Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds … allocation decisions when managing her retirement financial wealth and annuities, and we prove that she can benefit from both the … equity premium and longevity insurance in her retirement portfolio. Even without bequests, she will not fully annuitize …

Retirement benefit guarantees can ensure a minimum standard of living in retirement. I propose a framework to discuss … have negative external effects on public finances, whenever their retirement consumption drops below a minimum level …

derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a … allocation, when fixed as of retirement, is then compared to phased withdrawal strategies such a "self-annuitization" plan or the …

This paper evaluates a new variant of the popular target date funds used in employer-based retirement savings plans. We … call this new variant a "target retirement plan." Instead of increasing the allocation to bond funds as retirement … approaches, a target retirement fund gradually purchases deferred life annuities beginning at age 50. In the particular straw …

consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic … work effort by the young; and markedly enhances lifetime welfare. Also, introducing annuities leads to earlier retirement … as well as sensible retirement age patterns …

should be located in tax-deferred retirement accounts and which in conventional savings accounts. This paper derives optimal … retirement. Locating assets optimally can significantly improve the risk-adjusted performance of retirement savings …

retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial … find ex-ante welfare gains equivalent to a 3.7% increase in consumption from the investment of half of retirement wealth in …