金融学(双语)_Chp5.ppt

Chapter 5:  Household Saving and Investment Decisions 第五章:  居民户的储蓄和投资决策 Chapter 5 Contents 目录 5.1 A Life-Cycle Model of Savings 生命周期储蓄模型 5.2 Taking Account of Social Security 考查社会保障 5.3 Deferring Taxes through Voluntary Retirement Plans 通过自愿性退休计划延迟支付税收 5.4 Should you Invest in a Professional Degree? 你是否应当投资于一项专业学位？ 5.5 Should you Buy or Rent? 你应当购买还是租赁？ Objectives 学习目的 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 为退休储蓄多少 延期纳税还是现在纳税 教育投资决策 购房还是租房 5.1 A Life-Cycle Model of Saving  生命周期储蓄模型 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 假定你现在35岁，预计30年后在65岁退休，然后再生存15年直至80岁 Your real labor income is $30,000/year until age 65 你的实际收入在65岁之前都保持每年3万美元 Interest rates exceed inflation by 3%/ year 利率每年比通货膨胀率高3%，即实际利率3% How Much Should I Save and Consume?储蓄多少？消费多少？ Consider two approaches: Target replacement rate of pre-retirement income Maintain the same level of consumption spending 有两种用来计算应当为退休储蓄多少的方法： （1）以盯住退休前收入的置换率为目标； （2）以退休前后保持相同消费支出水平为目标 1. Target replacement rate of pre-retirement income方法一：盯住退休前收入的置换率 First compute the retirement income. 首先计算退休收入 Many experts recommend a rate of 75% of the pre-retirement income. 许多专家建议置换率等于退休前收入的75% $30,000*0.75 = $22,500/year 将退休基金看作普通年金计算现值，65岁时你需要 n=15, i = 3, PMT=22,500 - PV=268,604 1. Target replacement rate of pre-retirement income方法一：盯住退休前收入的置换率 Next compute how much you need to save each year 然后计算你每年需要储蓄多少钱 n=15, i = 3, FV= 268,604 - PMT=5,646 To obtain $22,500 you need to save $5,646 per year 为了能在15年间每年取出22500美元的退休收益，你需要在接下来的30年里(35-65岁)每年储蓄5646美元 Target replacement rate Conclusion盯住置换率方法的结论 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 你会注