TY  - JOUR
AU  - Mitchell,Olivia S.
TI  - Developments in Decumulation: The Role of Annuity Products in Financing Retirement
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8567
PY  - 2001
Y2  - October 2001
UR  - http://www.nber.org/papers/w8567
L1  - http://www.nber.org/papers/w8567.pdf
N1  - Author contact info:
Olivia S. Mitchell
University of Pennsylvania
Wharton School
3620 Locust Walk, St 3000 SH-DH
Philadelphia, PA 19104-6302
Tel: 215-898-0424
Fax: 215/898-0310
E-Mail: mitchelo@wharton.upenn.edu
AB  - Longer lifespans are generally seen as a positive outcome of economic growth. Yet life extension also means that more people face the risk of living too long -- that is, outliving their assets and means of support. A range of financial products exists currently or can be envisioned for the future that would be useful in helping to protect people against having to dramatically curtail consumption in old age. This paper reviews the usefulness of life annuities in providing protection against longevity risk.
ER  -