longevity in which individuals choose an optimum consumption path and a retirement age. Conditions on the age-specific pattern … of improvements in survival probabilities are shown to ensure that individual savings rise with longevity and that … increased longevity leads to higher aggregate savings in steady state. The analysis is based on a lifecycle model with uncertain …

Adverse selection is often blamed for the malfunctioning of the annuities market. We simulate the impact of adverse … of substitutes for annuities such as a bequest motive or a social security system intensifies the adverse selection but …

annuities. Every section of the paper try to address one specific question, naming: How important is the ageing problem in the … for the elderly? Why the annuities market is so thin? Why the annuities market only develop when there is a mandate to …

We explore the proposition that expected longevity affects retirement decisions and accumulated wealth using micro data … drawn from the Health and Retirement Study for the United States. We use data on a person’s subjective probability of … survival to age 75 as a proxy for their prospective lifespan. In order to control for the presence of measurement error and …

theory. A model of life cycle decisions with uncertain survival is used to derive individuals’savings and chosen retirement … age response to changes in longevity. Conditions on the age-profile of improvements in survival probabilities are shown to … empirical studies attribute this trend to the highly significant increases in life longevity of the populations of these …

recent studies find the two risks-longevity risk and long-term care risk-to be opposing and thus life care annuities … address the pricing risk and solvency risk insurance companies face when providing life care annuities. …A life care annuity is a bundled insurance product comprised of a life annuity and long-term care insurance. Some …

morbidity, determining the disutility of work, and through longevity, determining the need to accumulate retirement wealth. In … contrast, the age of retirement drives health through changes in the value of survival and the value of morbidity reductions …We examine within a life-cycle set-up the simultaneous choice of health care and retirement (together with consumption …