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

Author

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  • Mariacristina De Nardi
  • Eric French
  • John Bailey Jones
  • Rory McGee

Abstract

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.

Suggested Citation

  • Mariacristina De Nardi & Eric French & John Bailey Jones & Rory McGee, 2025. "Why Do Couples and Singles Save during Retirement? Household Heterogeneity and Its Aggregate Implications," Journal of Political Economy, University of Chicago Press, vol. 133(3), pages 750-792.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/733421
    DOI: 10.1086/733421
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