Innovations in Retirement Financing

TitleInnovations in Retirement Financing
Publication TypeBook
Year of Publication2002
AuthorsBodie, Zvi, Brett P. Hammond, and Olivia S. Mitchell
Number of Pagesvi, 329
PublisherPension Research Council Publications, University of Pennsylvania Press
AbstractTwelve papers present new perspectives on financial innovations to improve risk management in retirement. Papers focus on income shocks, asset returns, and portfolio choice; worklife determinants of retirement income; an economic approach to setting retirement saving goals; retirement planning and the asset/salary ratio; outcomes-based investing with efficient Monte Carlo simulation; how workers are affected by the conversion of traditional, final-pay defined-benefit pension plans to cash value and equity plans and by the adoption of hybrid plans; mortality risk, inflation risk, and annuity products; integrating life annuities and long-term care insurance; survivor bonds and compulsory annuitization; problems and prospects in the reverse mortgage market; aging and housing equity; and the potential for improvement in risk-adjusted returns for Latin American pension funds through international diversification. Coeditors are Zvi Bodie, P. Brett Hammond, and Stephen Zeldes. Mitchell is Executive Director of the Pension Research Council and International Foundation of Employee Benefit Plans and Professor of Insurance and Risk Management at the Wharton School, University of Pennsylvania. Index.