Purpose: Find the strategy which minimizes initial wealth required allowing a given lifetime ruin probability. Originality: The required consumption is assumed to be different for different ages and forms a U shape, reflecting the notion of different consumption requirement of different phases in retirement. Key literature / theoretical perspective: Milevky, Moore and Young (2005) 'Asset Allocation and Annuity-Purchase Strategies to Minimize the Probability of Financial Ruin'. Design/methodology/approach: I used a historical scenario approach to model stock return, instead of assuming a normal distribution. Findings: Given current annuity prices in Australia, there is very little incentive for retirees to annuitize; by incorporating life an...
Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75685/1/j.1467-9965.2006.00288.x.pd
This paper offers a preliminary exploration of the implications of alternative mandatory annuity des...
There is a pressing need for a better understanding of how access to various types of financial prod...
This paper addresses some of the problems a majority of retired individuals face: Why and in what pr...
We analyze annuity demand in a realistic life-cycle model in which we optimize over consumption and ...
We apply Merton(1969) to the investment allocation decision of individuals in retirement who can in...
Two common explanations for the dearth of voluntary annuitization are bequest motives and liquidity ...
We analyze the small and disappearing market for life annuities in Australia by estimating the net b...
We compute the optimal dynamic annuitization and asset allocation policy for a retiree with Epstein-...
TITLE: The Timing of Annuitization: Investment Dominance and Mortality Risk We use preference-free d...
Shankar (2009) proposes a new investment strategy for retirees that bundles Treasury Inflation Prote...
In this paper, we derive the optimal investment and annuitization strategies for a retiree whose obj...
© 2017 Dr. Joan Victoria NakatoIncreasing longevity paved the way for a shift from defined benefit t...
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their fu...
There is a pressing need for a better understanding of how access to various types of financial pro...
Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75685/1/j.1467-9965.2006.00288.x.pd
This paper offers a preliminary exploration of the implications of alternative mandatory annuity des...
There is a pressing need for a better understanding of how access to various types of financial prod...
This paper addresses some of the problems a majority of retired individuals face: Why and in what pr...
We analyze annuity demand in a realistic life-cycle model in which we optimize over consumption and ...
We apply Merton(1969) to the investment allocation decision of individuals in retirement who can in...
Two common explanations for the dearth of voluntary annuitization are bequest motives and liquidity ...
We analyze the small and disappearing market for life annuities in Australia by estimating the net b...
We compute the optimal dynamic annuitization and asset allocation policy for a retiree with Epstein-...
TITLE: The Timing of Annuitization: Investment Dominance and Mortality Risk We use preference-free d...
Shankar (2009) proposes a new investment strategy for retirees that bundles Treasury Inflation Prote...
In this paper, we derive the optimal investment and annuitization strategies for a retiree whose obj...
© 2017 Dr. Joan Victoria NakatoIncreasing longevity paved the way for a shift from defined benefit t...
Retirees must draw down their accumulated assets in an orderly fashion so as not to exhaust their fu...
There is a pressing need for a better understanding of how access to various types of financial pro...
Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75685/1/j.1467-9965.2006.00288.x.pd
This paper offers a preliminary exploration of the implications of alternative mandatory annuity des...
There is a pressing need for a better understanding of how access to various types of financial prod...