Why Do Couples and Singles Save during Retirement? Household Heterogeneity and Its Aggregate Implications

• 成果类型: Article
• 署名作者: De Nardi, Mariacristina; French, Eric; Jones, John Bailey; Mcgee, Rory
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Richmond; Western University (University of Western Ontario)
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/733421
• 发表日期: 2025
• 页码: 750-792
• 关键词: life-cycle; bequest; WEALTH; insurance; altruism; expenses; RISK; joy

摘要

We estimate a model of savings for retired couples and singles who face longevity and medical expense risks and in which couples can leave bequests both when the first spouse dies and when the last spouse dies. We show that saving motives vary by marital status, permanent income, and age. We find that most households save more for medical expenses than for bequests but that richer households and couples, who hold most of the wealth, save more for bequests. As a result, bequest motives are a key determinant of aggregate retirement wealth.