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Households approaching retirement must account for a wide variety of risks to their financial security. They may live longer than planned and deplete their resources; they may experience unexpectedly high inflation; or they may receive unusually poor returns on their investments…
This paper uses archival insurance industry data from the period 1861 to 1941 to shed light on ordinary life insurance, which was the primary old-age savings mechanism of American households in the era before Social Security…
