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OverviewDramatic advances in life expectancy mean that today's retirees must plan on living into their 80s, their 90s, and even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes. A life annuity is an insurance product that pays out a periodic amount for as long as the annuitant is alive, in exchange for a premium. The book begins with a history of life annuity markets during the 20th century in the United States and elsewhere. It then explores recent trends in annuity pricing and money's worth, as well as the economic value generated for purchasers of these products. The book examines life annuities in various institutional settings and the tax treatment of annuity products. The concluding chapter explains the potential importance of inflation-protected annuities and stock-market-linked variable annuities in providing more complete retirement security. Full Product DetailsAuthor: Jeffrey R. Brown , etc. , Olivia S. Mitchell (IFEBP Professor of Insurance and Risk Management, Wharton School, University of Pennsylvania, USA) , James M. Poterba (Mitsui Professor of Economics, Massachusetts Institute of Technology, USA)Publisher: MIT Press Ltd Imprint: MIT Press Dimensions: Width: 15.20cm , Height: 1.90cm , Length: 22.90cm Weight: 0.463kg ISBN: 9780262025096ISBN 10: 0262025094 Pages: 240 Publication Date: 09 November 2001 Recommended Age: From 18 Audience: College/higher education , Professional and scholarly , Undergraduate , Postgraduate, Research & Scholarly Format: Hardback Publisher's Status: Active Availability: Awaiting stock  The supplier is currently out of stock of this item. It will be ordered for you and placed on backorder. Once it does come back in stock, we will ship it out for you. Table of ContentsReviewsPeter Diamond is one of the world's premier economists. This path-breaking book extends the traditional theory of optimal taxation to multi-period models. But it also considers how optimal tax rules/formulas need to be modified if agents are myopic, borrowing constrained, or time inconsistent. Diamond's findings will change how we think about and design public policy toward retirement saving and life-cycle labor supply. --Laurence J. Kotlikoff, Department of Economics, Boston University This book is an outstanding contribution to our knowledge base about the role of annuities in assisting households to finance their retirements. It's the first book I've seen to cover these topics. --Laurence J. Kotlikoff, Department of Economics, Boston University I warmly welcome the publication of this book. The authors provide both a good descriptive view of the US private annuity system and a thorough analysis of the factors influencing the value individuals attach to annuity payout streams. --Alain Jousten, Department of Economics, Universite de LiegePlease note: Universite de Liege bears an accute accent over the final e in Universite, and a grave accent over the first e in Liege. Well-written and thorough; this is high-quality research on an important public policy issue. The book collects the results of an impressive research agenda in one place. --William M. Gentry, Graduate School of Business, Columbia University Life annuities can be extremely valuable and useful financial products. They can make retirement planning easier and more efficient. At the same time, they are not widely understood. The four authors of this book have produced the most authoritative and comprehensive examination of life annuities ever written. One can literally learn all there is to know about life annuities by reading this book. I recommend it to financial planners, academics, public policy makers, and anyone trying to understand theseimportant financial contracts. This book is a tour de force. --John B. Shoven, Charles R. Schwab Professor of Economics, Stanford UniversityPlease note: Endorser gives permission for us to use the last four sentences by themselves, beginning with The four authors... """Peter Diamond is one of the world's premier economists. This path-breaking book extends the traditional theory of optimal taxation to multi-period models. But it also considers how optimal tax rules/formulas need to be modified if agents are myopic, borrowing constrained, or time inconsistent. Diamond's findings will change how we think about and design public policy toward retirement saving and life-cycle labor supply.""--Laurence J. Kotlikoff, Department of Economics, Boston University ""This book is an outstanding contribution to our knowledge base about the role of annuities in assisting households to finance their retirements. It's the first book I've seen to cover these topics.""--Laurence J. Kotlikoff, Department of Economics, Boston University ""I warmly welcome the publication of this book. The authors provide both a good descriptive view of the US private annuity system and a thorough analysis of the factors influencing the value individuals attach to annuity payout streams.""--Alain Jousten, Department of Economics, Universite de LiegePlease note: ""Universite de Liege"" bears an accute accent over the final ""e"" in ""Universite,"" and a grave accent over the first ""e"" in ""Liege."" ""Well-written and thorough; this is high-quality research on an important public policy issue. The book collects the results of an impressive research agenda in one place.""--William M. Gentry, Graduate School of Business, Columbia University ""Life annuities can be extremely valuable and useful financial products. They can make retirement planning easier and more efficient. At the same time, they are not widely understood. The four authors of this book have produced the most authoritative and comprehensive examination of life annuities ever written. One can literally learn all there is to know about life annuities by reading this book. I recommend it to financial planners, academics, public policy makers, and anyone trying to understand theseimportant financial contracts. This book is a tour de force.""--John B. Shoven, Charles R. Schwab Professor of Economics, Stanford UniversityPlease note: Endorser gives permission for us to use the last four sentences by themselves, beginning with ""The four authors...""" Author InformationOlivia S. Mitchell is IFEBP Professor of Insurance and Risk Management in the Wharton School at the University of Pennsylvania. Tab Content 6Author Website:Countries AvailableAll regions |
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