BUTT, ADAM; DENG, ZIYONG - In: Journal of Pension Economics and Finance 11 (2012) 02, pp. 151-181
A simulation approach is used to investigate how various investment strategies affect the ability of retirees to spend at a desired level up until death. Retirees are assumed to maintain all investment and longevity risk, and also have access to a government-sponsored and means-tested Age...