Before revision:  risk ratings decrease with their savings, (2) almost half of the retirees who choose annuities do not value bequests , (3) information processing costs are larger for low savers and for those who receive advise from sales-agent, and (4) firms are more likely to have lower annuitization costs for the top 40\% savers . Counterfactuals suggest that information asymmetry hurts these 40\% savers the most, and replacing the current mechanism with standard English auctions and "shutting-down" risk ratings increase pensions for everyone.
After revision:  risk ratings more than others, and approximately 40\% do not value bequests , (3) information processing costs are larger for low savers and for those who receive advise from sales-agent, and (4) firms are more likely to have lower annuitization costs for the top 40\% savers . Counterfactuals suggest that information asymmetry hurts these 40\% savers the most, and replacing the current mechanism with standard English auctions and "shutting-down" risk ratings increase pensions for everyone.