Before revision:  Results show that accounting for both taxation and stochastic interest rate has determinant effects on the behavior of the policy holder and on the cost of GMWB contracts  .
After revision:  Results show that accounting for both taxation and stochastic interest rate has determinant effects on the behavior of the policy holder and on the cost of GMWB contracts . In addition, it can explain why these products are so popular with people looking for a protected form of investment for retirement .