Financial Education and Annuities

Jeffrey Brown

OECD Journal: General Papers, 2009, vol. 2008, issue 3, 173-215

Abstract: Life annuities – financial products that help individuals convert a lump-sum of wealth into a guaranteed life-long income stream – have an important role to play in providing a secure source of retirement income. Because annuities provide valuable insurance against longevity risk, much of the theoretical work in economics suggests that life annuities ought to comprise a large share of the retirement portfolios of most households. Yet around the world, voluntary annuity markets remain small.

Date: 2009
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