Annuities for an Ageing World

Olivia Mitchell and David McCarthy

No 9092, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: G2 H4 (search for similar items in EconPapers)
Date: 2002-08
New Economics Papers: this item is included in nep-pbe
Note: AG
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Citations: View citations in EconPapers (14)

Published as Fornero. E. & E. Luciano (eds.) Developing an Annuities Market in Europe. Elgar, 2004.

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Related works:
Chapter: Annuities for an ageing world (2004)
Working Paper: Annuities for an Ageing World (2002)
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