Nijman, Theo; Werker, Bas J.M.; Peijnenburg, J.M.J. - Tilburg University, Center for Economic Research - 2010
We examine incomplete annuity menus and background risk as possible drivers of divergence from full annuitization. Contrary to what is often suggested in the literature, we find that full annuitization remains optimal if saving is possible after retirement. This holds irrespective of whether...