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...

Contrary to economic theory, few retirees voluntarily annuitize much, if any, of their wealth. This behavior has been at least partly explained by factors such as bequest motives, a demand for liquid wealth, or a restrictive annuity investment universe, all of which impose implicit costs on...