scholarly journals The Wealth Decumulation Behavior of the Retired Elderly in Italy: The Importance of Bequest Motives and Precautionary Saving

2020 ◽  
Author(s):  
Luigi Ventura ◽  
Charles Yuji Horioka
Keyword(s):  
Precautionary Saving ◽  
Bequest Motives ◽  
Wealth Decumulation

scholarly journals Incidental Bequests and the Choice to Self-Insure Late-Life Risks

2018 ◽  
Vol 108 (9) ◽  
pp. 2513-2550 ◽  
Author(s):  
Lee M. Lockwood
Keyword(s):  
Long Term Care ◽  
Precautionary Saving ◽  
Term Care ◽  
Luxury Goods ◽  
Bequest Motives ◽  
Long Term Care Insurance ◽  
Standard Life ◽  
Care Costs ◽  
Well Models

Despite facing significant uncertainty about their lifespans and health care costs, most retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees’ saving and insurance choices are highly inconsistent with standard life-cycle models in which people care only about their own consumption but match well models in which bequests are luxury goods. Bequest motives tend to reduce the value of insurance by reducing the opportunity cost of precautionary saving. The results suggest that bequest motives significantly increase saving and significantly decrease purchases of long-term care insurance and annuities. (JEL D14, D15, D64, G22, H55, J26)

Hedging Demand for Bequest Motives

2012 ◽  
Author(s):  
Sami Attaoui ◽  
Pierre Six
Keyword(s):  
Bequest Motives ◽  
Hedging Demand

Precautionary Saving and Precautionary Retirement

2016 ◽  
Author(s):  
Marco Magnani
Keyword(s):  
Precautionary Saving

Bequest Motives in Consumption-Portfolio Problems with Recursive Utility

2019 ◽  
Author(s):  
Holger Kraft ◽  
Claus Munk ◽  
Farina Weiss
Keyword(s):  
Recursive Utility ◽  
Bequest Motives
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