최신자료
End-of-life liquidity
Uncertainty about lifespan induces a preference for end-of-life liquidity, interacting with life cycle constraints to shape behaviors. Using data on wills, life insurance, and beneficiaries, we examine the prevalence of these motives across households and model their impact on consumption, life insurance holdings, labor, and retirement decisions. We find that the illiquid nature of U.S. Social Security can lead to substantial welfare losses. A marginal reduction in retirement annuities in exchange for a small end-of-life payout has large effects on portfolio holdings and raises welfare, particularly for single, low-wealth individuals, a group often overlooked in the debate on end-of-life motives.
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