Overview

This open access book introduces the modern tontine and its applications in retirement and decumulation. Personal financial management in the later stages of life presents unique challenges, and renowned retirement planning expert Dr. Milevsky proposes the modern tontine as a solution. With the goal of guiding professionals and retirees in more efficient decumulation, the book demonstrates how to build a modern tontine. It is technically oriented, employing a cookbook format, featuring R code, and examining retirement planning through a statistical lens. This how-to guide, which is a sequel to his 2020 book “Retirement Income Recipes in R”, will be invaluable for retirement planning professionals and advisors, as well as for PhD scholars in retirement planning, quantitative finance, and related fields. This book is open access.

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9783031009273

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Moshe Arye Milevsky is a tenured professor of finance at the Schulich School of Business and a member of the Graduate Faculty in Mathematics and Statistics at York University in Toronto, Canada, where he teaches courses on wealth management, insurance and retirement planning. He has written over sixty-five peer-reviewed articles, and this is his 17th published book. His prior work on tontines, King William’s Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past, was awarded the Kulp-Wright Book Award from the American Risk and Insurance Association. He is also the author of Retirement Income Recipes in R: From Ruin Probabilities to Intelligent Drawdowns (Springer 2020), which provides recipe-like guidance to retirement income practitioners in R programming. Professor Milevsky is an associate editor of Insurance: Mathematics & Economics, as well as The Journal of Pension Economics & Finance. He is also a fellow of the Fields Institute for Research in Mathematical Sciences, where he was previously a member of the board of directors and active in their scientific and commercial activities. In addition to his scholarly work Professor Milevsky is a well-known industry consultant, keynote speaker and fin-tech entrepreneur, with a number of U.S. patents. He was named by Investment Advisor Magazine as one of the 35 most influential people in the U.S. financial advisory business during the last 35 years and received a lifetime achievement award from the Retirement Income Industry Association. He recently joined forces with Guardian Capital Group (Canada) to help implement many of the ideas contained in this book.

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