mortality and uncertain labor income, we extend the investment universe to include not only stocks and bonds, but also survival …

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many … economic shocks, and it also explores how people may react by changing their consumption, saving and investment, work and …-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce …

against mortality risk. We show that a considerable fraction of wealth should be annuitized to skim the return enhancing … mortality credit. The remaining liquid wealth (stocks and bonds) is used to hedge labor income risk during work life, to earn …

derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a …