Bodie2e_Chapter05 Household Saving and Investment Decisions 英文版PPT金融学（第二版) 教学课件.pptVIP

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Bodie2e_Chapter05 Household Saving and Investment Decisions 英文版PPT金融学（第二版) 教学课件.ppt

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Bodie2e_Chapter05 Household Saving and Investment Decisions 英文版PPT金融学（第二版) 教学课件

Chapter 5: Household Saving and Investment Decisions Chapter 5 Contents 5.1 A Life-Cycle Model of Savings 5.2 Taking Account of Social Security 5.3 Deferring Taxes through Voluntary Retirement Plans 5.4 Should you Invest in a Professional Degree? 5.5 Should you Buy or Rent? Objectives How much to save for retirement Whether to defer taxes or pay them now Whether to get a professional degree Whether to buy or rent an apartment 5.1 A Life-Cycle Model of Saving Assume that you are currently 35 years old, expect to retire in 30 years at 65, and then live for 15 more years until 80 Your real labor income is $30,000/year until age 65 Interest rates exceed inflation by 3%/ year How Much Should I Save and Consume? Consider two approaches: Target replacement rate of pre-retirement income Maintain the same level of consumption spending Target replacement rate of pre-retirement income First compute the retirement income. Many experts recommend a rate of 75% of the pre-retirement income. $30,000*0.75 = $22,500/year using your calculator compute the present value of the retirement funds as an regular annuity n=15, i = 3, FV=0, PMT=-22,500 - PV=268,604 Target replacement rate of pre-retirement income (Cont.) Next compute the retirement income Next compute how much you need to save each year n=15, i = 3, PV=0, FV= -268,604 - PMT=5,646 To obtain a real $22,500 you need to save $5,646 per year Target replacement rate Conclusion You will have noticed that your pre-retirement consumption is $30,000 - $5,646 = 24,354; but the real retirement income is only $22,500 The next method equates consumption Maintain the same level of consumption spending Assume that your level of real consumption is C The present value of consumption over the next 45 years must equal the present value of earnings over the next 30 years n = 30, i = 3, FV = 0, PMT = 3,000, CPT PV, n = 45 CPT PMT gives $23,982 The savings are then $30,000 - $23,982 = $6,018 Human Capital and Permanent Income Human capi