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When Does it Pay to Delay Social Security? The Impact of Mortality, Interest Rates, and Program Rules
Shoven, John B. - 2013
couples. In this paper, we quantify the degree of actuarial advantage or disadvantage for individuals whose mortality differs … from the average. We find that at real interest rates close to zero, most households - even those with mortality rates that … historical average, however, singles with mortality that is substantially greater than average do not benefit from delay; however …
Persistent link: https://www.econbiz.de/10013090660
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Welfare Spending and Mortality Rates for the Elderly Before the Social Security Era
Stoian, Adrian - 2010
new panel data set of 75 cities for each year between 1929 and 1938 combines mortality rates for older age groups with …
Persistent link: https://www.econbiz.de/10013152730
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New Age Thinking : Alternative Ways of Measuring Age, Their Relationship to Labor Force Participation, Goverment Policies and GDP
Shoven, John B. - 2007
discussion of dependency ratios. Two alternative measures of age are explored: mortality risk and remaining life expectancy. With …. However, the fraction of the population that is above a mortality rate that corresponds to 65+ today will grow by only 20 … percent. Needless to say, the aging of the society is a lot less dramatic with the alternative mortality-based age measures …
Persistent link: https://www.econbiz.de/10012775839
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Betting on Death and Capital Markets in Retirement : A Shortfall Risk Analysis of Life Annuities
Dus, Ivica - 2005
it offers higher expected benefits with lower expected shortfalls. Requiring unisex mortality tables in annuity pric …
Persistent link: https://www.econbiz.de/10012784759
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Life Expectancy and Old Age Savings
De Nardi, Mariacristina - 2010
Rich people, women, and healthy people live longer. We document that this heterogeneity in life expectancy is large, and we use an estimated structural model to assess its effect on the elderly's saving. We find that the differences in life expectancy related to observable factors such as...
Persistent link: https://www.econbiz.de/10012757992
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Life is Cheap : Using Mortality Bonds to Hedge Aggregate Mortality Risk
Friedberg, Leora - 2010
Using the widely-cited Lee-Carter mortality model, we quantify aggregate mortality risk as the risk that the average … substantial mortality risk. We calculate that a markup of 3.7% on an annuity premium (or else shareholders%u2019 capital equal to … uncertain aggregate mortality trends to 5% and a markup of 5.4% would reduce the probability of insolvency to 1%. Using the same …
Persistent link: https://www.econbiz.de/10012761756
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Life Cycle Annuity Valuation
Bernheim, B. Douglas - 2010
In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the assumption of pure lifecycle motives. Instead, we show that the simple discounted value of future benefits (ignoring the possibility of death) is often a good approximation to the...
Persistent link: https://www.econbiz.de/10012762969
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Differential Mortality and the Value of Individual Account Retirement Annuities
Brown, Jeffrey R. - 2010
an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level … of education using the National Longitudinal Mortality Study and document substantial differences. I then use these …
Persistent link: https://www.econbiz.de/10012763753
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Redistributive Effects of Different Pension Systems When Longevity Varies by Socioeconomic Status
Sánchez-Romero, Miguel - 2019
individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are … plans, calibrated on the US case. Compared to a benchmark non-redistributive plan that accounts for differences in mortality …
Persistent link: https://www.econbiz.de/10012868200
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Redistributive Effects of Different Pension Systems When Longevity Varies by Socioeconomic Status
Sánchez-Romero, Miguel - 2019
individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are … plans, calibrated on the US case. Compared to a benchmark non-redistributive plan that accounts for differences in mortality …
Persistent link: https://www.econbiz.de/10012868359