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Author | : George A. (Sandy) Mackenzie |
Publisher | : |
Total Pages | : 20 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Can the Private Annuity Market Provide Secure Retirement Income? Book in PDF, ePub and Kindle
Annuity premiums are often assumed to be constant, although they can be expected to vary with the yield curve. Variations in premiums will become an important public policy issue as defined-contribution (DC) pension plans play an increasingly prominent role in providing retirement income. As DC plan holders retire, many will annuitize at least a part of their account balances. In the absence of current data on annuity prices, the paper relies on U.S. Treasury interest rate data to simulate the impact of interest rate variation on annuity premiums. For a spectrum of feasible interest rates, the variation in retirement income is not negligible.
Author | : MissAllison Schrager |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 20 |
Release | : 2004-12-01 |
Genre | : Business & Economics |
ISBN | : 9781451875539 |
Download Can the Private Annuity Market Provide Secure Retirement Income? Book in PDF, ePub and Kindle
Annuity premiums are often assumed to be constant, although they can be expected to vary with the yield curve. Variations in premiums will become an important public policy issue as defined-contribution (DC) pension plans play an increasingly prominent role in providing retirement income. As DC plan holders retire, many will annuitize at least a part of their account balances. In the absence of current data on annuity prices, the paper relies on U.S. Treasury interest rate data to simulate the impact of interest rate variation on annuity premiums. For a spectrum of feasible interest rates, the variation in retirement income is not negligible.
Author | : Mark Warshawsky |
Publisher | : MIT Press |
Total Pages | : 277 |
Release | : 2012 |
Genre | : Business & Economics |
ISBN | : 0262016931 |
Download Retirement Income Book in PDF, ePub and Kindle
Strategies, products, and public policies that will help a new generation of retirees maximize income and minimize risk. As members of the baby boom generation head into retirement, they face an economic environment that has changed noticeably since their parents retired. Most of these new retirees will not be equipped, as many in the earlier generation were, with private pension plans, early retirement options, and fully paid retiree health benefits in addition to Social Security and Medicare. Today it is increasingly left to retirees themselves to plan how to maximize retirement income and minimize risk. In Retirement Income, Mark Warshawsky and his colleagues describe strategies, products, and public policies that will help a new generation achieve financial security and income growth in retirement. Warshawsky, a noted expert in the field who has worked in both government and private industry, analyzes two insurance vehicles, life annuities and long-term care insurance, and their capacity to protect against the extra costs arising from longevity and disability. He proposes two innovations. The first is a strategy that includes a set percentage withdrawal from a balanced portfolio, which is gradually used to purchase a ladder of life annuities. The second proposal, which includes a description of the potential choices in product design and available tax characteristics, is a product that integrates the immediate life annuity and long-term care insurance. With Retirement Income, Warshawsky offers practical ideas based on the results of empirical investigations and analyses, which can be applied to household decision making by retirees and their financial planners and to the design of insurance products and public policy.
Author | : George A. (Sandy) Mackenzie |
Publisher | : Cambridge University Press |
Total Pages | : 37 |
Release | : 2006-07-24 |
Genre | : Business & Economics |
ISBN | : 1139458086 |
Download Annuity Markets and Pension Reform Book in PDF, ePub and Kindle
This 2006 book treats two vital public policy issues: how should distributions from individual accounts be regulated, and how can the market for private annuities function better? It provides a comprehensive survey of the issues that arise when contributors to individual accounts become eligible for distributions. It also addresses the questions of whether annuitization or other restrictions on distributions should be mandatory, and if so, can the provision of annuities be privatized? Its analytical framework is applicable to a broad range of countries. Given the diminishing importance of public pensions around the world, the growing number of the elderly, and the increasing importance of defined contribution plans, the voluntary demand for private annuities is going to grow. It is vital that annuities be reasonably priced and that the annuity market be effectively regulated. The book investigates both issues, and proposes reforms to enhance the efficiency of the annuity market.
