Publication

The retirement-savings puzzle reviewed: the role of housing and bequests

Suari Andreu, E., Alessie, R. & Angelini, V., Feb-2019, In : Journal of Economic Surveys. 33, 1, p. 195-225 31 p.

Research output: Contribution to journalReview articleAcademicpeer-review

APA

Suari Andreu, E., Alessie, R., & Angelini, V. (2019). The retirement-savings puzzle reviewed: the role of housing and bequests. Journal of Economic Surveys, 33(1), 195-225. https://doi.org/10.1111/joes.12257

Author

Suari Andreu, Eduard ; Alessie, Robertus ; Angelini, Viola. / The retirement-savings puzzle reviewed : the role of housing and bequests. In: Journal of Economic Surveys. 2019 ; Vol. 33, No. 1. pp. 195-225.

Harvard

Suari Andreu, E, Alessie, R & Angelini, V 2019, 'The retirement-savings puzzle reviewed: the role of housing and bequests', Journal of Economic Surveys, vol. 33, no. 1, pp. 195-225. https://doi.org/10.1111/joes.12257

Standard

The retirement-savings puzzle reviewed : the role of housing and bequests. / Suari Andreu, Eduard; Alessie, Robertus; Angelini, Viola.

In: Journal of Economic Surveys, Vol. 33, No. 1, 02.2019, p. 195-225.

Research output: Contribution to journalReview articleAcademicpeer-review

Vancouver

Suari Andreu E, Alessie R, Angelini V. The retirement-savings puzzle reviewed: the role of housing and bequests. Journal of Economic Surveys. 2019 Feb;33(1):195-225. https://doi.org/10.1111/joes.12257


BibTeX

@article{da7aa4fbdd4a4c0a895e6641f2f315fb,
title = "The retirement-savings puzzle reviewed: the role of housing and bequests",
abstract = "The so-called retirement-savings puzzle is a phenomenon by which, contrary to what the standard life-cycle model predicts, households do not run down their wealth significantly during retirement. In this review paper, we survey the literature on the retirement-savings puzzle and we connect it with the literature on housing equity during retirement. To establish a link between these two streams of literature, we use as a framework the work of Nakajima and Telyukova (2013a, Home equity in retirement, UCSD Working Paper) and Nakajima and Telyukova (2017, Reverse mortgage loans: a quantitative analysis, Journal of Finance 72: 911-950), who find that home-ownership interacts with factors that explain the retirement-savings puzzle, notably with the bequest motive. We complement the results by Nakajima and Telyukova by relating them to the literature on altruistic bequests, strategic bequests and housing as a commitment device, all of which give further insights on the connection between home-ownership and bequests. We complement our review of the literature with descriptive evidence using the Netherlands as a case study.",
keywords = "Altruistic bequests, Bequest motive, Commitment, Housing, Retirement, Savings, Strategic bequests, INTER-VIVOS TRANSFERS, LONGEVITY RISK, LIFE-CYCLE, ALTRUISM, WEALTH, TIME, MOTIVES, LOVE, CARE",
author = "{Suari Andreu}, Eduard and Robertus Alessie and Viola Angelini",
year = "2019",
month = "2",
doi = "10.1111/joes.12257",
language = "English",
volume = "33",
pages = "195--225",
journal = "Journal of Economic Surveys",
issn = "0950-0804",
publisher = "Wiley",
number = "1",

}

RIS

TY - JOUR

T1 - The retirement-savings puzzle reviewed

T2 - the role of housing and bequests

AU - Suari Andreu, Eduard

AU - Alessie, Robertus

AU - Angelini, Viola

PY - 2019/2

Y1 - 2019/2

N2 - The so-called retirement-savings puzzle is a phenomenon by which, contrary to what the standard life-cycle model predicts, households do not run down their wealth significantly during retirement. In this review paper, we survey the literature on the retirement-savings puzzle and we connect it with the literature on housing equity during retirement. To establish a link between these two streams of literature, we use as a framework the work of Nakajima and Telyukova (2013a, Home equity in retirement, UCSD Working Paper) and Nakajima and Telyukova (2017, Reverse mortgage loans: a quantitative analysis, Journal of Finance 72: 911-950), who find that home-ownership interacts with factors that explain the retirement-savings puzzle, notably with the bequest motive. We complement the results by Nakajima and Telyukova by relating them to the literature on altruistic bequests, strategic bequests and housing as a commitment device, all of which give further insights on the connection between home-ownership and bequests. We complement our review of the literature with descriptive evidence using the Netherlands as a case study.

AB - The so-called retirement-savings puzzle is a phenomenon by which, contrary to what the standard life-cycle model predicts, households do not run down their wealth significantly during retirement. In this review paper, we survey the literature on the retirement-savings puzzle and we connect it with the literature on housing equity during retirement. To establish a link between these two streams of literature, we use as a framework the work of Nakajima and Telyukova (2013a, Home equity in retirement, UCSD Working Paper) and Nakajima and Telyukova (2017, Reverse mortgage loans: a quantitative analysis, Journal of Finance 72: 911-950), who find that home-ownership interacts with factors that explain the retirement-savings puzzle, notably with the bequest motive. We complement the results by Nakajima and Telyukova by relating them to the literature on altruistic bequests, strategic bequests and housing as a commitment device, all of which give further insights on the connection between home-ownership and bequests. We complement our review of the literature with descriptive evidence using the Netherlands as a case study.

KW - Altruistic bequests

KW - Bequest motive

KW - Commitment

KW - Housing

KW - Retirement

KW - Savings

KW - Strategic bequests

KW - INTER-VIVOS TRANSFERS

KW - LONGEVITY RISK

KW - LIFE-CYCLE

KW - ALTRUISM

KW - WEALTH

KW - TIME

KW - MOTIVES

KW - LOVE

KW - CARE

U2 - 10.1111/joes.12257

DO - 10.1111/joes.12257

M3 - Review article

VL - 33

SP - 195

EP - 225

JO - Journal of Economic Surveys

JF - Journal of Economic Surveys

SN - 0950-0804

IS - 1

ER -

ID: 71579153