Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities Versus Phased Withdrawal Plans

Topics:
Compensation Guide,
Financial Regulations
Tags:
Annuity,
Operational Planning,
Investment,
Finance,
Capital Market,
Business Operations,
Asset Management,
Asset Allocation,
Asset,
University Of Pennsylvania
Source:
University of Pennsylvania

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Overview: Using a range of data consistent with the German experience, the paper evaluates several alternative designs for phased withdrawal strategies, allowing for endogenous asset allocation patterns, and also allowing the worker to make decisions both about when to retire and when to switch to an annuity. The paper shows that one particular phased withdrawal rule is appealing since it offers relatively low expected shortfall risk, good expected payouts for the retiree during his life, and some bequest potential for the heirs.

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Format: PDF | Size: 362KB | Date: Nov 2004 | Pages: 53

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