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Planning for Retirement: Asset Liability Management for Individuals

In: Asset and Liability Management Handbook

Author

Listed:
  • Michael Dempster
  • Elena Medova

Abstract

Pension systems are in crisis. Every day brings dire warnings of future pov-erty across the globe for large numbers of older people. Governments and corporations are pushing the responsibility for pensions and health care back to individuals. With current demographic trends, the present workforce will be faced with the problem of significant ‘pension gaps’ which, unless somehow covered, will force drastic changes in their post-retirement lifestyles. The relatively affluent are no exception. For the last few years, even before the crisis, Fortune magazine has devoted an annual special issue to the problem, with subtitles like ‘Take control of your future’. For example, the July 2006 issue begins: ‘Traditional pensions are melting away…’. By and large, however, the asset management industry remains focussed on asset returns measured by relative performance and treats individuals’ liabilities, at best, in aggregate in terms of asset return goals. Financial planning and wealth management advice for individuals sorely needs innovation.

Suggested Citation

  • Michael Dempster & Elena Medova, 2011. "Planning for Retirement: Asset Liability Management for Individuals," Palgrave Macmillan Books, in: Gautam Mitra & Katharina Schwaiger (ed.), Asset and Liability Management Handbook, chapter 16, pages 409-432, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30723-0_16
    DOI: 10.1057/9780230307230_16
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    Citations

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    Cited by:

    1. Owadally, Iqbal & Jang, Chul & Clare, Andrew, 2021. "Optimal investment for a retirement plan with deferred annuities," Insurance: Mathematics and Economics, Elsevier, vol. 98(C), pages 51-62.
    2. Butt, Adam & Khemka, Gaurav, 2015. "The effect of objective formulation on retirement decision making," Insurance: Mathematics and Economics, Elsevier, vol. 64(C), pages 385-395.
    3. Jang Ho Kim & Yongjae Lee & Woo Chang Kim & Frank J. Fabozzi, 2022. "Goal-based investing based on multi-stage robust portfolio optimization," Annals of Operations Research, Springer, vol. 313(2), pages 1141-1158, June.
    4. Owadally, Iqbal & Jang, Chul & Clare, Andrew, 2021. "Optimal investment for a retirement plan with deferred annuities allowing for inflation and labour income risk," European Journal of Operational Research, Elsevier, vol. 295(3), pages 1132-1146.
    5. Chul Jang & Andrew Clare & Iqbal Owadally, 2024. "Liability-driven investment for pension funds: stochastic optimization with real assets," Risk Management, Palgrave Macmillan, vol. 26(3), pages 1-32, September.
    6. Das, Sanjiv R. & Ostrov, Daniel & Radhakrishnan, Anand & Srivastav, Deep, 2022. "Dynamic optimization for multi-goals wealth management," Journal of Banking & Finance, Elsevier, vol. 140(C).

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