a risk-free bond-like instrument, plus mortality credits. We believe that we are the first to examine the dynamic … portfolio choice at retirement, the optimal timing of annuitization, the money's worth ratio, the inference of mortality …

second retirement income. Against the background of the change of agents' behaviors throughout the life cycle and the … consequences of the economic crisis, and the lack of adequate adjustments of social security retirement pension systems everywhere … capitalization in the determination of the final pension through a life annuity to complement the public retirement pension as a …

smaller average allocation to stocks, and tends to de-risk rapidly over time. This conclusion holds in the case of a …

We consider optimal asset allocation for a long-term investor saving for retirement. The investment portfolio consists …: deterministic strategies are based only on the time remaining until the anticipated retirement date, while adaptive strategies also … consider the investor's accumulated wealth. The vast majority of financial products designed for retirement saving currently …

that increasing numbers of pension plan participants will bear the risk that final realized portfolio values may be … insufficient to fund desired retirement cash flows. We compare the outcomes of various asset allocation strategies for a typical DC … probability that portfolio values at retirement will be insufficient to provide adequate retirement incomes is relatively high …

high for men. Our findings have strong policy implications. On the one hand misperceptions about longevity risk might … prevent individuals from providing sufficiently for retirement. On the other hand mandated unisex tariffs might especially …