manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

longevity risk, and partially-refundable premiums. Welfare rises since policyholders exercise the product's flexibility by …

withdrawal strategy, assuming risk aversion, stochastic capital markets, and uncertain lifetimes. The resulting portfolio … proves appealing for retirees across a wide range of risk preferences, supporting financial planning advisors who often … capital market and %u201Cbet on death.%u201D As risk aversion rises, annuities first crowd out bonds in retiree portfolios; at …

with low income uncertainty; for the high income risk worker, equity exposure rises until retirement. We also evaluate how … annuities, and stocks as well as bonds. Higher labor income uncertainty and lower old-age benefits boost demand for stable … differences in social security benefits can influence retirement risk management …