NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla

NBER Working Paper No. 19206
Issued in July 2013

---- Acknowledgements -----

The research reported herein was performed pursuant to a grant from the US Social Security Administration (SSA) to the Michigan Retirement Research Center (MRRC) as part of the Retirement Research Consortium. We are also grateful for research support provided by the TIAA-CREF Research Institute, the German Investment and Asset Management Association (BVI), the Pension Research Council/Boettner Center at The Wharton School of the University of Pennsylvania, and the Metzler Exchange Professor program. This research is part of the NBER programs on Aging, Public Economics, and Labor Studies. All opinions and any errors are solely those of the authors and not of the institutions with whom the authors are affiliated. © 2013 Horneff, Maurer, Mitchell, Rogalla. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Olivia S. Mitchell -----

Mitchell serves as a Trustee for the Wells Fargo Advantage Funds and has received more than $10,000 from the TIAA-CREF Institute and RAND for research studies on retirement security.

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