Personalised drawdown strategies and partial annuitisation to mitigate longevity risk
Author
Abstract
Suggested Citation
DOI: 10.1016/j.frl.2020.101644
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Shlomo Benartzi & Alessandro Previtero & Richard H. Thaler, 2011. "Annuitization Puzzles," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 143-164, Fall.
- Modigliani, Franco, 1986.
"Life Cycle, Individual Thrift, and the Wealth of Nations,"
American Economic Review, American Economic Association, vol. 76(3), pages 297-313, June.
- Modigliani, Franco, 1985. "Life Cycle, Individual Thrift and the Wealth of Nations," Nobel Prize in Economics documents 1985-1, Nobel Prize Committee.
- Shlomo Benartzi & Richard Thaler, 2007. "Heuristics and Biases in Retirement Savings Behavior," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 81-104, Summer.
- Hanewald, Katja & Piggott, John & Sherris, Michael, 2013.
"Individual post-retirement longevity risk management under systematic mortality risk,"
Insurance: Mathematics and Economics, Elsevier, vol. 52(1), pages 87-97.
- Katja Hanewald & John Piggott & Michael Sherris, 2011. "Individual Post-Retirement Longevity Risk Management Under Systematic Mortality Risk," Working Papers 201113, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
- Cocco, João F. & Gomes, Francisco J., 2012. "Longevity risk, retirement savings, and financial innovation," Journal of Financial Economics, Elsevier, vol. 103(3), pages 507-529.
- Menahem E. Yaari, 1965. "Uncertain Lifetime, Life Insurance, and the Theory of the Consumer," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 32(2), pages 137-150.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Minney, Aaron & Zhu, Zili & Guo, Ying & Li, Jiaming & Toscas, Peter & Koo, Bonsoo & Pantelous, Athanasios A., 2022. "Using the pension multiple to measure retirement outcomes," Finance Research Letters, Elsevier, vol. 49(C).
- Mu, Huaizhong & Yang, Ao, 2022. "Calculation of the transition coefficient and moderate level of China's pension system unification," Finance Research Letters, Elsevier, vol. 49(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Lambregts, Timo R. & Schut, Frederik T., 2020. "Displaced, disliked and misunderstood: A systematic review of the reasons for low uptake of long-term care insurance and life annuities," The Journal of the Economics of Ageing, Elsevier, vol. 17(C).
- Torben M. Andersen & Marias H. Gestsson, 2021. "Annuitization and aggregate mortality risk," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(1), pages 79-99, March.
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Johannes Hagen & Daniel Hallberg & Gabriella Sjögren, 2022.
"A Nudge to Quit? The Effect of a Change in Pension Information on Annuitisation, Labour Supply and Retirement Choices Among Older Workers,"
The Economic Journal, Royal Economic Society, vol. 132(643), pages 1060-1094.
- Hagen, Johannes & Hallberg, Daniel & Sjögren Lindquist, Gabriella, 2018. "A nudge to quit? The effect of a change in pension information on annuitization, labor supply and retirement choices among older workers," GLO Discussion Paper Series 209, Global Labor Organization (GLO).
- Hagen, Johannes & Hallberg, Daniel & Sjögren Lindquist, Gabriella, 2021. "A Nudge to Quit? The Effect of a Change in Pension Information on Annuitization, Labour Supply, and Retirement Choices Among Older Workers," GLO Discussion Paper Series 209 [pre.], Global Labor Organization (GLO).
- Hwang, In Do, 2024.
"Behavioral aspects of household portfolio choice: Effects of loss aversion on life insurance uptake and savings,"
International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1029-1053.
- In Do Hwang, 2017. "Behavioral Aspects of Household Portfolio Choice: Effects of Loss Aversion on Life Insurance Uptake and Savings," Working Papers 2017-8, Economic Research Institute, Bank of Korea.
- Fang, H., 2016.
"Insurance Markets for the Elderly,"
Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 237-309,
Elsevier.
