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Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities / Ivica Dus, Raimond Maurer, Olivia S. Mitchell.
- Format:
- Book
- Author/Creator:
- Dus, Ivica.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w11271.
- NBER working paper series no. w11271
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Betting on Death and Capital Markets in Retirement
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2005.
- Summary:
- 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.
- Notes:
- Print version record
- April 2005.
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