Will perceived economic deficits affect housing decisions during retirement?

The study ascertains a causal model of factors that influence preretirees perceived difficulty in housing adjustment during retirement. Further, the influence of perceived economic deficits and an economic adjustment decision for preretirees during retirement are investigated. Path analysis results indicate that the perceived difficulty in moving to a more suitable home for retirement is influenced by tenure, setting up a retirement investment plan, and the perceived difficulty in selling one's home to have money for retirement expenses. The perceived difficulty in selling one's home to have money for retirement expenses is influenced by age and tenure. Age, tenure, education and income were influential in predicting the number of sources of retirement income; age, education and income were predictors of setting up of a retirement investment plan.     

Pre-retirees' assessment of housing adequacy and their propensity to move

The purpose of this study is to determine how adequate pre-retirees perceived their homes would be for retirement, and their propensity to move after retirement. This study assesses the relationships between certain socio-demographic variables and feelings and plans for retirement, current housing tenure and structure conditions of the home, the anticipated adequacy of the size of the current home for retirement, and the anticipated locational decision after retirement. Three hypothesized models were tested, each succeeding model adding another level, using the above variables. The hypothesized models were tested using logistic regression. Marital status and family income are statistically significant in the prediction of current housing tenure and structure conditions. The amount of planning for retirement, assessed by the respondent in comparison to others of similar age, is a significant predictor of anticipated satisfaction with the present dwelling at retirement. Anticipated satisfaction with the present dwelling at retirement and age are statistically significant in the prediction of likelihood of moving at retirement.     

PURPOSE-BUILT RETIREMENT HOUSING FOR SALE

Sheltered housing for the elderly has traditionally been provided by local authorities and charitable organizations but it seems that they can no longer meet the housing needs of this group. In the last few decades, there has been a significant rise in home-ownership amongst retired people. Two features of this are important. First, those retired people who have been used to owning their own homes may be unwilling to consider somewhat institutional types of housing. Second, as a group, although eligible for specialist retirement housing provided by local authorities and charitable agencies, elderly owner-occupiers find it nearly impossible to qualify for such accommodation as they are not considered to be in need. Recently there has been a move by the private sector to provide purpose-built accommodation for sale to the elderly. How far the needs of the elderly can be met by this type of housing was investigated in two related studies. The first involved interviewing a sample of residents living in sheltered accommodation, while the second study surveyed respondents of retirement age at present living in ordinary housing. The investigation has shown that a considerable demand exists for purpose-built housing for sale to the elderly.     

The Role and Influence of External Information Sources in Alternative Housing Decisions by Elderly Consumers:

This paper explores the use and evaluation of external information sources in consumer decision-making. Information sources were evaluated by respondents according to six possible applications for the information-based on information use and hierarchical levels in the decision process. The research setting is nonprofit retirement apartments and the subjects are recent movers to those apartments. The empirical findings of this study have marketing implications for marketers of nonprofit retirement housing and social service agencies serving the elderly. They also suggest further research for other nonprofit marketers.     

Segment Assisted Living: Assessing the Needs of the Over-55 Population

ABSTRACT

The growth of the over-55 population segment in the United States will require an accompanying growth in the available housing options for this segment after retirement. This paper reports the results of research aimed at more clearly understanding this population's attitudes toward post-retirement housing. Specifically, this paper examines the attractiveness of the various post-retirement housing options, the respondents' role in the decision-making process, the reasons for moving into such housing, and preferred amenities. Findings indicate that the need to maintain independence is of primary importance for this group.     

Mature Consumer Awareness and Attitudes Toward Retirement Housing and Long-Term Care Alternatives

The retirement housing and long-term care industries have been responding to the needs of aging consumers by developing a wide range of housing facilities and personal care services. The increasing variety of long-term care options is expected to better satisfy the heterogeneous needs of older consumers. Results of a national study and qualitative research suggest that many present and potential consumers of supportive housing and long-term care services do not have a good understanding of these offerings. Many are unaware of the alternatives available. Mature consumers often perceive all long-term care negatively as nursing homes. The proliferation in the variety of housing and long-term care services and the lack of standardization in labeling products may be contributing to the misunderstanding of various options. This misunderstanding leads to consumers not obtaining the housing and long-term care services best suited to their needs. Government agencies, consumer interest groups, and housing and long-term care providers can help to differentiate products and educate consumers to better serve their needs.     

