Annuities for an Ageing World

48 Pages Posted: 1 Aug 2002 Last revised: 6 Nov 2022

See all articles by Olivia S. Mitchell

Olivia S. Mitchell

University of Pennsylvania - The Wharton School; University of Pennsylvania - The Wharton School, Pension Research Council; National Bureau of Economic Research (NBER)

David Glen McCarthy

University of Pennsylvania - Insurance & Risk Management Department

Date Written: August 2002

Abstract

Substantial research attention has been devoted to the pension accumulation process, whereby employees and those advising them work to accumulate funds for retirement. Until recently, less analysis has been devoted to the pension decumulation process -- the process by which retirees finance their consumption during retirement. This gap has recently begun to be filled by an active group of researchers examining key aspects of the pension payout market. One of the areas of most interesting investigation has been in the area of annuities, which are financial products intended to cover the risk of retirees outliving their assets. This paper reviews and extends recent research examining the role of annuities in helping finance retirement consumption. We also examine key market and regulatory factors.

Suggested Citation

Mitchell, Olivia S. and McCarthy, David Glen, Annuities for an Ageing World (August 2002). NBER Working Paper No. w9092, Available at SSRN: https://ssrn.com/abstract=321358

Olivia S. Mitchell (Contact Author)

University of Pennsylvania - The Wharton School ( email )

Philadelphia, PA 19104-6365
United States

University of Pennsylvania - The Wharton School, Pension Research Council ( email )

3302 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6302
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

David Glen McCarthy

University of Pennsylvania - Insurance & Risk Management Department ( email )

Philadelphia, PA 19104-6365
United States

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
143
Abstract Views
2,411
Rank
365,097
PlumX Metrics