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 …

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 …

effects of early retirement disincentives on retirement behavior, individual welfare, pensions and public budget. We employ … retirement model. We find that retirement behavior is strongly influenced by the level of disincentives. Further, disincentives …

A recent US Treasury regulation allowed deferred longevity income annuities to be included in pension plan menus as a … hold in employer-based defined contribution plans into lifelong income streams. We investigate this innovation using a … retirement security, enhancing welfare by up to 20% of retiree plan accruals. …