Title of Academic Seminar: Retirement Spending, Stochastic Mortality and Longevity Risk Aversion
نویسندگان
چکیده
[50 words only]
منابع مشابه
Optimizing the equity-bond-annuity portfolio in retirement: The impact of uncertain health expenses
This paper derives optimal equity-bond-annuity portfolios for retired households who face stochastic capital market returns, differential exposures to mortality risk and uncertain uninsured health expenses, and differential Social Security and defined benefit pension coverage. The results show that the health spending risk drives household portfolios to shift from risky equities to safer assets...
متن کاملPensionmetrics: Stochastic Pension Plan Design During the Distribution Phase
We consider the choices available to a pension plan member at the time of retirement for conversion of his personal or defined contribution (DC) pension fund into a stream of income in retirement. In particular, we compare the purchase at retirement age of a conventional life annuity (that is, a bond-based investment) against a variety of programmes that involve differing exposures to equities ...
متن کاملThe Effect of the Risk of Out-of-Pocket Spending for Health Care on Economic Preparation for Retirement
After retirement, the primary sources of uncertainty with respect to an individual’s economic status are longevity, investment outcomes and out-of-pocket spending on health care. In previous work, we estimated economic preparation for retirement, taking into account the risk of living to an advanced old age and the concomitant risk of running out of resources. But while we accounted for the ave...
متن کاملOptimal DC Pension Fund Management and the Dangers of Longevity Risk
There is a pressing need to re-design the defined contribution pension scheme so that it can become an adequate replacement for the failing defined benefit scheme. This paper focuses on the importance of accounting for systematic longevity risk in light of this assertion. We discuss a proposed, plan member oriented, pension plan design that aims to deliver a desired standard of living in retire...
متن کاملPensionmetrics 2: Stochastic Pension Plan Design during the Distribution Phase1
We consider the choices available to a defined contribution (DC) pension plan member at the time of retirement for conversion of his pension fund into a stream of income in retirement. In particular, we compare the purchase at retirement age from a life office of a conventional life annuity (that is, a bond-based investment) with distribution programmes that involve differing exposures to equit...
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تاریخ انتشار 2010