; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Medical Expenses and Saving in Retirement: The Case of U.S. and Sweden"; ; "jannelle.ruswick@mpls.frb.org"; "Telyukova, Irina A.", "Nakajima, Makoto (Economist)"; "Federal Reserve Bank of Minneapolis"; "Aging", "Retirement saving", "Cross-country analysis", "Health", "Household finance"; "J26 - Retirement; Retirement Policies", "D14 - Household Saving; Personal Finance", "E21 - Macroeconomics: Consumption; Saving; Wealth", "J14 - Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination"; "Many U.S. households have significant wealth late in life, contrary to the predictions of a simple life-cycle model. In this paper, we document stark differences between U.S. and Sweden regarding out-of-pocket medical and long-term-care expenses late in life, and use them to investigate their role in discouraging the elderly from dissaving. Using a consumption-saving model in retirement with significant uninsurable expense risk, we find that medical expense risk accounts for a quarter of the U.S.-Sweden difference in retirees' dissaving patterns. Furthermore, medical expense risk affects primarily financial assets, while its impact on housing is limited."^^; "2018-04-10"; "2020-03-16T18:06:54.764272995+00:00"^^; "https://doi.org/10.21034/iwp.8"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-03-16T18:06:54.842971316+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "782", "549"; "Institute working paper (Federal Reserve Bank of Minneapolis. Opportunity and Inclusive Growth Institute)"; "008"; "Cross-country analysis", "Retirement saving", "Health", "Aging", "Household finance"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Opportunity and Inclusive Growth Institute"; ; "Publication" . ; .