Recalibrating Retirement Spending and Saving

As Baby Boomers make the transition into their 60s, they have focused policymakers and the media's attention onto how this generation will manage the retirement phase of its lifetime. This volume acknowledges that many, though not all, in this older cohort have accumulated substantial assets, so for them, the question is what will they do with what they have? We offer a detailed exploration of how people entering retirement will deploy their accumulated assets in the near and long term, so to best meet their myriad spending, investment, and other objectives. The book offers readers an invaluable study of emerging issues regarding assets and expectations on the verge of retirement, including uncertainty regarding life expectancy and morbidity. It is composed of chapters from a distinguished set of authors including a Nobel Laureate and a wonderful mix of academics and practitioners from the legal, financial, and economic fields. This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series. It will be especially useful for analysts and consumers concerned with ways to position, invest, manage, and spend retirement assets; financial advisers and academics debating ways to effectively manage assets in retirement; and lawyers and policy experts evaluating regulation for the retirement payout marketplace. Contributors to this volume - John Ameriks, Senior Investment Analyst, Investment Counseling and Research Group, Vanguard, Phyllis C. Borzi, Research Professor in Health Policy, School of Public Health and Health Services, The George Washington University, David Brazell, member, Business Taxation Division, Office of Tax Analysis, U.S. Department of the Treasury, Jason Brown, economist, Office of Economic Policy, U.S. Treasury Department, Andrew Caplin, Professor of Economics and the Co-Director of the Center for Experimental Social Science, New York University, Peter C. Carlson, Pricing Actuary, Prudential's Retirement Income Strategies unit, Sewin Chan, Associate Professor of Public Policy, Robert F. Wagner Graduate School of Public Service, New York University, G. Victor Hallman, Lecturer, Insurance and Risk Management Department, Wharton School, University of Pennsylvania, Sarah A. Holden, Senior Director of Retirement and Investor Research, Investment Company Institute (ICI), Erik Hurst, Professor of Economics, University of Chicago's Graduate School of Business, Vladyslav Kyrychenko, Ph.D. candidate, Schulich School of Business, York University, Steven Laufer, second-year graduate student in Economics, New York University, James I. Mahaney, Vice President, Retirement Income Strategies division, Prudential Retirement, Moshe A. Milevsky, Associate Professor of Finance, York University, Canada, Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania , Martha Priddy Patterson, Director of Human Capital Total Rewards, Washington DC office, Deloitte Consulting LLP, Brian Reid, Chief Economist, Investment Company Institute, Jason S. Scott, Financial Engines, William F. Sharpe, co-founder, Financial Engines, Inc, and STANCO 25 Professor of finance, emeritus, Graduate School of Business, Stanford University, Todd Sinai, Associate Professor of Real Estate, Wharton School, Faculty Research Fellow, NBER, and Visiting Scholar, Federal Reserve Bank of Philadelphia, Nicholas Souleles, Associate Professor of Finance, Wharton School, Ann Huff Stevens, Associate Professor of Economics, University of California, Davis, Cassio M. Turra, Associate Professor of Demography, Department of Demography/Cedeplar, Universidade Federal de Minas Gerais, Brazil, Stijn Van Nieuwerburgh, Assistant Professor of Finance, Leonard N. Stern School of Business, New York University, Mark Warshawsky, Director of Retirement Research, Watson Wyatt Worldwide, John G. Watson, Fellow, Retirement Research Center, Financial Engines.