Means-tested public pensions, portfolio choice and decumulation in retirement

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Show simple item record Hulley, H McKibbin, R Pedersen, A Thorp, SJ 2014-04-03T01:53:33Z 2013-01
dc.identifier.citation The Economic Record, 2013, 89 (284), pp. 31 - 51
dc.identifier.issn 0013-0249
dc.identifier.other C1 en_US
dc.description.abstract Age Pension means-testing buffers retired households against shocks to wealth and may influence decumulation patterns and portfolio allocations. Simulations from a simple model of optimal consumption and allocation strategies for a means-tested retired household indicate that, relative to benchmark, eligible and near-eligible households should optimally decumulate faster, and choose more risky portfolios, especially early in retirement. Empirical modelling of a Household, Income and Labour Dynamics in Australia panel of pensioner households confirms a riskier portfolio allocation by wealthier retired households. Poorer pensioner households decumulate at around 5 per cent p.a. on average; however, better-off households continue to add around 3 per cent p.a. to wealth, even when facing a steeper implicit tax rate on wealth.
dc.publisher Wiley
dc.relation.isbasedon 10.1111/ecor.12002
dc.title Means-tested public pensions, portfolio choice and decumulation in retirement
dc.type Journal Article
dc.parent The Economic Record
dc.journal.volume 284
dc.journal.volume 89
dc.journal.number 284 en_US
dc.publocation Australia en_US
dc.publocation Berlin, Germany
dc.identifier.startpage 31 en_US
dc.identifier.endpage 51 en_US BUS.Finance en_US
dc.conference Verified OK en_US
dc.conference International Workshop Knowledge Discovery in Inductive Databases
dc.for 1502 Banking, Finance and Investment
dc.for 1402 Applied Economics
dc.personcode 040635
dc.personcode 995378
dc.personcode 104114
dc.percentage 50 en_US Applied Economics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US 2004-09-20
dc.location.activity en_US
dc.location.activity Pisa, Italy
dc.description.keywords Databases
dc.description.keywords CONSUMPTION
dc.description.keywords INSURANCE
dc.description.keywords WELFARE
dc.description.keywords SAVINGS
dc.description.keywords REFORM
dc.description.keywords MODEL
dc.description.keywords SSI
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Finance
pubs.organisational-group /University of Technology Sydney/Strength - Quantitative Finance
pubs.organisational-group /University of Technology Sydney/Strength - Study of Choice
utslib.copyright.status Closed Access 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)
utslib.collection.history Finance (ID: 371)

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