Saving for Retirement: Understanding the Importance of Heterogeneity

A large number of households spend much of their working lives not engaged in saving for retirement, in contrast to the basic proposition that motivates the lifecycle model of consumption. This article discusses the relationship between this observed savings behavior and three specific areas of heterogeneity in the household consumption problem: budget constraints, savings motives, and preferences. Using the Surveys of Consumer Finances, the article shows that saving for liquidity (precautionary motives) and saving for specific purchases (like housing and education) compete with saving for retirement and may explain why the median household approaches the last years of its working life with only a year’s worth of income in financial assets. Another part of the explanation is shown to be high discount rates or rates of time preference, which cause households to engage in “buffer-stock” saving over the earliest years of their working lives. Heterogeneity in motives and preferences for saving present a challenge to financial professionals and policy makers who hope to encourage more people to save actively for retirement. JEL Classification D910     

Residence after retirement: A review and bibliometric analysis

This study reviews the literature on the residence after retirement via Systematic Literature Network Analysis, which consists of the systematic literature review and bibliometric network analysis. There are three research questions, including (1) what the most recent studies are on the residence after retirement, (2) Who the most significant authors, documents, and sources are in residence after retirement, and (3) whether the extant research structure could guide the future agenda for the residence after retirement. Based on the systematic literature review, this study extracts 50 publications from the Scopus database by keyword, document type, source type, publication period, language, and subject area relevant to the residence after retirement. This study analyzes data employing Nvivo, VOSviewer, and SciMAX. The clusters of authors, countries, keywords, documents, and sources linked with relevant studies on the residence after retirement are according to the co-authorship (1) author, (2) country/territory, (3) keyword, and (4) document. Skitmore, M., Xia, B., Buys, I., Hu, X., Hu, Y., and Chen, Q. who the most influential authors are in residence after retirement. The themes of aging, continuing care retirement community, retirement village, and their associated keywords contribute to future research on the residence after retirement.     

大城市旧宅区居住人口特点、影响及对策研究——以上海市为例

大城市社会经济的快速发展及住宅市场的不断细分,导致了居住群体的相对集中.作为一种客观存在,旧宅区内居住人口不断置换的现象值得关注.以上海市为例,在对旧宅区居住人口特点深入分析的基础上,对其政治、社会经济影响作了广泛探讨,并就如何形成适应旧宅区人口特点的社区管理、服务模式,提出了个人见解.     

Money management practices influencing household asset ownership

The purpose of this research is to describe the types and amounts of assets owned by households, and to determine socio-demographic variables and money management practices that influence the household's total asset ownership. The data used for this study are from a survey conducted during the winter of 1982. Definite patterns of financial asset ownership emerged. A majority, 70% or more, of the households owned current and savings accounts, and cars and real estate. A minority, 30% or less, owned certificates of deposit, mutual funds, stocks, bonds and individual retirement accounts. Age, net income and housing tenure were significant socio-demographic variables in explaining variation in total asset ownership among households. Only two money management practices, i.e. number of credit cards owned and the amount the manager felt comfortable charging on these cards, were significant in explaining variations in the amount of total assets owned by a household.     

Developing a model of housing support: the evidence from Merseyside

This paper examines the complexities of providing housing support services for people who have experienced homelessness. The evidence is from a qualitative study of both those receiving and those providing support services for homeless people to resettle into the wider community from homeless accommodation in the Merseyside area. Different approaches of support are considered and using narratives, a model of successful support is established. The experiences of the majority of the service users strongly suggest that support has been critical in assisting a resettled way of life after being homeless. The paper contends that a critical prerequisite of successful support is the strength of desire of the homeless person to become resettled, coupled with a degree of motivation to engage with support services. The importance of such motivation should not be underestimated. Equally important to the success of resettlement is the relationship that most clients develop with a support worker. This relationship can initially develop while attempting to resolve practical difficulties of finding suitable, permanent accommodation. Through a mutual respect between worker and client and a high degree of empathy from a worker towards a client in tandem with an individualized support package aimed at independent living successful outcomes can occur. The paper concludes that support is successful when it is provided in a flexible manner thus relying on the skill and ability of a support worker to adequately judge the exact requirements of a service user. When this delicate balance between support and service user needs is achieved, the outcome is long‐term sustainable housing solutions.     

