Housing and Saving in Retirement Across Countries
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In the United States, households have, on average, significant positive wealth late in life. In the Health and Retirement Study, median net worth of a household at age 90 was about $75,000 in 2006. The large literature on the subject, sometimes referred to as the retirement saving puzzle, has studied a number of possible explanations for why retirees do not spend down wealth quickly, which have included longevity risk, bequest motives, precautionary motives and medical expense risk, and public care aversion.
KeywordsMortgage Market Home Equity Housing Wealth Social Security Administration Bequest Motive
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