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Household Financial Planning Strategies for Managing Longevity Risk

Household Financial Planning Strategies for Managing Longevity Risk
Author: Vickie L. Bajtelsmit
Publisher:
Total Pages:
Release: 2019
Genre:
ISBN:
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[Enter Abstract Body]This study examines how longevity risk, in conjunction with other postretirement risks, impacts retirement consumption decisions and retirement wealth needs. We develop a theoretical model that directly examines the relationship between longevity risk and consumption/savings, and empirically test these theoretical implications by simulating retirement outcomes for representative households, including longevity, inflation, investment, health, and long-term care risks. Our study shows that the top third of households by longevity need approximately 20% more retirement wealth than those households who live only an average life span. Investigations of various risk mitigation strategies suggest that combination strategies, particularly those that include delayed retirement, can significantly reduce the retirement wealth target. This research provides valuable new insights on household financial planning strategies for managing longevity risk.Full Text Available Here: "https://doi.org/10.1002/cfp2.1007" https://doi.org/10.1002/cfp2.1007.

New Models for Managing Longevity Risk

New Models for Managing Longevity Risk
Author: Olivia S. Mitchell
Publisher: Oxford University Press
Total Pages: 353
Release: 2022
Genre: Law
ISBN: 0192859803
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This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Notwithstanding the terrible price the world has paid in the coronavirus pandemic, the fact remains that longevity at older ages is likely to continue to rise in the medium and longer term. This volume explores how the private and public sectors can collaborate via public-private partnerships (PPPs) to develop new mechanisms to reduce older people's risk of outliving their assets in later life. As this volume shows, PPPs typically involve shared government financing alongside private sector partner expertise, management responsibility, and accountability. In addition to offering empirical evidence on examples where this is working well, contributors provide case studies, discuss survey results, and examine a variety of different financial and insurance products to better meet the needs of the aging population. This volume will be informative to researchers, plan sponsors, students, and policymakers seeking to enhance retirement plan offerings.

Internal Transfer of Longevity Risk in a Cumulated-Surplus-Based Financial Planning Model for Two-Person Households

Internal Transfer of Longevity Risk in a Cumulated-Surplus-Based Financial Planning Model for Two-Person Households
Author: Radoslaw Pietrzyk
Publisher:
Total Pages: 40
Release: 2015
Genre:
ISBN:
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This article presents a model allowing to analyze in a convenient way, also in a graphical form, the influence of life-length risk transfer within a household on its ability to participate in pension-related capital market. This exploits the well-known property (at least since the research by Kotlikoff and Spivak of early 1980's) that longevity risk sharing within a couple reduces its demand on life annuities. Consistently, less expensive private pension plan is needed to accumulate capital for purchasing it. A simplified model showing the mechanism is presented. There is also high-lighted the role differences between household members in respect of age or labor income play in it.

Plan for Managing Your Retirement Risk

Plan for Managing Your Retirement Risk
Author: Moshe A. Milevsky Ph.D.
Publisher: FT Press
Total Pages: 25
Release: 2010-07-15
Genre: Business & Economics
ISBN: 0132458446
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This is the eBook version of the printed book. This Element is an excerpt from Are You a Stock or a Bond?: Create Your Own Pension Plan for a Secure Financial Future (9780137127375)by Moshe A. Milevsky, Ph.D. Available in print and digital formats. Learn how to systematically control the risks associated with your retirement–and avoid the massive blunders that millions of Americans are still making. One of the most egregious behavioral “sins” Professors Richard Thaler and Shlomo Benartzi have identified is the tendency of too many Americans to allocate too much of their 401(k) plan–and even their own investments–to company stock. Even after the notorious cases of Enron and Worldcom, more than 5,000,000 Americans have more than 60% of their retirement savings invested in their own company’s stock....

Someday Rich

Someday Rich
Author: Timothy Noonan
Publisher: John Wiley & Sons
Total Pages: 320
Release: 2011-12-06
Genre: Business & Economics
ISBN: 0470920009
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To truly be successful, today’s financial advisor must strike the right balance between effectively engaging with his or her clients and finding meaningful ways to maintain their financial security. By framing your mission in this way, you can help your clients clarify their vision, build a plan to achieve it, and manage that plan so they stay on track. Nobody understands this better than authors Timothy Noonan and Matt Smith—two seasoned financial professionals with over five decades of combined experience working in the asset management business. And now, in Someday Rich, they show financial advisors with clients who are rich, or have the opportunity to become rich, how to sustain a client’s desired lifestyle to, and through, retirement. Engaging and informative, Someday Rich provides the context, description, and implementation suggestions for the Personal Asset Liability Model—a process that will allow you to determine a client’s funded status relative to their future spending needs as well as develop and monitor their investment plan accordingly. While the methods in the Personal Asset Liability Model may not have been practically accessible to past advisors with a large number of clients, this model now brings together the technical methods to answer important client questions in a way that is feasible and includes the communication strategies that can make the delivery of the advice model more effective. Along the way, this reliable resource discusses the business of giving good advice and addresses how to incorporate these steps into a client engagement road map. Insights on various other issues associated with this discipline are also included, such as how to develop client trust and deliver personalized service when you have so many clients, and contingency risks—life, health, disability, and long-term care—that need to be considered in the financial planning process. And in later chapters, single-topic essays, contributed by experts in the financial planning field, cover issues ranging from target date funds and the investment aspects of longevity risk to modern portfolio decumulation. Building more valuable relationships with your clients is a difficult endeavor. But with Someday Rich, you’ll discover what it takes to achieve this goal as you put them on a path to a sustainable financial future.

