more than a way to avoid paying estate taxes. Third, most nonrich people probably have some lexicographic preferences about the disposition of their wealth; they want to ensure they have adequate resources to take care of their own needs, and if money is left over, they would like it to go to their children. Fourth, little support has emerged for the pure altruistic model of bequests. Fifth, institutions matter. In the case of the rich, the estate tax probably reduces saving and increases bequests to charity. In the case of the nonrich, the shift to defined contribution plans will at a minimum mean that they have more wealth in their hands when they die, and therefore they will leave larger accidental bequests. It might also increase their interest in lea
Essays On Saving Bequests Altruism And Life Cycle Planning
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Author : Laurence J. Kotlikoff
language : en
Publisher: MIT Press
Release Date : 2001-06-22
Essays On Saving Bequests Altruism And Life Cycle Planning written by Laurence J. Kotlikoff and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-22 with Business & Economics categories.
This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.
Savings And Bequests
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Author : Toshiaki Tachibanaki
language : en
Publisher: University of Michigan Press
Release Date : 1994
Savings And Bequests written by Toshiaki Tachibanaki and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
How do bequests explain differences in savings behavior between countries?
The Economics Of Bequests In Pensions And Social Security
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Author : Martin S. Feldstein
language : en
Publisher:
Release Date : 1999
The Economics Of Bequests In Pensions And Social Security written by Martin S. Feldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Inheritance and succession categories.
Experience in private pension plans and recent policy discussions about investment-based reforms of Social Security suggest that some form of bequest is likely to be part of any such reform that is enacted. This paper provides a first examination of the potential magnitudes of such bequests and of their effect on retirement annuities and asset accumulation. The most likely form of bequest, the preretirement bequest' made when employees die before normal retirement age, reduces the funds available for post-retirement annuities by about 16 percent or, equivalently, requires a one-sixth increase in the Personal Retirement Account saving rate to maintain the same level of post-retirement annuities. We also analyze a variety of post-retirement bequest options. The least costly option that we consider is adding a ten-year-certain' feature to the life annuity, thereby providing a bequest whenever the retiree dies before age 77. This would reduce annuities, relative to providing only preretirement bequests, by about 6 percent. The most costly option that we consider would provide a bequest equal to the remaining actuarial value of the PRA annuity at the time of death and would require reducing all annuities by about 23 percent unless the PRA saving rate is raised. We analyze the size distribution of bequests that would result under different bequest rules and consider the implications for aggregate capital accumulation.
Savings And Bequests
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Author : Michael D. Hurd
language : en
Publisher:
Release Date : 1986
Savings And Bequests written by Michael D. Hurd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Legacies categories.
Death And Dollars
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Author : Alicia Haydock Munnell
language : en
Publisher: Brookings Inst Press
Release Date : 2003
Death And Dollars written by Alicia Haydock Munnell and has been published by Brookings Inst Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This volume explores the reasons people save money, how they decide to allocate their wealth once they retire, and how givers select their beneficiaries. It also assesses the extent to which the estate tax and annuitization of retirement wealth affects the amount and nature of wealth transfers. Finally, it looks at the impact of bequests on the economy.The first section summarizes existing knowledge and puts the current U.S. experience in perspective by offering first a historical view and then an international view. The second explores the reasons for wealth transfers and how givers select their beneficiaries. The contributors consider whether bequests are left by accident or on purpose, how people decide between philanthropic organizations and family, and who gets the bequest within a family. In the third section, the discussion shifts from the inner workings of the household to external factors that affect bequests—namely, taxes and benefits. The final section looks at the impact of wealth transfers on the amount of aggregate saving and capital accumulation and on the distribution of wealth among households.The contributors conclude that wealth transfers are big and important. Understanding how people make their consumption, saving, and bequest decisions is crucial for predicting how people will respond to major changes, such as the plan to phase out the estate tax.Contributors include Andrew Abel (Wharton School), James Andreoni (University of Wisconsin), Theodore Bergstrom (University of California), Jeffrey R. Brown (John F. Kennedy School of Government, National Bureau of Economic Research), Charles Clotfelter (Duke University), Donald Cox (Boston College), J. Bradford DeLong (University of California), Peter Diamond (MIT), Amy Finkelstein (National Bureau of Economic Research), William Gale (Brookings Institution), Jonathan Gruber (MIT), John J. Havens (Social Welfare Research Institute, Boston College), Michael D. Hurd (RAND), Wojciech Kopczuk (University of British Columbia), Laurence J. Kotlikoff (Boston University), John Laitner (University of Michigan), Ray D. Madoff (Boston College Law School), Kathleen McGarry (University of California, National Bureau of Economic Research), Olivia S. Mitchell (Wharton School), Alicia H. Munnell (Center for Retirement Research, Boston College), Peter Orszag (Brookings Institution), Pierre Pestieau (University of Liège, CEPR), James Poterba (MIT), Samara Potter (Brookings Institution), Paul G. Schervish (Social Welfare Research Institute, Boston College), John Karl Scholz (University of Wisconsin), Jonathan S. Skinner (Dartmouth College, National Bureau of Economic Research), Joel Slemrod (University of Michigan), Mauricio Soto (Center for Retirement Research, Boston College), Annika Sundén (Center for Retirement Research, Boston College), Catherine Taylor (Center for Retirement Research, Boston College), and Edward N. Wolff (New York University).
Bequest Motives And Other Tales Of Wealth In Retirement
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Author : Kara Elizabeth Levine
language : en
Publisher:
Release Date : 2004
Bequest Motives And Other Tales Of Wealth In Retirement written by Kara Elizabeth Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
How Will The Rise In 401 K Plans Affect Bequests
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Author : Alicia Haydock Munnell
language : en
Publisher:
Release Date : 2002
How Will The Rise In 401 K Plans Affect Bequests written by Alicia Haydock Munnell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with 401(k) plans categories.