Portfolio management and retirement: what is the best arrangement for a family?

Abstract

Self-annuitization, Life-cycle asset allocation, Savings behavior, Retirement decisions, D13, D14, D91, G11, G22, G23,

Life Annuities: An Optimal Product for Retirement Income

“…Because most potential annuity buyers are married, this finding may help to explain the limited size of the market for single premium annuities in the United States. (p. 527) Post, Gründl, and Schmeiser (2006) confirmed and reinforced the idea that family risk sharing and the high loads on annuities are jointly to blame for low levels of annuitization. Others have suggested that, although blaming bequests and the desire for legacy might seem natural-because the annuity ©2013 The Research Foundation of CFA Institute is irreversible-these reasons might not be legitimate reasons for avoiding life annuities.…”

Mandatory Unisex Policies and Annuity Pricing: Quasi-Experimental Evidence from Germany

“…However, unless annuitisation is truly mandatory as in the case of government pensions with mandatory participation, substitutes will always exist. These include informal insurance within families (Post, Gründl, and Schmeiser 2006), fund withdrawal plans and the like. Another reason why one would not expect another finding in a more general context is the overall reluctance to buy annuities.…”

Living annuity satisfaction

“…• Benefit perceptions (or perceived value) can be defined as a judgement or a valuation of the comparison between the benefits obtained from an AIP and the perceived sacrifices or costs (Bigné, Moliner & Callarisa 2000;Gale 1994;Lovelock 1991;Monroe 1990;Teas & Agarwal 2000;Zeithaml 1988 as cited in De Villiers-Strijdom 2021). As benefit perceptions refer to the value perceived by the Friedman and Warshawsky (1990); Bernheim (1991); Laitner and Juster (1996); Gardner and Wadsworth (2004); Schmeiser and Post (2005); Post et al (2006); Kopczuk and Lupton (2007); Pashchenko (2010); Ameriks et al (2011);Lockwood (2012) For couples: Kotlikoff and Spivak (1981); Brown and Poterba (2000); Brown (2001); Hurd and Panis (2006); Bϋtler and Teppa (2007); Inkmann et al (2011) Hurd (1987, 1989; Hayashi, Altonji and Kotlikoff (1996); Wilhelm (1996) Trust in advisor (exploratory) Rusconi (2006); Gardner and Wadsworth (2014) Benefit perception (exploratory) Zeithaml (1988); Monroe (1990); Lovelock (1991); Gale (1994); Bigné et al (2000); Teas and Agarwal (2000); Roig et al (2006) https://www.jefjournal.org.za Open Access…”