provided that full credit, including © notice, is given to the source. Framing Lifetime Income

We thank Abby Sussman for exceptional research assistance. An earlier draft of this paper, co-authored with Garth Wiens, was circulated under the title “Framing, Reference Points, and Preferences for Life Annuities. ” We are grateful to the Pew Charitable Trusts, MacArthur Foundation, the Mott Foundation, and the TIAA-CREF Research Institute for financial support. Financial disclosure: Jeffrey R. Brown serves as a Trustee for TIAA and has received compensation as a speaker from companies that sell retirement income products. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Congressional Budget Office, any of the other organizations with whom the authors are affiliated, or any of the organizations that funded this research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online a