the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the …

, individuals with low wealth find it unambiguously optimal to cash out, because the annuity income from pension wealth reduces the … the form of means-tested benefits. We analyze optimal annuity demand and consumption/savings decisions in a realistic life …

the annuity. Agents trade-off the advantages from annuitization, receiving the wealthenhancing mortality credit, to the …

annuity and a lump sum at retirement. Our analysis suggests the existence of an ?acquiescence bias?, meaning that a majority …'s worth of an annuity is considerably below the corresponding value of married men, are not more likely to choose the capital …

change in the Swedish pension system that highlighted a five-year payout on the expense of a life annuity not only increased …

towards a fixed-term payout. Meanwhile, the set of available options and the default option - life annuity - were unchanged …

This paper presents new evidence on how the annuitization decision is affected by changes in the annuity's value. We … pension scheme: The 20 percent reduction in the rate at which retirement capital is translated into a life-long annuity … of the cash-out decision to variations in a utility based measure for the annuity value is comparable to results of …

A deferred annuity typically includes an option-like right for the policyholder. At the end of the deferment period, he … may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or … annuity on the market granting him a better price. If, however, mortality improves more than expected, the policyholder will …