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Studying Age-dependent Genomic Instability using the S. cerevisiae Chronological Lifespan Model

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How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios.

Andreas Hubener¹, Raimond Maurer¹, Olivia S Mitchell²

¹Goethe University Frankfurt, Germany.

The Review of Financial Studies

|June 30, 2017

Summary

This study reveals how U.S. Social Security rules and family changes influence household financial decisions like retirement and saving. The life cycle model accurately predicts wealth and retirement patterns, aligning with real-world data.

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Area of Science:

Economics
Demography
Public Finance

Background:

Household financial decisions are complex, influenced by work, retirement, saving, and insurance.
U.S. Social Security rules and family transitions add significant layers of complexity.

Purpose of the Study:

To model optimal household decisions considering U.S. Social Security rules and uncertain family transitions.
To generate wealth and retirement outcomes consistent with empirical data.

Main Methods:

Development of a life cycle model incorporating U.S. Social Security financial options.
Simulation of household decision-making processes under various life events.

Main Results:

Predicted sharp consumption drops upon retirement.
Identified an age-62 peak in Social Security claiming rates.
Observed earlier claiming by wives compared to husbands and single women, with life insurance primarily purchased on men's lives.

Conclusions:

The developed model, by seriously considering Social Security rules, provides more realistic wealth and retirement outcomes.
Findings offer insights into the interplay between social security policy, household behavior, and financial planning.