Publikation:

Optimal retirement savings over the life cycle : A deterministic analysis in closed form

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2023

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Jensen, Bjarne Astrup

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Insurance: Mathematics and Economics. Elsevier. 2023, 112, pp. 48-58. ISSN 0167-6687. eISSN 1873-5959. Available under: doi: 10.1016/j.insmatheco.2023.05.010

Zusammenfassung

In this paper, we explore the life cycle consumption-savings problem in a stylized model with a risk-free investment opportunity, a tax-deferred retirement account, and deterministic labor income. Our closed form solutions show that liquidity constraints can be severely binding; in particular in situations with a high growth rate of labor income, in which retirement saving is optimally postponed. With a tax-deferred account, it is always optimal to save in this (illiquid) account first before saving in the (liquid) taxable account in order to satisfy the needs for consumption smoothing. The optimal retirement savings pattern is far from the widespread practice of contributing a fixed fraction of current labor income over the working life to a tax-deferred environment.

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ISO 690FISCHER, Marcel, Bjarne Astrup JENSEN, Marlene KOCH, 2023. Optimal retirement savings over the life cycle : A deterministic analysis in closed form. In: Insurance: Mathematics and Economics. Elsevier. 2023, 112, pp. 48-58. ISSN 0167-6687. eISSN 1873-5959. Available under: doi: 10.1016/j.insmatheco.2023.05.010
BibTex
@article{Fischer2023-09Optim-68676,
  year={2023},
  doi={10.1016/j.insmatheco.2023.05.010},
  title={Optimal retirement savings over the life cycle : A deterministic analysis in closed form},
  volume={112},
  issn={0167-6687},
  journal={Insurance: Mathematics and Economics},
  pages={48--58},
  author={Fischer, Marcel and Jensen, Bjarne Astrup and Koch, Marlene}
}
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