default risk, which results in significant decreases in pension benefits. In order to address the challenge of annuity income … decision to increase annuities in the face of annuity income uncertainty is analogous to deciding when to buy the asset in the …

households are required to follow to optimise their retirement income. This optimal policy is given in the form of either an … responsibilities for households to plan and fund effectively their own retirement over the years. In this study, expressing and … reverse mortgage style loan, offered by the Australian federal government and allowing retired households to receive an income …

, stochastic labor income and endogenously-determined retirement. We find that the ratio of total wealth-to-labor income … nearly completely crowded-out by increased labor income (background) risk … (normalized wealth) is the primary determinant of the retirement decision and that at all ages, there exists a critical normalized …