In comparing an immediate life annuity with a payout-equivalent investment fundpayout plan (self-annuitization), research to date has focused mainly on shortfallprobabilities of self-annuitization. As an exception, Schmeiser and Post (2005)propose a family strategy where the chances of...

When comparing investment in an immediate life annuity with a payout-equivalentinvestment fund decumulation plan (self-annuitization), previous research focusedon shortfall probabilities of self-annuitization. Chances of self-annuitization (i.e.,bequests) typically have not been addressed. We...