default risk, which results in significant decreases in pension benefits. In order to address the challenge of annuity income … decision to increase annuities in the face of annuity income uncertainty is analogous to deciding when to buy the asset in the …

In this paper we generalize the following result of Yaari (1965) on annuitization with an agent's optimal retirement … an economic agent to exchange the value of labor income with the extra leisure that is brought about by annuitizing all …

exists differ substantially. This article compares risk and returns for regular and lump-sum investors for all possible … risk of negative returns disappears for horizons that are six years shorter. Increasing contributions deteriorate risk and …

rates. Traditional accounts are valuable for hedging retirement account performance and managing current income near tax …) versions of tax-advantaged retirement accounts. The model features a progressive tax schedule and uncertainty over future tax … substantial economic benefits from Roth investments are not limited to investors with low current income …

In private pre-funded retirement savings systems, workers can be compelled by regulation to make minimum contributions … to retirement accounts. We examine the impact of compulsory contributions into retirement savings (superannuation …, Income and Labour Dynamic in Australia (HILDA) survey data. Simulations of optimal paths from the calibrated model show that …

surrender charges, annuities are the primary asset class in a portfolio, and that annuity income is never fully consumed, but … used for rebalancing purposes. We argue that the optimal retirement product for a household is much more complex than any …

empirical evidence as motivation to model and solve a retirement consumption problem under longevity risk aversion with … account size, pension income and longevity risk preferences. Again, the “account ratio” should eventually decline. The fact …We document the pattern by which Canadians de-accumulate financial wealth during retirement – and find it rather …

households are required to follow to optimise their retirement income. This optimal policy is given in the form of either an … responsibilities for households to plan and fund effectively their own retirement over the years. In this study, expressing and … reverse mortgage style loan, offered by the Australian federal government and allowing retired households to receive an income …

effects of early retirement disincentives on retirement behavior, individual welfare, pensions and public budget. We employ … retirement model. We find that labor market participation and retirement behavior in general are strongly influenced by the level …