- Hanming Fang, 2014. "Insurance Markets for the Elderly," NBER Working Papers 20549, National Bureau of Economic Research, Inc.
- Park, Youngkyun & Banerjee, Sudipto, 2020. "Coworker influence on annuitization decisions: Evidence from defined benefit plans," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 582-606.
- Previtero, Alessandro, 2014. "Stock market returns and annuitization," Journal of Financial Economics, Elsevier, vol. 113(2), pages 202-214.
- Han, Nan-Wei & Hung, Mao-Wei, 2021. "The annuity puzzle and consumption hump under ambiguous life expectancy," Insurance: Mathematics and Economics, Elsevier, vol. 100(C), pages 76-88.
- Beshears, John & Choi, James J. & Laibson, David & Madrian, Brigitte C. & Zeldes, Stephen P., 2014.
"What makes annuitization more appealing?,"
Journal of Public Economics, Elsevier, vol. 116(C), pages 2-16.
- John Beshears & James Choi & David Laibson & Brigitte C. Madrian & Stephen P. Zeldes, 2012. "What Makes Annuitization More Appealing?," NBER Chapters, in: Retirement Benefits for State and Local Employees: Designing Pension Plans for the Twenty-First Century, National Bureau of Economic Research, Inc.
- John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian & Stephen P. Zeldes, 2012. "What Makes Annuitization More Appealing?," NBER Working Papers 18575, National Bureau of Economic Research, Inc.
- Beshears, John Leonard & Choi, James J. & Laibson, David I. & Madrian, Brigitte & Zeldes, Stephen P., 2014. "What Makes Annuitization More Appealing?," Scholarly Articles 13382511, Harvard University Department of Economics.
- Horneff, Vanya & Maurer, Raimond & Mitchell, Olivia S., 2020. "Putting the pension back in 401(k) retirement plans: Optimal versus default deferred longevity income annuities," Journal of Banking & Finance, Elsevier, vol. 114(C).
- John Laitner & Daniel Silverman & Dmitriy Stolyarov, 2014. "Annuitized Wealth and Post-Retirement Saving," NBER Working Papers 20547, National Bureau of Economic Research, Inc.
- Huang, Huaxiong & Milevsky, Moshe A., 2016. "Longevity risk and retirement income tax efficiency: A location spending rate puzzle," Insurance: Mathematics and Economics, Elsevier, vol. 71(C), pages 50-62.
- Wei-Ting Pan, 2016. "The Impact of Mandatory Savings on Life Cycle Consumption and Portfolio Choice," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2016, January-A.
- Alicia H. Munnell & Gal Wettstein & Wenliang Hou, 2022. "How best to annuitize defined contribution assets?," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(1), pages 211-235, March.
- Torben M. Andersen & Marias H. Gestsson, 2022. "Is full annuitization socially optimal?," Journal of Economics, Springer, vol. 135(2), pages 199-217, March.
- Koo, Bonsoo & Pantelous, Athanasios A. & Wang, Yunxiao, 2022. "Novel utility-based life cycle models to optimise income in retirement," European Journal of Operational Research, Elsevier, vol. 299(1), pages 346-361.
- John Laitner & Dan Silverman & Dmitriy Stolyarov, 2018. "The Role of Annuitized Wealth in Post-retirement Behavior," American Economic Journal: Macroeconomics, American Economic Association, vol. 10(3), pages 71-117, July.
- Kaschützke, B. & Maurer, R., 2016. "Investing and Portfolio Allocation for Retirement," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 567-608, Elsevier.
- Maria Alexandrova & Nadine Gatzert, 2019. "What Do We Know About Annuitization Decisions?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(1), pages 57-100, March.
More about this item
Keywords
Annuitisation; Drawdown strategy; Retirement income; Superannuation; Economic scenario generator; Longevity risk;All these keywords.
JEL classification:
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:39:y:2021:i:c:s1544612320305596. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.