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Social Security Reform

Peter A. Diamond

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199247899
eISBN:
9780191697692
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199247899.001.0001
Subject:
Economics and Finance, Financial Economics, Public and Welfare

Social security systems are being reviewed and changed in many countries around the world. This book considers some of the key policy issues for design of a social security reform, as well as ... More


Annuity demand theory

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0007
Subject:
Business and Management, Pensions and Pension Management

This chapter discusses Yaari's (19665) annuitization result, which states that a risk-averse individual concerned about longevity risk (uncertain length of life) will always purchase actuarially-fair ... More


Reasons for the annuity puzzle

Edmund Cannon and Ian Tonks

in Annuity Markets

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199216994
eISBN:
9780191711978
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199216994.003.0008
Subject:
Business and Management, Pensions and Pension Management

This chapter discusses a variety of reasons why it may be rational to avoid full annuitization. It discusses the interaction of annuities with state pensions, deferring annuitization, expenditure ... More


Too Much Risk to Insure? The Australian (non-) Market for Annuities

Hazel Bateman and John Piggott

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0006
Subject:
Business and Management, Pensions and Pension Management

While retirement income products have become more important in Australia in recent years, the growth in these has been predominantly in phased withdrawal products which offer no longevity insurance. ... More


Pension Strategies in Europe and the United States

Robert Fenge, Georges de Menil, and Pierre Pestieau (eds)

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262062725
eISBN:
9780262272575
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262062725.001.0001
Subject:
Economics and Finance, Econometrics

This book discusses the demographic challenges facing pension systems in the United States and some developed countries in Europe. Factors affecting the challenges include the speed level of the ... More


Payouts in Switzerland: Explaining Developments in Annuitization

Monika Bütler and Stefan Staubli

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0011
Subject:
Business and Management, Pensions and Pension Management

Switzerland is one of the few countries with long-term experience in withdrawal decisions made by retirees in fully funded pension plans. Switzerland is also atypical in its unusually high ... More


Turning Wealth into Lifetime Income: The Challenge Ahead

Olivia S. Mitchell and John Piggott

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0001
Subject:
Business and Management, Pensions and Pension Management

Longevity risk management was a family obligation in the old days; in the twentieth century, as development, migration, and the scattering of families became more common, government and employers ... More


Market Structure and Challenges for Annuities in India

Mukul G. Asher and Deepa Vasudevan

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0003
Subject:
Business and Management, Pensions and Pension Management

India will need to develop a robust annuity market if it is to enable its rapidly aging population to address longevity risk. As the fraction of the aged triples by 2050, driving a huge potential ... More


The United States Longevity Insurance Market

Anthony Webb

in Securing Lifelong Retirement Income: Global Annuity Markets and Policy

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199594849
eISBN:
9780191729119
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199594849.003.0005
Subject:
Business and Management, Pensions and Pension Management

This chapter documents the substantial decline in traditional sources of longevity insurance, and shows that published statistics on the individual annuity market greatly overstate its size and ... More


The Role of Guidance in the Annuity Decision-Making Process

Kelli Hueler and Anna Rappaport

in The Market for Retirement Financial Advice

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199683772
eISBN:
9780191763359
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199683772.003.0007
Subject:
Business and Management, Pensions and Pension Management

This chapter focuses on structural and active guidance in the process of buying annuities. We explore the role of employers and service partners, and we review experience with a purchasing platform ... More


Are the Elderly Really Over-Annuitized?: New Evidence on Life Insurance and Bequests

Jeffrey R. Brown (ed.)

in Themes in the Economics of Aging

Published in print:
2001
Published Online:
February 2013
ISBN:
9780226902845
eISBN:
9780226903330
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903330.003.0004
Subject:
Economics and Finance, Behavioural Economics

This chapter reexamines the annuity offset model using more recent and better data than were available for the original empirical tests. The four empirical implications of the model tested are: that ... More


Longevity-Insured Retirement Distributions: Basic Theories and Institutions

Jeffrey R. Brown

in Retirement Income: Risks and Strategies

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016933
eISBN:
9780262301596
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016933.003.0003
Subject:
Economics and Finance, Public and Welfare

This chapter examines the extent to which individuals can and do insure themselves against longevity risk in defined contribution plans, and why this is an issue of policy concern, focusing on three ... More


Optimizing the Equity-Bond-Annuity Portfolio in Retirement: The Impact of Uncertain Health Expenses

Gaobo Pang

in Retirement Income: Risks and Strategies

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016933
eISBN:
9780262301596
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016933.003.0006
Subject:
Economics and Finance, Public and Welfare

This chapter offers a comprehensive stochastic life-cycle framework to address the major risks and choices for households in the retirement phase. It assumeds, for purposes of discussion, that ... More


Personal Security Accounts and Mandatory Annuitization in a Dynastic Framework

Luisa Fuster, Ayşe İmrohoroğlu, and Selahattin İmrohoroğlu

in Pension Strategies in Europe and the United States

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262062725
eISBN:
9780262272575
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262062725.003.0008
Subject:
Economics and Finance, Econometrics

This chapter discusses the welfare effects of reforming social security by introducing Personal Security Accounts (PSA) and mandatory annuitization. There are three economic features that enhance the ... More


Themes in the Economics of Aging

David A. Wise (ed.)

Published in print:
2001
Published Online:
February 2013
ISBN:
9780226902845
eISBN:
9780226903330
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226903330.001.0001
Subject:
Economics and Finance, Behavioural Economics

In the past few years, the economic ramifications of aging have garnered close attention from a group of NBER researchers led by David A. Wise. This volume continues to analyze a nexus of age-related ... More


Population Aging, Fiscal Policies, and National Saving: Predictions for the Korean Economy

Young Jun Chun

in Fiscal Policy and Management in East Asia

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226386812
eISBN:
9780226387062
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226387062.003.0011
Subject:
Economics and Finance, South and East Asia

While the current proportion of old-age population of Korea is lower than in other OECD countries, the speed of population aging is very high. More old-age dependents relative to workers resulting ... More


Understanding the Role of Annuities in Retirement Planning

Jeffrey R. Brown (ed.)

in Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs

Published in print:
2009
Published Online:
February 2013
ISBN:
9780226497099
eISBN:
9780226497105
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226497105.003.0007
Subject:
Economics and Finance, Public and Welfare

This chapter investigates the role of annuities in the financial-planning process, including both the normative judgment about what role annuities “should” play (as guided by economic theory), as ... More


We’ve Killed the Goose, Let’s Gild the Eggs

Sylvester J. Schieber

in The Predictable Surprise: Unraveling the U.S. Retirement System

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199890958
eISBN:
9780190261382
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199890958.003.0023
Subject:
Economics and Finance, Microeconomics

This chapter examines concerns about what workers do with their participant-directed retirement savings plans. While recent restructuring has made defined contribution plans considerably more ... More


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