countries other than the UK. This paper aims to study the optimal annuitization rate where both standard and substandard annuity … risk. In addition, we also consider the bequest motive in our optimization problem. Our results show that the optimal … annuitization is driven by the choice of bequest and risk-aversion parameters, as well as the health status of the annuitant. Whilst …

extensive numerical investigations of the model and seek the optimal annuitization time. We find that the optimal annuitization …. It also depends on the financial market, via the Sharpe ratio of the risky asset. Optimal annuitization should occur a …

situations optimal annuitization should occur a few years after retirement. …

numerical investigations to address relevant issues such as optimal annuitization time, size of final annuity upon annuitization …, extent of improvement when annuitization is not immediate and comparison between optimal annuitization and immediate … annuitization. We find that the optimal annuitization time depends on personal factors such as the retiree's risk aversion and her …