, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …

, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …

affects the annuitization rates of the total savings portfolio mainly at the tails of the distributions …We investigate the possible consequences of having multiple savings accounts for payout decisions at retirement. Using … proprietary data of 15,293 retirees’ annuitization decisions, we find that retirees with smaller accounts have significantly …