Annuities

Explore our research on this topic

April 2016

Retirement-income products often try to achieve multiple conflicting goals, including guaranteed income, inflation protection, liquidity, asset growth and estate potential.

February 2016

Participants in self-directed retirement plans may fail to understand and mitigate investment and longevity risk, putting their retirement security at risk. Variable deferred annuities with lifetime income and investment guarantees could rectify the problem.

September 2015

As defined contribution plans continue to replace defined benefit plans, retirees face substantial financial market risk to their non-guaranteed retirement savings.

July 2015

Variable annuities with guaranteed minimum lifetime withdrawal benefits (VA/GLWB) offer retirees longevity protection, upside exposure to equity markets, and access to savings in case of emergencies.

September 2014

This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy.

September 2013

We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an “all or nothing” decision.

January 2013

Annuities are not popular despite providing valuable insurance against outliving one’s savings.

May 2012

This paper assesses the impact of variable investment-linked deferred annuities (VILDAs) on lifecycle consumption, saving, and portfolio allocation patterns given stochastic and systematic mortality.

May 2012

This paper assesses the impact of variable investment-linked deferred annuities (VILDAs) on lifecycle consumption, saving, and portfolio allocation patterns given stochastic and systematic mortality.