Author | : United States. General Accounting Office |
Publisher | : |
Total Pages | : 36 |
Release | : 1999 |
Genre | : Annuities |
ISBN | : |
Download Social Security Reform Book in PDF, ePub and Kindle
Author | : Patrick J. Collins |
Publisher | : CFA Institute Research Foundation |
Total Pages | : 27 |
Release | : 2016-03-16 |
Genre | : Business & Economics |
ISBN | : 1944960023 |
Download Annuities and Retirement Income Planning Book in PDF, ePub and Kindle
Annuitization is one asset management strategy for retirees seeking to secure lifetime income. The US annuity marketplace offers a variety of annuity contracts, including single premium annuities, advanced life deferred annuities, variable annuities with lifetime income guarantee riders, and ruin contingent deferred annuities. Advisers seeking to provide guidance to clients in or near retirement can benefit by understanding (1) the arguments both for and against annuitization and (2) how a client’s interests might be best represented in the marketplace. Important annuity contract provisions are highlighted and briefly discussed so the adviser can become more familiar with retirement-planning options.
Author | : James M. Poterba |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Annuity Markets and Retirement Security Book in PDF, ePub and Kindle
This paper describes the role of adverse selection in annuity markets, and sketches some of the public policy implications of the existence of such selection effects. It shows that a substantial fraction of the difference between the expected value of the payouts on both voluntary and compulsory annuity products in the U.K., and the premium cost of those products, is attributable to adverse selection. This is simply the fact that the individuals who currently choose to purchase annuities are on average longer-lived than randomly-selected individuals in the U.K. population. Adverse selection is most pronounced in the voluntary annuity market, but there is also some evidence of selection in the compulsory market, where individuals can choose which type of annuity to purchase and how much of their defined contribution balance to annuitize. Requiring all persons to annuitize their retirement account balances at a specified age is one way to substantially reduce the degree of adverse selection in the annuity market. More generally, however, any policy that encourages a large fraction of the population to participate in the annuity market is likely to have a similar effect. Doyle, Mitchell, and Piggott (2001) compare the annuity markets in Australia and Singapore, and they find a greater degree of adverse selection in the former than the latter. They attribute this difference to the relatively generous government old-age safety net in Australia, which reduces the fraction of households that find it attractive to purchase private annuities.
Author | : Noriyuki Takayama |
Publisher | : OUP Oxford |
Total Pages | : 252 |
Release | : 2011-05-26 |
Genre | : Business & Economics |
ISBN | : 0199594848 |
Download Securing Lifelong Retirement Income Book in PDF, ePub and Kindle
As it becomes increasingly important to evaluate the risks and opportunities presented by an aging population, this book discusses products that manage longevity risk, the structure and safety of these products, and how policy can stimulate and strengthen them, within both emerging and older economies.
Author | : G. A. Mackenzie |
Publisher | : |
Total Pages | : 28 |
Release | : 2004 |
Genre | : Annuities |
ISBN | : |
Download Can the Private Annuity Market Provide Secure Retirement Income? Book in PDF, ePub and Kindle
Annuity premiums are often assumed to be constant, although they can be expected to vary with the yield curve. Variations in premiums will become an important public policy issue as defined-contribution (DC) pension plans play an increasingly prominent role in providing retirement income. As DC plan holders retire, many will annuitize at least a part of their account balances. In the absence of current data on annuity prices, the paper relies on U.S. Treasury interest rate data to simulate the impact of interest rate variation on annuity premiums. For a spectrum of feasible interest rates, the variation in retirement income is not negligible.
Author | : G. A. Mackenzie |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2002-09 |
Genre | : Business & Economics |
ISBN | : |
Download The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan Book in PDF, ePub and Kindle
Pension reforms that establish individual accounts will diminish the relative importance of the traditional state pension while creating a significant role for individual accounts in providing income for retirement. This paper surveys the policy issues this new role entails. It offers general advice to countries considering such issues as the restrictions to be placed on the timing, extent, and form of withdrawals from individual accounts and the need for mandatory annuitization (conversion into annuities) of accumulated account balances. The paper also considers the role that private annuity markets should play and related regulatory, social safety net, tax, and administrative questions.