Dramatic advances in life expectancy mean that today's retirees must plan                  on living into their eighties, their nineties, and 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.A life annuity is an insurance product that pays                  out a periodic amount for as long as the annuitant is alive, in exchange for a                  premium. The book begins with a history of life annuity markets during the twentieth                  century in the United States and elsewhere. It then explores recent trends in                  annuity pricing and money's worth, as well as the economic value generated for                  purchasers of these products. The book explains the potential importance of                  inflation-protected annuities and stock-market-linked variable annuities in                  providing more complete retirement security. The concluding chapters examine life                  annuities in various institutional settings and the tax treatment of annuity                  products.

The Role of Annuity Markets in Financing Retirement PDF

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