Betting on death and capital markets in retirement
Subtitle: a shortfall risk analysis of life annuities
By: Ivica Dus, Raimond Maurer, Olivia S. Mitchell.
Contributors: Maurer, Raimond.; Mitchell, Olivia S.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11271; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11271.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Life annuities.; Defined contribution pension plans.; Retirement income.; Life annuities -- Germany.; Defined contribution pension plans -- Germany.; Retirement income -- Germany.
Description: "Retirees must draw down their accumulated assets in an orderly fashion, so as not to exhaust their funds too soon.  We compare alternative phased withdrawal strategies to a life annuity benchmark using German data; one particular phased withdrawal rule seems attractive, as it offers relatively low expected shortfall risk, good expected payouts for the retiree during his life, and some bequest potential; results are similar for the US case.  Delayed annuitization may also appeal, as it offers higher expected benefits with lower expected shortfalls.  Requiring unisex mortality tables in annuity pric-ing raises women's risks under a phased withdrawal program"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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