Older Self‐Employed Workers and Planning for the Future

This study examined retirement expectations of the older self‐employed utilizing two theories: the normative anticipation of retirement and cumulative advantage theory. Two‐thirds of the older self‐employed had no retirement plans. Multinomial logistic regression showed that those with no retirement plans were more likely to be unmarried, in poorer physical health, with few resources, and more obligations, but they expected to live a long time. Job skills programs and managerial training could improve the financial well‐being of the older self‐employed and enable them to plan for retirement.     

收入水平和收入风险对养老投资行为的影响——基于武汉市中心城区的调查数据

引导居民进行养老投资是缓解养老经济压力的重要途径之一,而影响养老投资的因素有很多。运用武汉市7个中心主城区753个居民的调查数据,以收入为切入点,从收入水平和收入风险两个角度考察其对居民养老投资行为的影响。研究结果显示,收入水平越高、收入风险越大,居民参与养老投资的可能性越大;收入水平与收入风险的边际效应呈倒U型,其中收入水平在6~10万的居民,养老投资的边际效应最大;异质性分析显示,女性、受教育程度较高、健康状况较差以及年龄较大的居民,收入水平和收入风险对养老投资的促进作用更大。通过用家庭收入水平代替个人收入水平、考虑风险态度与金融能力因素对养老投资的影响等方法进行稳健性检验,都证明了上述结果的可靠性。该结果不仅可以解释武汉市城镇居民养老投资的现状,而且对促进养老金融市场的发展与相关政策的制定也具有一定的启发和现实指导意义。     

房产税调控政策对商品房价的影响研究——基于合成控制法的分析

本文基于合成控制法,从反事实的角度,对我国32个城市的2009年4月以来的与房价相关的月度面板数据,结合上海重庆试点城市运用房产税调控政策的效果及敏感度问题进行研究.研究发现:房产税调控政策对不同区域的房价影响不同,如政策对上海市的房价影响效果较明显,上海对政策的敏感度高,但政策过后其房价上升更快;政策对重庆市的房价影响效果不明显,重庆市对政策的敏感度低.因此,提出建议:政策应因地制宜;对关系国计民生的土地及现有住房进行管控,降低存量房;实施保障房建设及住房申请制间接影响房价;将智慧养老与社区养老相结合,提高住房的利用率.     

Work after retirement: intentions,realities and implications

The economic security of families in retirement is a function of levels of inflation and how well families can adjust their retirement incomes to meet inflation. One way of buffering the effects of inflation is to work part-time after retirement from one's main job. Studies of retired people, however, have indicated that levels of post-retirement work are low. This study of a near-retirement aged cohort offered a special early retirement incentive indicates that intentions to work after retirement from their main job are consistent with previous retired cohorts' work levels. On average, respondents anticipated working less than 3·5 h per week or less than 10 weeks per year. Major factors affecting the hours or weeks of work desired were age, life expectancy, perceived retirement income adequacy, marital status, health, sex, area of residence and education.     

Does Calculating Retirement Needs Boost Retirement Savings?

Calculating retirement savings needs is often viewed as an essential first step in retirement planning. Yet, little empirical evidence exists to support the value of this activity. This case study examines the connection between calculating retirement savings needs and retirement savings through analysis of an online survey of benefits‐eligible employees at a large Mountain West university. Controlling for a variety of possible covariates, and using an instrumental variable approach, the case study shows that having estimated a retirement savings target increases self‐reported retirement savings. The results provide support for financial educators and planners in their efforts to encourage people to estimate their retirement needs early in the retirement planning process.     

