We investigate proprietary data from an Israeli insurance corporation, and exploit its special pricing feature which does not take health conditions (or smoking status) into account in its annuity pricing. We find, contrary to the theory suggesting that smokers have higher discount rates and to...

Increasing life expectancy together with reforms in the retirement savings market and changes in the job market pose significant challenges for Israelis, who today find themselves confronted with the need to carefully plan for future retirement. Financial literacy is critical to retirement...

Many people do not understand the concepts of life expectancy and longevity risk, potentially leading them to under-save for retirement or to not purchase longevity insurance, which in turn could reduce wellbeing at older ages. We investigate alternative ways to increase the salience of both...