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| Author: | Mitchell, O. |
| Title: | New evidence on the money's worth of individual annuities |
| Journal: | American Economic Review
1999 : DEC, VOL. 89:5, p. 1299-1318 |
| Index terms: | ECONOMICS MONEY INDIVIDUAL BEHAVIOUR |
| Language: | eng |
| Abstract: | As baby-boomers near retirement, policy analysts have begun to ask how the cohort will handle the process of drawing down its retirement saving. One mechanism for doing this is the life annuity, an insurance product that pays out a periodic sum for life in exchange for a premium charge. The main appeal of the life annuity is that it offers retirees the opportunity to ensure against the risk of outliving their assets by pooling mortality experience across the group of annuity purchasers. |
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