A Model for Partnering with Not-for-Profits to Develop Socially Responsible Businesses in a Global Environment

Corporate social responsibility (CSR) is increasingly important in the global environment. Businesses that want to be socially responsible, but do not have the resources of multinational corporations, can partner with non-governmental (NGO), not-for-profit (NFP), and religious organizations to access information about the culture, customs, and needs of the people in areas where they wish to do business. Without such information, CSR projects can have unintended consequences that are not beneficial for the community. Suggesting that local farmers sell corn to ethanol producers may increase the farmers’ income but also increase the cost of a food staple to the community. Providing food aid may result in local farmers being unable to sell their crops for enough money to buy seed for the next harvest. Donating cheaper cinder blocks instead of adobe bricks may result in more available housing, but the housing may be unlivable in the summer heat. This paper presents a three-part model for businesses to follow to develop socially responsible projects. The first strategy is to use electronic sources of information about a country and area for background information. The second strategy is to gather on-the-ground information about important issues from the people who are already operating in a community as part of NGO, NFP and missionary initiatives. The third strategy is to develop scenarios that will help identify possible negative consequences of socially responsible projects so that the project implementation can be monitored for such consequences and interventions designed to decrease or counter the impact of negative consequences.     

Pension Freedom Day in the United Kingdom: Early evaluation of consumer response

Understanding decumulation decisions in retirement is an important component of public policy that influences pension regulations in aging societies. This research examined a recent, substantial change to pension regulation in the United Kingdom: the newly established flexibility to obtain a lump‐sum payout from personal or occupational pension savings. Conducting an online survey of individual’s eligible to take advantage of the Pension Freedom regulation, we find that almost half of study participants plan to obtain a lump‐sum payout, on average £33,741, intending it for an average of three different investments or purchases. The decision to obtain a lump‐sum withdrawal was related to better knowledge of the new regulation. It was also more likely among older respondents and those not worried about a decline in standard of living during retirement. Dispositional measures did not affect the lump‐sum decision. Close to one‐third of study participants still planned to invest retirement savings into an annuity, especially those who retire at a later age, have concerns about care costs and worry about decline in standard of living in retirement. Comments about the changes to pension regulation were slightly more positive than negative. From our analysis of the effect of the Pension Freedom regulation on savings decumulation decisions, we conclude that the new Pension Freedom regulations do meet consumer demands, and demonstrate that pension knowledge and retirement expectations, in particular, influence consumer evaluations. We further conclude that annuity investments continue to play a role for older adults in the United Kingdom, especially for those concerned about meeting financial needs during retirement.     

Financing Retirement: The Private Sector

Since 1980, there has been a rapid shift from employerbased, defined benefit pensions to employee-controlled personal retirement accounts. This paper documents the shift and explores the conventional wisdom that this shift increases risk for retirees and will result in lower accumulation of retirement assets. In particular, it focuses on personal retirement accounts and considers the options available for retirees to contain risk and assess the likely outcomes over alternative options, including life cycle allocations. It concludes that personal retirement accounts are likely to lead to higher retirement accumulations that are also less risky than would be the case under defined benefit plans. JEL Classification G23     

OPTIMAL PORTFOLIO, CONSUMPTION-LEISURE AND RETIREMENT CHOICE PROBLEM WITH CES UTILITY

We study optimal portfolio, consumption-leisure and retirement choice of an infinitely lived economic agent whose instantaneous preference is characterized by a constant elasticity of substitution (CES) function of consumption and leisure. We integrate in one model the optimal consumption-leisure-work choice, the optimal portfolio selection, and the optimal stopping problem in which the agent chooses her retirement time. The economic agent derives utility from both consumption and leisure, and is able to adjust her supply of labor flexibly above a certain minimum work-hour, and also has a retirement option. We solve the problem analytically by considering a variational inequality arising from the dual functions of the optimal stopping problem. The optimal retirement time is characterized as the first time when her wealth exceeds a certain critical level. We provide the critical wealth level for retirement and characterize the optimal consumption-leisure and portfolio policies before and after retirement in closed forms. We also derive properties of the optimal policies. In particular, we show that consumption in general jumps around retirement.