Recent financial market and plan termination experiences have exposed the shortcomings of existing funding, disclosure, and premium rules governing private single-employer defined benefit pension plans in the United States. These rules were designed to provide predictability for plan sponsors...

Professional retirement planning advice relies to a great extent on the determination of how much retirement income can be provided by systematic withdrawals from an investment portfolio. Because future investment returns, inflation rates, and how long a retiree will live are unknown, one cannot...

Professional retirement planning advice relies to a great extent on the determination of how much retirement income can be provided by systematic withdrawals from an investment portfolio. Because future investment returns, inflation rates, and how long a retiree will live are unknown, one cannot...

The fact that most eldealy individuals in the United States choose to maintain a flat age-wealth profile, rather than buy individual life annuities, stands in contrast to central implications of the standard life-cycle model of consumption-saving behavior. The analysis in this paper lends...

This paper explores the extent to which retirees can and do insure themselves against longevity risk in private pension plans. We first review the theoretical and empirical results on the value of annuities, and discuss reasons why households may choose not to further insure themselves against...

This study empirically tests whether freezing or closing a defined-benefit (DB) pension plan increases the sponsoring company's market value. The database used for this study consists of 82 publicly traded U.S. companies that announced freezes/closes in 2003ndash;2007. On the basis of this...

We establish an empirically based lifecycle model to gauge savings and replacement rates for maintaining a steady living standard over life. We consider a variety of scenarios and demonstrate that savings rates vary substantially with individuals' economic and demographic situations as well as...

We compare wealth management strategies for individuals in retirement, focusing on trade-offs regarding wealth creation and income security. Systematic withdrawals from mutual funds generally give opportunities for greater wealth creation at the risk of large investment losses and income...

This paper investigates the influences on retirement behavior among older workers who were surveyed by the Health and Retirement Study (1992-2004). It is found that increases in all categories of wealth (pension, housing equity and other financial wealth) raise the probability of retiring, while...

This paper derives optimal equity-bond-annuity portfolios for households who face stochastic capital market returns, differential exposures to mortality risk and uncertain uninsured health expenses, and differential Social Security and defined benefit pension coverage. The results show that the...