Similar Search Results

Fixed and variable longevity annuities in defined contribution plans: Optimal retirement portfolios taking social security into account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their … annuities in DC accounts is welfare enhancing for all sex/education groups examined. We also show that providing access to well …-designed variable deferred annuities with some equity exposure further enhances retiree wellbeing, compared to having access only to …

Persistent link: https://www.econbiz.de/10013557346

How persistent low expected returns alter optimal life cycle saving, investment, and retirement behavior

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2017

This Chapter explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, as compared to what in the past had been thought of as more "normal" financial conditions. Our calibrated lifecycle dynamic model with realistic tax, minimum distribution,...

Persistent link: https://www.econbiz.de/10011755418

Implications of money-back guarantees for individual retirement accounts: Protection then and now

Horneff, Vanya; Liebler, Daniel; Maurer, Raimond; … - 2019

In the wake of the financial crisis and continued volatility in international capital markets, there is growing interest in mechanisms that can protect people against retirement account volatility. This paper explores the consequences for savers' wellbeing of implementing market-based retirement...

Persistent link: https://www.econbiz.de/10012113830

Do Required Minimum Distribution 401(k) Rules Matter, and for Whom? Insights from a Lifecylce Model

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2021

Tax-qualified vehicles helped U.S. private-sector workers accumulate {dollar}25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the "Required Minimum Distribution" (RMD) regulation, requiring retirees to withdraw a...

Persistent link: https://www.econbiz.de/10012655971

Putting the pension back in 401(k) plans: Optimal versus default longevity income annuities

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2016

protect retirees from outliving their assets by converting a portion of their plan balances into longevity income annuities … (LIA). These are deferred annuities which initiate payouts not later than age 85 and continue for life, and they provide an …

Persistent link: https://www.econbiz.de/10011553781

Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts

Mitchell, Olivia; Chai, Jingjing; Horneff, Wolfram; … - National Bureau of Economic Research (NBER) - 2009

-contingent payout annuities. We show that making labor supply endogenous raises older peoples' equity share; substantially increases … work effort by the young; and markedly enhances lifetime welfare. Also, introducing annuities leads to earlier retirement …

Persistent link: https://www.econbiz.de/10004980314

Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management

Mitchell, Olivia; Kim, Hugh Hoikwang; Maurer, Raimond - National Bureau of Economic Research (NBER) - 2013

This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision...

Persistent link: https://www.econbiz.de/10011210995