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Why Do Couples and Singles Save During Retirement?


Time: 21:00–22:30, Mar. 17th, 2022

Platform: Zoom

Speaker: Mariacristina De Nardi

(University of Minnesota)

Link: https://us06web.zoom.us/j/81626164288?pwd=Zmp1VG41dXF0by9UZTBRVkxSbjJWZz09

Meeting ID: 816 2616 4288

Passcode: inse



While the savings of retired singles tend to fall with age, those of retired couples tend to rise. We estimate a rich model of retired singles and couples with bequest motives and uncertain longevity and medical expenses. Our estimates imply that while medical expenses are an important driver of the savings of middle-income singles, bequest motives matter for couples and high-income singles, and generate transfers to non-spousal heirs whenever a household member dies. The interaction of medical expenses and bequest motives is a crucial determinant of savings for all retirees. Hence, to understand savings, it is important to model household structure, medical expenses, and bequest motives.





Prof. Mariacristina De Nardi is the Thomas Sargent Professor at the University of Minnesota, a Consultant for the Opportunity and Inclusive Growth Institute at the Federal Reserve Bank of Minneapolis; and a Faculty Research Fellow of the CEPR and NBER. Her research focuses on savings, wealth inequality, Social Security, health, medical expenses, entrepreneurship, wage and earnings dynamics, and taxation. Professor De Nardi's research has been published in the Review of Economic Studies, the Journal of Political Economy, the American Economic Review, the Journal of Monetary Economics, the Journal of the Economic European Association, and the Review of Economic Dynamics. Before joining the University of Minnesota in 2019, Professor De Nardi was a senior scholar at the Opportunity and Inclusive Growth Institute at the Federal Reserve Bank of Minneapolis, a professor at UCL, a Senior Economist at the Federal Reserve Bank of Chicago, and an Assistant Professor at the University of Minnesota. She has been an editor of the Review of Economic Dynamics since 2017 and she has been on the editorial board of the AEJ: Policy from 2019 to 2022. Professor De Nardi received a Ph.D. in Economics from the University of Chicago in 1999.