In Japan, annuities are not currently very popular as a means to finance retirement, since many people rely on government social security benefits in old age. When annuities are sold, they tend not to be life payouts but rather term-certain products. In this sense, the annuity puzzle also...

Explores issues in financing retirement, from fundamental changes in types of pension plans offered to pension funds' investment strategies following the global financial crisis. Focuses in particular on the adequacy of individuals' and institutions' plans in the face of increasing life...

We pursue a cross-country comparison of relative financial readiness of older households in Japan and the Republic of Korea relative to the United States. Our comparative analysis, using macro-level and harmonized longitudinal household financial data, covers the principal financial channels of...