longevity in which individuals choose an optimum consumption path and a retirement age. Conditions on the age-specific pattern … of improvements in survival probabilities are shown to ensure that individual savings rise with longevity and that … increased longevity leads to higher aggregate savings in steady state. The analysis is based on a lifecycle model with uncertain …

annuities. Every section of the paper try to address one specific question, naming: How important is the ageing problem in the … for the elderly? Why the annuities market is so thin? Why the annuities market only develop when there is a mandate to …

identifies how accumulated assets can be used optimally throughout retirement to produce life-long income when required, to make … do this using a SPEEDOMETER (or Spending Optimally Throughout Retirement) retirement expenditure plan which employs … degree of flexibility in managing the run-down of retirement assets; (3) capital protection in the form of ‘money …

. Building on a lifecycle model with uncertain longevity, this paper shows that increased life expectancy does not suffice to … warrant the above hypotheses. We provide assumptions about the change in survival probabilities, specifically about the age … dependence of hazard rates, which determine individuals' behavioral response w.r.t. education, work and age of retirement …

annuities early in life. In the absence of other uninsurable uncertainties (e.g. income), there will be no residual purchases or … sales of annuities later in life, thereby avoiding any adverse-selection. In contrast, the presence of such uncertainties … residual annuity market and propose a new financial instrument, refundable annuities with a guaranteed refund price, which …

the (equitable) non-strict enforcement (judicial ruling) of contracts of insurance can be efficiency enhancing as it can …This paper examines uberrimae fidei (utmost good faith) with adverse selection in an insurance market. If consumers …

transfers rather than those at retirement and by looking into the interaction between entitlements and labour participation …

just those at the point of retirement, this approach can provide additional insights on the efficacy of pension systems in … the light of increasing longevity. Our estimates indicate that while reforms have decreased generosity significantly, in … individuals above the 60% relative poverty threshold throughout retirement. Our simulations suggest that the gradual negative …

older ages. This conjecture is assessed quantitatively with a life cycle general equilibrium model of retirement. At ages 60 …

DURING THE PAST half century, retirement income security in the United States has been based on a combination of social … security, employer sponsored pensions, and households’ own saving. Social security was intended to provide a retirement income … base. Pensions generated additional retirement income. Households’ own saving supplemented these sources. In many ways this …