mortality risk. In addition to stocks and bonds, households also have access to incomplete annuity markets offering a hedge … against mortality risk. We show that a considerable fraction of wealth should be annuitized to skim the return enhancing … mortality credit. The remaining liquid wealth (stocks and bonds) is used to hedge labor income risk during work life, to earn …

Motivated by the observation that elderly liquidate their mutual fund holdings regularly, we examine whether mortality … high mortality rates would be associated with higher net fund inflows because aggregate withdrawals decline. Consistent … with our conjecture, we find that fund inflows are more positive during high mortality months, even after accounting for …

Pooled annuity products, where the participants share systematic and idiosyncratic mortality risks as well as …