How long do you expect to live? Your answer to this question is an important factor in determining how much of your income you will spend and how much you will save. A new paper by Raphael Schoenle and co-authors Rawley Z. Heimer (IBS PhD ’13) and Kristian Ove R. Myrseth finds that young people reckon they will die younger and older people expect to survive longer than the data suggest; thus people typically overconsume and undersave when they are young and underspend and oversave once they retire.


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