how much he consumes and how much he invests in stocks, bonds, and annuities. Pricing the annuities we account for … asymmetric mortality beliefs and administration expenses. We show that the retiree does not purchase annuities only once but … rather several times during retirement (gradual annuitization). We analyze the case in which the retiree is restricted to buy …

Since 2006, it has no longer been permitted to use gender as a factor in the risk assessment of Riester contracts. The … examine whether the unisex reform decreased the proportion of contracts signed by men. Although possible anticipation of the …

. The retirement age affects health through the value of survival and the value of morbidity reductions. We compare the …We examine within a life-cycle set-up the choice of health and retirement. Health care contributes to a reduction in … both mortality, determining the need to accumulate retirement wealth, and in morbidity, determining the disutility of work …

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 …

This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming …

. Building on a lifecycle model with uncertain longevity, this paper shows that increased life expectancy does not suffice to … warrant the above hypotheses. We provide assumptions about the change in survival probabilities, specifically about the age … dependence of hazard rates, which determine individuals' behavioral response w.r.t. education, work and age of retirement …

pillar: (i) moving from a mere retirement savings investment fund to a fully-fledged pension fund that offers some minimum … annuities; or (ii) more radically, moving the benefits toward a Non-Financial Defined Contribution scheme with the fund …

This paper studies the effects of health shocks on the demand for health insurance and annuities, precautionary saving … simultaneously increases health expenses and reduces longevity, the following results can be obtained via closed-form solutions … expenses may even reduce precautionary saving. Third, mandatory health insurance (e.g. public health insurance) tends to …