The Role of Annuity Markets in Financing Retirement

Jeffrey R. Brown, Olivia S. Mitchell, James M. Poterba, Mark J. Warshawsky
Dramatic advances in life expectancy mean that people must plan their retirements on the assumption that they will live into their eighties, their nineties, or even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes.

2001 · MIT Press · ISBN 0-262-02509-4