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 …

This paper investigates the optimal retirement of an individual in the presence of involuntary unemployment risks and … emphasized in recent studies. We also find that an individual with high leisure demand after retirement reduces consumption … during retirement and increases stockholdings as retirement time approaches …

In this paper we generalize the following result of Yaari (1965) on annuitization with an agent's optimal retirement … an economic agent to exchange the value of labor income with the extra leisure that is brought about by annuitizing all …

surrender charges, annuities are the primary asset class in a portfolio, and that annuity income is never fully consumed, but … used for rebalancing purposes. We argue that the optimal retirement product for a household is much more complex than any …

This paper investigates individuals' investment behaviour in their retirement savings surrounding milestone birthday … ages. Age is expected to play a key role in influencing investment choices, primarily through the risk of the investment … to make investment changes. We utilise a large Australia retirement savings fund which provides the history of investment …

We develop a new approach for solving the optimal retirement problem for an individual with an unhedgeable income risk …. The income risk stems from a forced unemployment event, which occurs as an exponentially-distributed random shock. The … optimal retirement problem is to determine the individual's optimal consumption and investment behaviors and optimal …

with risk aversion between these extremes can identify optimal strategies balancing income and shortfall risk …We test a parametric retirement spending strategy incorporating constant spending, variable spending, smoothing, and … spending and shortfall risk over a large universe of parameters and portfolios. Using certainty equivalent spending with …

and the projections used in pricing. Through the participation scheme, systematic longevity risk is shared between … systematic longevity risk. We also find that stochasticity in mortality rates only has minor impact on the appeal of PLAs to the …

and the projections used in pricing. Through the participation scheme, systematic longevity risk is shared between … systematic longevity risk. We also find that stochasticity in mortality rates only has minor impact on the appeal of PLAs to the …

This paper investigates retirees’ optimal purchases of fixed and variable longevity income annuities using their … using plan assets to boost Social Security benefits through delayed claiming. We determine that including deferred income …