Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets

Motohiro Yogo

NBER Working Paper No. 15307
Issued in September 2009

---- Acknowledgements ----

This research was supported by a pilot grant from the University of Pennsylvania, funded by the National Institutes of Health-National Institute on Aging (grant P30-AG12836), the Boettner Center for Pensions and Retirement Security, the National Institutes of Health-National Institute of Child Health and Human Development Population Research Infrastructure Program (grant R24-HD044964), and the Rodney L. White Center for Financial Research. This research was also supported by a grant from the Center for Retirement Research at Boston College through the Steven H. Sandell Grant for Junior Scholars in Retirement Research, funded by the Social Security Administration. The Health and Retirement Study is sponsored by the National Institute of Aging (grant U01-AG009740) and is conducted by the University of Michigan. For comments and discussions, I thank Andrew Abel, John Ameriks, Jeffrey Brown, David Chapman, João Cocco, Du Du, Eric French, Hanno Lustig, Olivia Mitchell, Pascal St-Amour, Stephen Zeldes, Michael Ziegelmeyer, and seminar participants at Boston University, Duke University, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of New York, Imperial College London, INSEAD, London Business School, London School of Economics, New York University, Nomura Securities, Northwestern University, Princeton University, University of California Berkeley, UCLA, University of Hawaii at Mānoa, University of Illinois at Urbana-Champaign, University of Michigan, University of Pennsylvania, University of Tokyo, Yale University, the 2008 Michigan Retirement Research Center Research Workshop, the 2008 Texas Finance Festival, the 2008 Summer Real Estate Symposium, the 2008 SED Annual Meeting, the 2008 NBER Summer Institute Capital Markets and the Economy Workshop, the 2008 Joint Statistical Meetings, the 2008 Hong Kong University of Science and Technology Finance Symposium, the 2009 AFA Annual Meeting, the 2009 SIFR-Netspar Conference on Pension Plans and Product Design, the 2009 Annual Joint Conference of the Retirement Research Consortium, the 2009 NBER Household Finance Working Group Meeting, the 2009 Q-Group Fall Seminar, the 2010 Conference on Household Heterogeneity and Household Finance, and the 2010 NTA Annual Conference on Taxation. The views expressed herein are those of the author and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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