This paper evaluates a new variant of the popular target date funds used in employer-based retirement savings plans. We … call this new variant a "target retirement plan." Instead of increasing the allocation to bond funds as retirement … approaches, a target retirement fund gradually purchases deferred life annuities beginning at age 50. In the particular straw …

not even offer participants a life annuity option at retirement. Thus, individuals who wish to annuitize generally must do … retirement resources …

The ongoing analysis of the effects of pension plan provisions on retirement is pursued in this paper. A primary … company, here using data from a second large company. The evidence confirms that changes in the retirement rates by age … correspond closely to provisions of the firm pension plan. There is essentially no difference in the retirement behavior of men …

of participants' asset allocation decisions on their financial resources for retirement. This paper develops a stochastic … bonds, on the distribution of 401(k) account balances at retirement. We compare the alternative distributions of retirement … other sources of wealth, such as Social Security, defined benefit pension annuities, and saving outside retirement plans in …

period, while others argue that individuals should be protected from recklessly investing their retirement assets. With …

) pension plans is the degree to which assets in DC plans will be withdrawn before plan participants reach retirement age. The … of new contributions to IRAs and other targeted retirement saving programs. This paper draws on data from the 1993 … Current Population Survey and the Health and Retirement Survey to summarize the incidence and disposition of lump sum …

Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds … allocation decisions when managing her retirement financial wealth and annuities, and we prove that she can benefit from both the … equity premium and longevity insurance in her retirement portfolio. Even without bequests, she will not fully annuitize …

derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a … allocation, when fixed as of retirement, is then compared to phased withdrawal strategies such a "self-annuitization" plan or the …