/RÉSUMÉ Policy option for the payout phase This paper assesses how countries' pension arrangements and regulation shape the appropriate structure and flexibility of retirement payout options. The paper aims at providing a guide to policy makers on how to address the diverse questions posed when designing the payout phase or promoting DC pension arrangements, as well as encouraging a market for ...

other factors, such as counterparty risk and inflation risk which come into play. The major factor, however, is likely to be liquidity risk, namely the need of households to come up with, what for them is, a large amount of money over a short period of time in order to deal with health and other emergencies. This is where the annuity options (refundable annuities) that Sheshinski recommends can...

This paper develops a tractable model of post-retirement behavior with health status uncertainty and state veri…cation di¢ culties. The model distinguishes between annuitized and non-annuitized wealth and features Medicaid assistance with nursing-home care. The analysis shows how to solve the potentially complex dynamic problem analytically, making it possible to characterize optimal behavior w...