TY  - JOUR
AU  - Mitchell,Olivia S.
AU  - McCarthy,David
TI  - Annuities for an Ageing World
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9092
PY  - 2002
Y2  - August 2002
UR  - http://www.nber.org/papers/w9092
L1  - http://www.nber.org/papers/w9092.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

David McCarthy
E-Mail: dg.mccarthy@ic.ac.uk
AB  - Substantial research attention has been devoted to the pension accumulation process, whereby employees and those advising them work to accumulate funds for retirement.  Until recently, less analysis has been devoted to the pension decumulation process -- the process by which retirees finance their consumption during retirement.  This gap has recently begun to be filled by an active group of researchers examining key aspects of the pension payout market. One of the areas of most interesting investigation has been in the area of annuities, which are financial products intended to cover the risk of retirees outliving their assets. This paper reviews and extends recent research examining the role of annuities in helping finance retirement consumption. We also examine key market and regulatory factors.
ER  -