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Developments in Decumulation: The Role of Annuity Products in Financing Retirement

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  • Olivia S. Mitchell

Abstract

Longer lifespans are generally seen as a positive outcome of economic growth. Yet life extension also means that more people face the risk of living too long -- that is, outliving their assets and means of support. A range of financial products exists currently or can be envisioned for the future that would be useful in helping to protect people against having to dramatically curtail consumption in old age. This paper reviews the usefulness of life annuities in providing protection against longevity risk.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8567.

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Date of creation: Oct 2001
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Publication status: published as Auerbach, A. and H. Herrman (eds.) Ageing, Financial Markets and Monetary Policy. Berlin: Springer-Verlag, 2002. p. 97-125
Handle: RePEc:nbr:nberwo:8567

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References

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  1. Jeffrey R. Brown & Olivia S. Mitchell & James M. Poterba, . "The Role of Real Annuities and Indexed Bonds In An Individual Accounts Retirement Program," Pension Research Council Working Papers 99-2, Wharton School Pension Research Council, University of Pennsylvania.
  2. Olivia Mitchell, 1999. "New Trends in Pension Benefit and Retirement Provisions," NBER Working Papers 7381, National Bureau of Economic Research, Inc.
  3. Jeffrey R. Brown & Mark J. Warshawsky, 2001. "Longevity-Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues," NBER Working Papers 8064, National Bureau of Economic Research, Inc.
  4. Amy Finkelstein & James Poterba, 2004. "Adverse Selection in Insurance Markets: Policyholder Evidence from the U.K. Annuity Market," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 112(1), pages 183-208, February.
  5. Suzanne Doyle & Olivia S. Mitchell & John Piggott, 2001. "Annuity Values in Defined Contribution Retirement Systems: The Case of Singapore and Australia," NBER Working Papers 8091, National Bureau of Economic Research, Inc.
  6. Jeffrey R. Brown, 2000. "How Should We Insure Longevity Risk In Pensions And Social Security?," Issues in Brief ib-4, Center for Retirement Research.
  7. Martin Feldstein & Elena Ranguelova, 2001. "Accumulated Pension Collars: A Market Approach to Reducing the Risk of Investment-Based Social Security Reform," NBER Chapters, in: Tax Policy and the Economy, Volume 15, pages 149-166 National Bureau of Economic Research, Inc.
  8. James M. Poterba & Mark J. Warshawsky, 1999. "The Costs of Annuitizing Retirement Payouts from Individual Accounts," NBER Working Papers 6918, National Bureau of Economic Research, Inc.
  9. Jeffrey R. Brown, 2003. "Redistribution and Insurance: Mandatory Annuitization With Mortality Heterogeneity," Journal of Risk & Insurance, The American Risk and Insurance Association, The American Risk and Insurance Association, vol. 70(1), pages 17-41.
  10. Ranguelova, Elena & Feldstein, Martin S., 2000. "Accumulated Pension Collars: A Market Approach to Reducing The Risk of Investment-Based Social Security Reform," Scholarly Articles 10456097, Harvard University Department of Economics.
  11. Jeffrey R. Brown & James M. Poterba, 1999. "Joint Life Annuities and Annuity Demand by Married Couples," NBER Working Papers 7199, National Bureau of Economic Research, Inc.
  12. Disney, Richard, 2000. "Crises in Public Pension Programmes in OECD: What Are the Reform Options?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 110(461), pages F1-23, February.
  13. David Blake, 1999. "Annuity Markets: Problems and Solutions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 24(3), pages 358-375, July.
  14. William G. Gale & Joel B. Slemrod, 2001. "Rethinking the Estate and Gift Tax: Overview," NBER Working Papers 8205, National Bureau of Economic Research, Inc.
  15. Jeffrey R. Brown & Olivia S. Mitchell & James M. Poterba, 2000. "Mortality Risk, Inflation Risk, and Annuity Products," NBER Working Papers 7812, National Bureau of Economic Research, Inc.
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Cited by:
  1. James Poterba, 2004. "The Impact of Population Aging on Financial Markets," NBER Working Papers 10851, National Bureau of Economic Research, Inc.
  2. Michiel Bijlsma & Machiel van Dijk & Marc Pomp & Cora Zonderland, 2005. "Competition in markets for life insurance," CPB Document, CPB Netherlands Bureau for Economic Policy Analysis 96, CPB Netherlands Bureau for Economic Policy Analysis.
  3. James M. Poterba, 2001. "Annuity markets and retirement security," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 249-270., September.
  4. Isaac Ehrlich & Yong Yin, 2005. "Explaining Diversities in Age-Specific Life Expectancies and Values of Life Saving: A Numerical Analysis," Journal of Risk and Uncertainty, Springer, Springer, vol. 31(2), pages 129-162, September.
  5. Olivia S. Mitchell & David McCarthy, 2002. "Annuities for an Ageing World," NBER Working Papers 9092, National Bureau of Economic Research, Inc.
  6. Chao Qiao & Michael Sherris, 2011. "Managing Systematic Mortality Risk with Group Self Pooling and Annuitisation Schemes," Working Papers 201104, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.

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