Married men work substantially more hours than men who have never been married, even after controlling for observables. This Working Paper delves into possible explanations for these results.

The three leading explanations for the "retirement savings puzzle" are the desire to insure against uncertain lifespans and medical expenses, the desire to leave bequests to one's heirs, and the desire to remain in one's own home. We discuss the empirical strategies used to differentiate these motivations.

We study the implications of incarceration for the earnings and employment of different groups, characterized by their race, gender, and education.

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.

The authors forecast the effects of the COVID-19 pandemic on loan delinquency rates under three scenarios for unemployment and house price movements.

Not only has the share of the U.S. population that is 65 and older risen, but the share of these households living in their own homes has risen as well.

White households cover more medical expenses out of pocket or through payors such as private insurance, while Black and Hispanic households have larger shares covered by Medicaid.

Among women born 1920-1949, family income is higher for those born in more recent years at almost every age. Since 1949, however, this trend has slowed considerably.

Portfolio composition varies widely among age groups.

Long-term care expenses and coverage play a significant role in determining out-of-pocket expenses for older Americans.

One of the most striking differences between Black and White households is a large disparity in wealth. A potential source of this gap is differences in transfers of wealth within families through bequests or gifts.

Commonly used summary statistics for measuring the Black-White wealth gap have significant limitations. Here's a measure to help address these limitations.

Prepping for medical expenses is more important for singles, while leaving bequests is more important for couples.

A recent Richmond Fed conference covered housing, Social Security claiming, savings and labor supply related to older households.

What does lifespan inequality mean for Social Security reform?

The authors forecast the effects of COVID-19 on loan-delinquency rates under three scenarios for unemployment and house-price movements.

Retirees face considerable medical expenses during their remaining lives. Model simulations suggest that although a large amount of that spending can be predicted — based on attributes such as income, health, and marital status — there remains significant dispersion.

High marginal rates can determine whether beneficiaries decide to keep working or retire. Research suggests that several policy alternatives are more likely to keep seniors in the workforce and to generate more revenue for the Social Security Trust Fund.

Overall, the government pays more for lower-income individuals than higher-income individuals, but Medicaid is not just a program for the young and the poor. It provides substantial benefits to older adults with higher incomes as well.