escalation and inflation linked options), bond ladders, and investment portfolio. Assuming an annual decline in expenditure of 1 …, while a bond ladder provides the best solution when the baseline income is greater than about 20% of the initial portfolio …

some probability of ruin in either case: the bond portfolio may be exhausted while the bettor is still alive, or the bettor … may die before the bond portfolio runs down. The paper applies a historical rather than mathematical lens to calculate the … bond yields are very low. However, if the annuity provider cannot harvest a spread over the safe government bond yield and …