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 …

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 …

In this paper, we develop a new dynamic programming approach for solving an optimal retirement model in a two …-dimensional incomplete market, which is induced by forced unemployment risk and borrowing constraints. We show that the two dimensions … jointly affect an individual's optimal consumption, investment, and retirement strategies. Specifically, we find that there …

market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …

- state and occupational pensions and private pension schemes - can sufficiently guarantee adequate retirement income in the … pension provision taking account of the key characteristic of retirement saving - the long investment horizon - is … stocks. The analysis leads to the conclusion that the risk entailed in stock investment is reduced relative to the yield as …

maximum limits by asset class) in order to create funds with different risk-return profiles. In this article we challenge this … approach and show that such funds exhibit erratic risk-return profiles that deviate significantly from the intended design. We … propose to replace all minimum and maximum asset allocation constraints by a single risk metric (or measure) that controls …

rates. Traditional accounts are valuable for hedging retirement account performance and managing current income near tax …) versions of tax-advantaged retirement accounts. The model features a progressive tax schedule and uncertainty over future tax … substantial economic benefits from Roth investments are not limited to investors with low current income …

retirement and the associated risks in running out of funds in the retirement savings pool. The first is a bootstrap simulation … thirty year retirement horizon for some commonly recommended periodic withdrawal rates …