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- W3136608040 abstract "This paper examines how homeownership evolves in old age and around the time of death, using detailed data from the Health and Retirement Study (HRS) to assess the extent to which housing wealth held by older Americans might be used to complement Social Security in the provision of retirement income. Critical components of the analysis include the use of rich information on medical diagnoses, functional status, and bequest intentions in a competing-risks proportional hazard model of the likelihood of making a tenure transition out of homeownership, where death is the competing risk.The paper found that:• The age profile of homeownership falls to under 10 percent among the oldest old, whichin past studies has been a sufficient statistic for life-cycle behavior.• For a baseline sample of homeowners, roughly half transition to renting before death; theother half die as homeowners.• Health shock and bequest intentions play important roles in explaining why the elderlyfail to spend housing wealth via tenure transitions.The policy implications of the findings are:• Along with entitlements to Social Security and employer-provided pensions, housing isthe most important asset in elderly portfolios, so that housing might supplement theretirement income of future retirees.• The annual flow of housing bequests is about 4 percent of the aggregate housing valueheld by older Americans.• About 80 percent of aggregate housing wealth of those 62 and older may be available tosupport consumption in retirement net of intended bequests." @default.
- W3136608040 created "2021-03-29" @default.
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- W3136608040 date "2021-01-01" @default.
- W3136608040 modified "2023-10-16" @default.
- W3136608040 title "Intended Bequests and Housing Equity in Older Age" @default.
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- W3136608040 doi "https://doi.org/10.2139/ssrn.3788324" @default.
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