, we measure the welfare improvements from including LIAs in the menu of plan payout choices, accounting for mortality …. Optimal annuitization boosts welfare by 5-20% of average retirement plan accruals at age 66 (assuming average mortality rates …

household's mortality risk itself to be stochastic. Annuities still help to hedge longevity risk, but they are now subject to …

, saving, and portfolio allocation patterns given stochastic and systematic mortality. Insurers have taken two approaches to … manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We …

The aim of this paper is to describe for (West) Germany the historical relationship between health and disability on … features and reforms of the pension system since the 1960s. Then we show how mortality, health and labor force participation of … the elderly have changed since the 1970. While mortality (as our main measure of health) has continuously decreased and …

administrative data from Germany, we analyze 34,000 unexpected worker deaths, which, on average, raise the remaining workers' wages …