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The present study focuses on the defined financial benefits capital investors have undertaken to pay to their contracting parties during the withdrawal phase under contracts making provision for old age (also referred to as Riester contracts in Germany). The Alterszertifizierungsgesetz requires...
Persistent link: https://www.econbiz.de/10010883567
Retirees must draw down their accumulated assets in an orderly fashion, so as not to exhaust their funds too soon. We compare alternative phased withdrawal strategies to a life annuity benchmark using German data; one particular phased withdrawal rule seems attractive, as it offers relatively low...
Persistent link: https://www.econbiz.de/10005774586
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their funds too soon. We derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a withdrawal strategy, assuming risk aversion,...
Persistent link: https://www.econbiz.de/10005796543
How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity. Another approach, called the “phased withdrawal” strategy in the literature, would have the retiree invest his funds and...
Persistent link: https://www.econbiz.de/10005796606
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their funds too soon. We derive the optimal retirement portfolio from a menu that includes payout annuities as well as an investment allocation and a withdrawal strategy, assuming risk aversion,...
Persistent link: https://www.econbiz.de/10005718598
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