Since 2005, instructed by the Superintendence of Pensions, the Pension Funds Administrators (AFP) send, as part of the last four-monthly report of each year, the Personalized Pension Projection (PPP) to the members of the Chilean Pension System. This projection, which objective is to improve the...

Paper presents a survey of five different approaches to retirement decision analysis. Simple life cycle labour supply model leads to a classical optimization problem of choice between work and leisure, but it is highly limited in explaining retirement decision as a static approach. Comparative...

The economic debate on pensions in France has been increasingly focusing on introducing more flexibility in the retirement decision (up to now sharply constrained by the strength of incentives to claim SS benefits at the so-called « full rate » in the private sector): see Charpin (1999) and...

We analyse the effects of pension reforms on the planned retirement age of women by exploiting within country variation in pension wealth across cohorts of workers in Italy after the Amato and Dini reforms of the early 1990s, which introduced a quot;Notionally Defined Contributionquot; (NDC)...

A major change in the training of actuaries in the period since the 1990s has been the introduction of the concepts underlying financial economics into the mainstream of actuarial coursework. Yet in this same period, three parallel developments have taken place - changes in the traditional role...

Selecting the best age to begin social security benefits is an important election for lower-income individuals. These individuals are especially vulnerable to the timing and magnitude of critical cash flow. Unfortunately, the decision models and measures being used by individuals to analyze...

Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness that are substantially less restrictive than those used by Yaari (1965). We examine demand with market incompleteness, finding that positive annuitization remains...

As of 2005, individuals had an estimated $7.4 trillion invested in IRAs and employer-sponsored retirement accounts. Given these investments, many retirees will face the difficult problem of turning a pool of assets into a stream of retirement income. Purchasing an immediate annuity is a common...

As baby boomers enter retirement, they will look to the investment industry for ways to generate retirement income from a stock of accumulated saving. A longstanding puzzle is why most retirees do not purchase longevity insurance in the form of lifetime annuities. This question is rising in...