New Models for Managing Longevity Risk

New Models for Managing Longevity Risk
Author: Olivia S. Mitchell
Publisher:
Total Pages: 0
Release: 2022
Genre: Longevity
ISBN: 9780191953101
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"Notwithstanding the terrible price the world has paid in the Coronavirus pandemic, the fact remains that longevity at older ages is likely to continue to rise in the medium and longer term. This volume explores how the private and public sectors can collaborate via public-private partnerships (PPPs) to develop new mechanisms to reduce older people’s risk of outliving their assets in later life. As we show in this volume, PPPs typically involve shared government financing alongside private-sector partner expertise, management responsibility, and accountability. In addition to offering empirical evidence on examples where this is working well, our contributors provide case studies, discuss survey results, and examine a variety of different financial and insurance products to better meet the needs of the aging population. The volume will be informative to researchers, plan sponsors, students, and policymakers seeking to enhance retirement plan offerings"--Publisher's description.

Aging and the Macroeconomy

Aging and the Macroeconomy
Author: National Research Council
Publisher: National Academies Press
Total Pages: 230
Release: 2013-01-10
Genre: Social Science
ISBN: 0309261961
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The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

Guarantee Your Future

Guarantee Your Future
Author: Awah Aweh
Publisher: Independently Published
Total Pages: 0
Release: 2023-12-30
Genre: Self-Help
ISBN:
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"Guarantee Your Future: Essential Money Tips for Baby Boomers" is a comprehensive financial guide tailored specifically for the baby boomer generation, authored by renowned financial expert, Jane Smith. This book is designed to address the unique financial challenges and opportunities that individuals born between 1946 and 1964 may face as they approach and navigate their retirement years. The book begins with a thorough exploration of the financial landscape for baby boomers, providing an in-depth analysis of key economic trends, market dynamics, and governmental policies that are likely to impact the financial well-being of this generation. Jane Smith delves into the complexities of retirement planning, investment strategies, and wealth management, offering practical advice and actionable steps to help baby boomers secure their financial future. "Guarantee Your Future" covers a wide range of essential money tips, including retirement savings vehicles, such as 401(k)s, IRAs, and annuities, as well as strategies for maximizing Social Security benefits and understanding Medicare and healthcare costs. The book also addresses the potential impact of inflation, market volatility, and longevity risk on retirement savings, providing readers with valuable insights into risk management and asset allocation. Furthermore, the author offers guidance on estate planning, wills, trusts, and other pertinent legal considerations, emphasizing the importance of creating a comprehensive estate plan to protect and transfer assets to future generations. Throughout the book, Jane Smith illustrates key concepts with real-life examples and case studies, making the material accessible and relatable to readers. "Guarantee Your Future" goes beyond traditional financial advice by exploring the psychological and emotional aspects of retirement planning. Jane Smith delves into the concept of purposeful retirement, emphasizing the significance of identifying meaningful activities, hobbies, and pursuits that can enrich the lives of baby boomers during their post-career years. The book also delves into the potential impact of changing family dynamics, including intergenerational financial support and the implications of providing financial assistance to adult children or aging parents. By addressing these sensitive topics, the author aims to empower baby boomers to make informed decisions that align with their personal values and long-term financial objectives. In conclusion, "Guarantee Your Future: Essential Money Tips for Baby Boomers" is a comprehensive resource for individuals approaching or currently in retirement. Jane Smith's expertise, combined with her empathetic approach to financial planning, makes this book an invaluable tool for baby boomers seeking to navigate the complexities of retirement and secure their financial future. This essential guide provides the knowledge and confidence necessary to make well-informed financial decisions and ultimately achieve a fulfilling and financially secure retirement.

Introduction to Insurance Mathematics

Introduction to Insurance Mathematics
Author: Annamaria Olivieri
Publisher: Springer
Total Pages: 521
Release: 2015-09-30
Genre: Mathematics
ISBN: 3319213776
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This second edition expands the first chapters, which focus on the approach to risk management issues discussed in the first edition, to offer readers a better understanding of the risk management process and the relevant quantitative phases. In the following chapters the book examines life insurance, non-life insurance and pension plans, presenting the technical and financial aspects of risk transfers and insurance without the use of complex mathematical tools. The book is written in a comprehensible style making it easily accessible to advanced undergraduate and graduate students in Economics, Business and Finance, as well as undergraduate students in Mathematics who intend starting on an actuarial qualification path. With the systematic inclusion of practical topics, professionals will find this text useful when working in insurance and pension related areas, where investments, risk analysis and financial reporting play a major role.