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Philosophy of posterity concerns itself with ethical and legal issues of bequeathable values.
Bequeathable wealth includes cash, bank accounts, stocks, and life insurance policies--assets that can be passed on to the next generation.
Concern over the distribution of bequeathable wealth at retirement emerges because access to it expands the available options in configuring one's spending when retired.
Maybe they do--maybe parents misrepresent their bequeathable wealth from the start, or routinely engage in secret binge consumption before death, in both cases cheating their kids out of all or a portion of the promised inheritance.
1985) (finding that in 1979, households within the top 10% of wealth held about 46% of bequeathable assets (55% excluding housing)); Mordecai Kurz, Capital Accumulation and the Characteristics of Private Intergenerational Transfers, 51 ECONOMICA 1, 17 (1984); and Paul L.
BSS argued that the parent's bequeathable wealth is endogenous because, for one, the parent will take account of the children's propensity to supply attention in deciding how much wealth to accumulate.
John Ameriks, head of Vanguard Investment Counseling & Research co-author of Vanguard retirement income research (including Generating Guaranteed Income: Understanding Income Annuities) encourages retirees to weigh the pros of guaranteed income versus the cons, which include loss of investment liquidity, the potential reduction in bequeathable wealth, and the risk of default of the underlying insurer.
In the most cited empirical study of exchange, Bernheim, Shleifer, and Summers (1985) infer support for the exchange motive from a positive relationship between the number of contacts with parents and parents' bequeathable wealth.
In the past, an important distinction, which we can not make with the HRS, has been made between a parent's bequeathable and non-bequeathable wealth (see Bernheim, Shleifer, and Summers 1985).
They develop a model of strategic bequests in which a testator influences the decisions of the beneficiaries by holding wealth in bequeathable forms and by conditioning the division of bequests on the beneficiaries' actions.
But, says Pollock, "Obviously there is a huge jump from thinking that we should not interfere with an agent's ongoing use of some land to the conclusion that the agent has a permanent, bequeathable right to the land" (P.
Research on actual wealth decumulation by age is driven by two questions: (1) How does "bequeathable wealth" change with age, and (2) How do older people divide their assets between bequeathable and non-bequeathable wealth?