Olivia S
نویسندگان
چکیده
A[I]f you observe, people always live forever when there is any annuity to be paid them An annuity is a very serious business; it comes over and over every year, and there is no getting rid of it.@ As baby boomers near retirement, policy analysts have begun to ask how this cohort will handle the process of drawing down its retirement saving. One mechanism for doing this is the life annuity, an insurance product that pays out a periodic sum for life in exchange for a premium charge. The main appeal of the life annuity is that it offers retirees the opportunity to insure against the risk of outliving their assets by pooling mortality experience across the group of annuity purchasers. The market for individual life annuities in the United States has historically been small. Previous researchers working in the context of the standard life cycle model, notably Benjamin Friedman and Warshawsky (1988, 1990), have argued that it is puzzling that so few people avail themselves of the private market for annuities. This market has recently begun to attract substantial attention from those considering proposals to replace part of Social Security with private retirement saving accounts, because one way individuals might choose to spread the payouts from these accounts over their retirement years is by purchasing individual annuity contracts. The standard explanation for the limited size of the individual annuity market is adverse selection. As the foregoing quotation from Austen suggests, those who voluntarily purchase annuities may tend to live longer than average; insurance premiums therefore must be set high
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