This study estimates the adequacy of retirement wealth of pre-retirement households using a 1995 national sample of households. Retirement wealth is projected using planned retirement age and portfolio allocation. Retirement needs are estimated from expenditure functions, and 52% of the...

This study examines annuity planning using an optimization framework. An optimization problem is formulated with the objective of maximizing the lifetime utility of consumption and bequestable wealth, and benchmark cases for Korean households are applied. We extend the optimization model...

The retirement income replacement ratio is projected using the Federal Reserve's Survey of Consumer Finances. On the basis of lognormal portfolio projections and current portfolio allocation, at least 44 per cent of pre-retired households will not be able to maintain 70 per cent of permanent...